Declared Dividend • May 29
Dividend of kr2.20 announced Shareholders will receive a dividend of kr2.20. Ex-date: 6th November 2026 Payment date: 12th November 2026 Dividend yield will be 2.3%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 6.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 75% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 24
Bts Group AB (Publ) Approves Dividend for the Financial Year 2025 into Two Payouts, Payable on May 28, 2026 and November 12, 2026 BTS Group AB (publ) announced that its Annual General Meeting approved the proposed dividend to shareholders of SEK 4.40 per share, dividend into two payment occasions of SEK 2.20 each. The record date for the first payment of SEK 2.20 was determined to Monday May 25, 2026 and for the second payment of SEK 2.20 was determined to Monday November 9, 2026. The first payment is expected to be made on Thursday May 28, 2026 and the second payment is expected to be made on Thursday November 12, 2026. Reported Earnings • May 22
First quarter 2026 earnings released: EPS: kr1.42 (vs kr1.33 in 1Q 2025) First quarter 2026 results: EPS: kr1.42 (up from kr1.33 in 1Q 2025). Revenue: kr602.0m (down 7.0% from 1Q 2025). Net income: kr27.6m (up 7.3% from 1Q 2025). Profit margin: 4.6% (up from 4.0% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to kr190, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 16x in the Professional Services industry in the United Kingdom. Total loss to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr346 per share. Upcoming Dividend • May 15
Upcoming dividend of kr2.20 per share Eligible shareholders must have bought the stock before 22 May 2026. Payment date: 28 May 2026. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (2.6%). Declared Dividend • Feb 23
Final dividend of kr2.20 announced Shareholders will receive a dividend of kr2.20. Ex-date: 22nd May 2026 Payment date: 28th May 2026 Dividend yield will be 3.9%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 9.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 62% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 21
Full year 2025 earnings released: EPS: kr6.89 (vs kr19.93 in FY 2024) Full year 2025 results: EPS: kr6.89 (down from kr19.93 in FY 2024). Revenue: kr2.70b (down 3.5% from FY 2024). Net income: kr133.6m (down 65% from FY 2024). Profit margin: 4.9% (down from 14% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Announcement • Feb 21
BTS Group AB (publ), Annual General Meeting, May 21, 2026 BTS Group AB (publ), Annual General Meeting, May 21, 2026, at 09:00 W. Europe Standard Time. Location: at hallvarsson & halvarsson, malmskillnads-gatan 29, 9th floor, stockholm Sweden Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to kr140, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Professional Services industry in the United Kingdom. Total loss to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr219 per share. Announcement • Feb 20
Bts Group AB (Publ) Proposes Dividend BTS Group AB (publ) proposed a dividend of SEK 4.40 (6.10) per share to be paid on two occasions in the amount of SEK 2.20 per payment. Board Change • Jan 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Deputy Director Olivia Ekelund was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Nov 16
BTS Group AB Appoints Nomination Committee BTS Group AB’s three largest shareholders have, in consultation with the Chairman of the Board, Henrik Ekelund, appointed the following representatives to serve on the Nomination committee: Anders Dahl, representing Henrik Ekelund; Henrik Ekelund, Chairman of the Board, BTS Group AB; Claes Murander, representing Lannebo Asset Management; Stefan af Petersens, private investor. Anders Dahl has been appointed Chairman of the Nomination Committee. The Nomination committee’s mandate is to the Annual General Meeting 2026 propose candidates to chairman of the meeting, board members, Chairman of the Board and auditors, as well as to propose remuneration of board members and auditors. Meeting date: November 14, 2025. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: kr0.69 (vs kr9.74 in 3Q 2024) Third quarter 2025 results: EPS: kr0.69 (down from kr9.74 in 3Q 2024). Revenue: kr625.7m (down 4.8% from 3Q 2024). Net income: kr13.4m (down 93% from 3Q 2024). Profit margin: 2.1% (down from 29% in 3Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to kr155, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Professional Services industry in the United Kingdom. Total loss to shareholders of 46% over the past three years. Upcoming Dividend • Nov 10
