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BTS Group

BTS Group

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Financials

SEKm 2025 2026e 2027e
Sales 2703,1 2894,26 3155,66
Sales growth (%) -3,5 7,1 9
EBITDA 343 411 485
EBITDA margin (%) 12,7 14,2 15,4
EBIT adj. 229 271 344
EBIT adj. margin (%) 8,5 9,4 10,9
Pretax profit 165 198 334
EPS 6,85 6,52 12,05
EPS growth (%) -65,6 -4,9 84,8
EPS adj. 11,14 8,87 14,57
DPS N/A N/A N/A
Dividend per share 4,4 3,26 6,02
EV/EBITDA (x) 13,3 11 9
EV/EBIT adj. (x) 19,9 16,6 12,7
P/E (x) 33,49 35,21 19,05
P/E adj. (x) 20,6 25,9 15,7
EV/sales (x) 1,68 1,56 1,38
FCF yield (%) 0,6 0,9 6
Le. adj. FCF yld. (%) -0,8 -0,5 4,7
Dividend yield (%) 1,9 1,4 2,6
Net IB debt/EBITDA (x) 0,3 0,1 -0,2
Le. adj. ND/EBITDA (x) -0,1 -0,3 -0,6
SEKm 2025 2026e 2027e
Sales 2703,1 2894,26 3155,66
COGS 0 0 0
Gross profit 2703 2894 3156
Other operating items -2360 -2483 -2670
EBITDA 343 411 485
Depreciation and amortisation -69 -68 -71
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -61 -60 -60
EBITA 274,44 342,83 413,8
EO Items N/A N/A N/A
Operating EO items -29 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -74 -72 -70
EBIT 199,96 270,62 343,8
Net financial items -35 -73 -10
Pretax profit 165 198 334
Tax -32 -73 -100
Net profit 133 125 234
Minority interest 0 2 0
Net profit discontinued 0 0 0
Net profit to shareholders 133 126 234
EPS 6,85 6,52 12,05
EPS adj. 11,14 8,87 14,57
Total extraordinary items after tax -23 0 0
Leasing payments -61 -60 -60
Tax rate (%) 19,7 36,9 30
Gross margin (%) 100 100 100
EBITDA margin (%) 12,7 14,2 15,4
EBITA margin (%) 10,2 11,8 13,1
EBIT margin (%) 7,4 9,4 10,9
Pre-tax margin (%) 6,1 6,8 10,6
Net margin (%) 4,9 4,3 7,4
Sales growth (%) -3,5 7,1 9
EBITDA growth (%) -21,8 19,7 18,1
EBITA growth (%) -24,8 24,9 20,7
EBIT growth (%) -32,9 35,3 27
Net profit growth (%) -65,8 -5,8 87,1
EPS growth (%) -65,6 -4,9 84,8
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 8,5 8,6 14,9
ROE adj. (%) 14,8 13,6 19,3
ROCE (%) 9,1 12,3 15
ROCE adj. (%) 13,8 15,6 18
ROIC (%) 14,3 14 18,7
ROIC adj. (%) 15,9 14 18,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 372 411 485
EBITDA adj. margin (%) 13,8 14,2 15,4
EBITDA lease adj. 311 351 425
EBITDA lease adj. margin (%) 11,5 12,1 13,5
EBITA adj. 304 343 414
EBITA adj. margin (%) 11,2 11,8 13,1
EBIT adj. 229 271 344
EBIT adj. margin (%) 8,5 9,4 10,9
Pretax profit Adj. 269 270 404
Net profit Adj. 230 197 304
Net profit to shareholders adj. 231 199 304
Net adj. margin (%) 8,5 6,8 9,6
SEKm 2025 2026e 2027e
EBITDA 343 411 485
Goodwill 1276 1327 1352
Net financial items -35 -73 -10
Other intangible assets 166 174 159
Paid tax -68 -73 -100
Tangible fixed assets 30 39 44
Non-cash items -72 -270 0
Right-of-use asset 120 120 120
Cash flow before change in WC 168 -5 375
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 37 37 37
Change in working capital 45 192 -10
Fixed assets 1628 1697 1713
Operating cash flow 213 188 365
Inventories 0 0 0
Capex tangible fixed assets -20 -17 -17
Receivables 648 753 820
Capex intangible fixed assets -38 -30 -30
Other current assets 270 0 0
Acquisitions and Disposals -128 -102 -50
Cash and liquid assets 626 674 819
Free cash flow 26 39 268
Total assets 3172 3124 3352
Dividend paid -118 -85 -63
Shareholders equity 1445 1487 1657
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -61 -60 -60
Total equity 1445 1487 1657
Other non-cash items N/A N/A N/A
Other changes in net debt 16 272 0
Long-term debt 503 503 503
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 147 147 147
Total other long-term liabilities 213 96 96
Short-term debt 77 77 77
Accounts payable 58 58 63
Other current liabilities 728 756 809
Total liabilities and equity 3172 3124 3352
Net IB debt 101 53 -92
Net IB debt excl. pension debt 101 53 -92
Net IB debt excl. leasing -46 -95 -239
Capital employed 2172 2214 2384
Capital invested 1546 1540 1566
Working capital 131 -62 -51
Market cap. diluted (m) 4452 4452 4452
Net IB debt adj. 101 53 -92
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 4553 4505 4360
Total assets turnover (%) 82,7 91,9 97,5
Working capital/sales (%) 5,7 1,2 -1,8
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 7 3,5 -5,5
Net debt / market cap (%) 2,3 1,2 -2,1
Equity ratio (%) 45,6 47,6 49,4
Net IB debt adj. / equity (%) 7 3,5 -5,5
Current ratio 1,79 1,6 1,73
EBITDA/net interest 9,8 5,6 48,5
Net IB debt/EBITDA (x) 0,3 0,1 -0,2
Net IB debt/EBITDA lease adj. (x) -0,1 -0,3 -0,6
Interest coverage 7,8 4,7 41,4
SEKm 2025 2026e 2027e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 6,85 6,52 12,05
Dividend per share 4,4 3,26 6,02
EPS adj. 11,14 8,87 14,57
BVPS 74,52 76,64 85,42
BVPS adj. 0,21 -0,76 7,52
Net IB debt/share 5,21 2,71 -4,73
Share price 229,5 229,5 229,5
Market cap. (m) 4452 4452 4452
P/E (x) 33,49 35,21 19,05
EV/sales (x) 1,68 1,56 1,38
EV/EBITDA (x) 13,3 11 9
EV/EBITA (x) 16,6 13,1 10,5
EV/EBIT (x) 22,8 16,6 12,7
Dividend yield (%) 1,9 1,4 2,6
FCF yield (%) 0,6 0,9 6
Le. adj. FCF yld. (%) -0,8 -0,5 4,7
P/BVPS (x) 3,08 2,99 2,69
P/BVPS adj. (x) 1104,88 -303,44 30,54
P/E adj. (x) 20,6 25,9 15,7
EV/EBITDA adj. (x) 12,2 11 9
EV/EBITA adj. (x) 15 13,1 10,5
EV/EBIT adj. (x) 19,9 16,6 12,7
EV/CE (x) 2,1 2 1,8
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -2,2 -1,6 -1,5
Capex/depreciation 7,8 5,9 4,1
Capex tangibles / tangible fixed assets 67 43,8 38,2
Capex intangibles / definite intangibles 23,2 17,2 18,8
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 25,21 20,56 25,61

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

19,1

EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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12,4

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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1,4

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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