BTS Group AB (publ) (BTS-B.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+41.7%

SEK 317.44

vs SEK 224.00 price

Levered DCF

SEK 229.80

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.77

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	21.31×	13.2×	26.71×	28.42×	36.27×	119.23×	30.36×	18.97×
P/B	1.97×	3.06×	4.41×	4.64×	7.92×	5.91×	5.45×	3.4×
P/S	1.05×	1.82×	2.14×	2.23×	4.06×	2.86×	2.45×	1.5×
EV / EBITDA	7.84×	11.36×	13.4×	12.83×	18.19×	25.47×	14.35×	10.24×
Gross margin	7.9%	44.2%	44.1%	44.8%	46.2%	40.2%	49.1%	52.5%
Operating margin	7.9%	10.6%	10.7%	12.0%	15.9%	4.4%	12.1%	11.5%
Net margin	4.9%	13.8%	8.0%	7.8%	11.2%	2.4%	8.1%	7.9%
Current ratio	1.7×	1.57×	1.4×	1.46×	1.39×	1.38×	1.53×	1.75×
Debt / equity	0.4×	0.35×	0.35×	0.3×	0.27×	0.55×	0.27×	0.09×
Interest coverage	5.92×	8.33×	10.75×	18.19×	17.75×	4.26×	20.74×	48.21×
Dividend yield	4.2%	2.2%	1.8%	1.6%	0.3%	1.7%	1.5%	2.2%
Payout ratio	89.3%	28.6%	48.7%	46.9%	10.8%	197.4%	45.9%	42.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.2%	23.2%	16.5%	16.3%	21.8%	5.0%	18.0%	17.9%
Return on invested capital	7.3%	9.7%	9.6%	10.9%	14.4%	3.8%	12.6%	13.0%
Return on assets	4.2%	11.5%	7.3%	7.2%	8.6%	1.8%	8.1%	8.3%
Free cash flow yield	5.4%	7.6%	2.9%	2.5%	3.8%	5.3%	4.2%	5.8%
Earnings yield	4.7%	7.6%	3.7%	3.5%	2.8%	0.8%	3.3%	5.3%
Enterprise value	SEK 2.8B	SEK 5B	SEK 5.7B	SEK 5.4B	SEK 7.5B	SEK 4B	SEK 4.5B	SEK 2.2B
Net debt / EBITDA	-0.13×	-0.26×	-0.2×	-0.49×	-0.8×	-1.28×	-0.3×	-0.93×
Cash conversion cycle (days)	87	82	100	110	109	100	105	107