Upcoming dividend of kr3.05 per share Eligible shareholders must have bought the stock before 17 November 2025. Payment date: 21 November 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (5.5%). Higher than average of industry peers (2.0%). Board Change • Oct 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Deputy Director Olivia Ekelund was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Sep 11
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Deputy Director Olivia Ekelund was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Recent Insider Transactions • Aug 30
Deputy CEO recently bought kr1.1m worth of stock On the 25th of August, Philios Andreou bought around 6k shares on-market at roughly kr197 per share. This transaction amounted to 6.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 24
Second quarter 2025 earnings released: EPS: kr2.03 (vs kr3.11 in 2Q 2024) Second quarter 2025 results: EPS: kr2.03 (down from kr3.11 in 2Q 2024). Revenue: kr720.6m (down 1.2% from 2Q 2024). Net income: kr39.3m (down 35% from 2Q 2024). Profit margin: 5.5% (down from 8.3% in 2Q 2024). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr177, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 21x in the Professional Services industry in the United Kingdom. Total loss to shareholders of 44% over the past three years. Announcement • Aug 04
BTS Group AB (publ) Provides Earning Guidance for the Second Quarter of 2025 BTS Group AB (publ) provided earning guidance for the second quarter of 2025. For the quarter, company expected to report net sales of approximately SEK 720 (730). Declared Dividend • May 24
Dividend of kr3.05 announced Shareholders will receive a dividend of kr3.05. Ex-date: 17th November 2025 Payment date: 21st November 2025 Dividend yield will be 2.7%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 4.6% over the next 3 years. However, it would need to fall by 63% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • May 19
First quarter 2025 earnings released First quarter 2025 results: Revenue: kr647.1m (up 4.6% from 1Q 2024). Net income: kr25.7m (down 52% from 1Q 2024). Profit margin: 4.0% (down from 8.6% in 1Q 2024). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Declared Dividend • May 17
Final dividend of kr3.05 announced Shareholders will receive a dividend of kr3.05. Ex-date: 19th May 2025 Payment date: 23rd May 2025 Dividend yield will be 2.3%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 20% over the next 3 years. However, it would need to fall by 66% to increase the payout ratio to a potentially unsustainable range. Announcement • May 16
BTS Group AB (Publ) Approves Dividend for the Year 2024, Payment Expected on May 23, 2025 and November 21, 2025 BTS Group AB (publ) at its Annual General Meeting approved the proposed dividend for the Year 2024 to shareholders of SEK 6.10 per share, divided into two payment occasions of SEK 3.05 each. The record date for the first payment of SEK 3.05 was determined to May 20, 2025 and for the second payment of SEK 3.05 was determined to November 18, 2025. The first payment is expected to be made on May 23, 2025 and the second payment is expected to be made on November 21, 2025. Board Change • May 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Deputy Director Olivia Ekelund was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Mar 04
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Deputy Director Olivia Ekelund was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Mar 04
BTS Group AB (publ) (OM:BTS B) agreed to acquire Sounding Board Labs, Inc. BTS Group AB (publ) (OM:BTS B) agreed to acquire Sounding Board Labs, Inc. on March 3, 2025. The acquisition includes a limited initial cash consideration as well as additional purchase price considerations paid between 2025 and 2028, provided the acquired business meets specific targets during that period. The transaction is expected to close as soon as the completion procedures have been finalized, which are expected in March.
For the period ending December 31, 2024, Sounding Board Labs, Inc. reported total revenue of $7 million. Announcement • Feb 27
BTS Group AB (publ), Annual General Meeting, May 16, 2025 BTS Group AB (publ), Annual General Meeting, May 16, 2025, at 10:00 W. Europe Standard Time. Location: at hallvarsson & halvarsson, malmskillnadsgatan 29, 9th floor, stockholm Sweden Announcement • Feb 26
BTS Group AB (publ) Proposes Dividend for the Year 2024 BTS Group AB (publ) at its Annual General Meeting to be held on May 16, 2025, the board proposed a dividend of SEK 6.10 per share (SEK 5.70 per share) for the year 2024, amounting to SEK 118.3 million (SEK 110.6 million), disbursed in two payments of SEK 3.05 each. Board Change • Jan 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Deputy Director Olivia Ekelund was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Buy Or Sell Opportunity • Dec 10
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at kr263. The fair value is estimated to be kr332, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to decline by 33% in the next 2 years. Board Change • Nov 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Deputy Director Olivia Ekelund was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: kr9.74 (vs kr1.12 in 3Q 2023) Third quarter 2024 results: EPS: kr9.74 (up from kr1.12 in 3Q 2023). Revenue: kr657.3m (up 3.8% from 3Q 2023). Net income: kr188.8m (up kr167.1m from 3Q 2023). Profit margin: 29% (up from 3.4% in 3Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • Nov 05
Upcoming dividend of kr2.85 per share Eligible shareholders must have bought the stock before 12 November 2024. Payment date: 18 November 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (2.0%). Board Change • Aug 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Deputy Director Olivia Ekelund was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Recent Insider Transactions • Jun 22
Founder & Chairman recently sold kr2.2m worth of stock On the 18th of June, Henrik Ekelund sold around 28k shares on-market at roughly kr80.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite the recent sale, Henrik has been a net buyer over the last 12 months, purchasing a net total of kr14m worth of shares. Announcement • Jun 20
BTS Group AB (publ) (OM:BTS B) acquired Wonderway GmbH. BTS Group AB (publ) (OM:BTS B) acquired Wonderway GmbH June 20, 2024. The acquisition includes a limited initial cash consideration. Additional purchase price considerations will be paid between 2024 and 2028 provided the acquired business meets specific targets during that period. The transaction is effective immediately.BTS Group AB (publ) (OM:BTS B) completed the acquisition of Wonderway GmbH June 20, 2024. Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Deputy Director Olivia Ekelund was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Declared Dividend • May 07
Dividend of kr2.85 announced Shareholders will receive a dividend of kr2.85. Ex-date: 12th November 2024 Payment date: 18th November 2024 Dividend yield will be 1.6%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 04
First quarter 2024 earnings released: EPS: kr2.75 (vs kr1.17 in 1Q 2023) First quarter 2024 results: EPS: kr2.75 (up from kr1.17 in 1Q 2023). Revenue: kr618.8m (up 6.9% from 1Q 2023). Net income: kr53.3m (up 135% from 1Q 2023). Profit margin: 8.6% (up from 3.9% in 1Q 2023). Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 16
Full year 2023 earnings released: EPS: kr11.08 (vs kr10.24 in FY 2022) Full year 2023 results: EPS: kr11.08 (up from kr10.24 in FY 2022). Revenue: kr2.68b (up 6.1% from FY 2022). Net income: kr214.8m (up 8.3% from FY 2022). Profit margin: 8.0% (up from 7.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Apr 05
BTS Group AB (Publ) Proposes Dividend for the Financial Year 2023, Payable on May 13, 2024 and November 18, 2024 Respectively The board of directors of BTS Group AB (Publ) at its Annual General Meeting held on May 3, 2024 proposed for the financial year 2023 a dividend of SEK 5.70 per share, divided into two payouts of SEK 2.85 each. The proposed record day for the first dividend payment of SEK 2.85 is May 7, 2024, and the proposed record day for the second dividend payment of SEK 2.85 is November 13, 2024. Provided that the AGM approves the board of director's proposal, the first dividend payment is expected to be disbursed by Euroclear Sweden AB starting on May 13, 2024, followed by the second dividend payment starting on November 18, 2024. Announcement • Mar 14
BTS Group AB (publ) to Report First Half, 2024 Results on Aug 15, 2024 BTS Group AB (publ) announced that they will report first half, 2024 results on Aug 15, 2024 Announcement • Mar 13
BTS Group AB (publ), Annual General Meeting, May 03, 2024 BTS Group AB (publ), Annual General Meeting, May 03, 2024. Declared Dividend • Mar 04
Final dividend of kr2.85 announced Shareholders will receive a dividend of kr2.85. Ex-date: 6th May 2024 Payment date: 13th May 2024 Dividend yield will be 1.7%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (88% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 47% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: kr11.08 (vs kr10.24 in FY 2022) Full year 2023 results: EPS: kr11.08 (up from kr10.24 in FY 2022). Revenue: kr2.68b (up 6.1% from FY 2022). Net income: kr214.8m (up 8.3% from FY 2022). Profit margin: 8.0% (up from 7.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Professional Services industry in the United Kingdom. Recent Insider Transactions • Dec 22
Founder & Chairman recently bought kr17m worth of stock On the 18th of December, Henrik Ekelund bought around 66k shares on-market at roughly kr250 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Henrik's only on-market trade for the last 12 months. Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: kr1.12 (vs kr1.78 in 3Q 2022) Third quarter 2023 results: EPS: kr1.12 (down from kr1.78 in 3Q 2022). Revenue: kr633.4m (up 2.6% from 3Q 2022). Net income: kr21.7m (down 37% from 3Q 2022). Profit margin: 3.4% (down from 5.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Professional Services industry in the United Kingdom. Buying Opportunity • Nov 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.0%. The fair value is estimated to be kr314, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 37%. Revenue is forecast to grow by 23% in 2 years. Earnings is forecast to grow by 52% in the next 2 years. Upcoming Dividend • Nov 08
Upcoming dividend of kr2.70 per share at 2.2% yield Eligible shareholders must have bought the stock before 14 November 2023. Payment date: 20 November 2023. Payout ratio is a comfortable 56% and the cash payout ratio is 99%. Trailing yield: 2.2%. Lower than top quartile of British dividend payers (6.5%). In line with average of industry peers (2.2%). Announcement • Aug 22
BTS Group AB (publ) to Report Fiscal Year 2023 Results on Feb 14, 2024 BTS Group AB (publ) announced that they will report fiscal year 2023 results on Feb 14, 2024 Reported Earnings • Aug 20
Second quarter 2023 earnings released: EPS: kr3.14 (vs kr3.49 in 2Q 2022) Second quarter 2023 results: EPS: kr3.14 (down from kr3.49 in 2Q 2022). Revenue: kr702.7m (up 5.8% from 2Q 2022). Net income: kr60.7m (down 10.0% from 2Q 2022). Profit margin: 8.6% (down from 10% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Jul 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (7.4% net profit margin). Upcoming Dividend • May 08
Upcoming dividend of kr2.70 per share at 2.0% yield Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 22 May 2023. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (2.5%). Reported Earnings • Apr 24
Full year 2022 earnings released: EPS: kr10.24 (vs kr11.11 in FY 2021) Full year 2022 results: EPS: kr10.24 (down from kr11.11 in FY 2021). Revenue: kr2.53b (up 32% from FY 2021). Net income: kr198.4m (down 7.6% from FY 2021). Profit margin: 7.8% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in the United Kingdom. Reported Earnings • Feb 26
Full year 2022 earnings released: EPS: kr10.24 (vs kr11.11 in FY 2021) Full year 2022 results: EPS: kr10.24 (down from kr11.11 in FY 2021). Revenue: kr2.53b (up 32% from FY 2021). Net income: kr198.4m (down 7.6% from FY 2021). Profit margin: 7.8% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: kr1.78 (vs kr4.42 in 3Q 2021) Third quarter 2022 results: EPS: kr1.78 (down from kr4.42 in 3Q 2021). Revenue: kr617.1m (up 29% from 3Q 2021). Net income: kr34.5m (down 60% from 3Q 2021). Profit margin: 5.6% (down from 18% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Professional Services industry in the United Kingdom. Upcoming Dividend • Nov 07
Upcoming dividend of kr2.40 per share Eligible shareholders must have bought the stock before 14 November 2022. Payment date: 18 November 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of British dividend payers (6.0%). Lower than average of industry peers (2.5%). Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 19% share price decline to kr249, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 17x in the Professional Services industry in the United Kingdom. Total returns to shareholders of 35% over the past three years. Reported Earnings • Aug 19
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr664.0m (up 38% from 2Q 2021). Net income: kr67.5m (up 36% from 2Q 2021). Profit margin: 10% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 14%, compared to a 8.8% growth forecast for the Professional Services industry in the United Kingdom. Announcement • May 14
BTS Group AB (publ) to Report Fiscal Year 2022 Results on Feb 24, 2023 BTS Group AB (publ) announced that they will report fiscal year 2022 results on Feb 24, 2023 Upcoming Dividend • May 09
Upcoming dividend of kr2.40 per share Eligible shareholders must have bought the stock before 16 May 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of British dividend payers (4.8%). Lower than average of industry peers (2.0%). Buying Opportunity • Apr 27
Now 22% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be kr492, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is also forecast to grow by 10% per annum over the same time period. Buying Opportunity • Apr 22
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be kr502, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is also forecast to grow by 10% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improved over the past week After last week's 16% share price gain to kr419, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 21x in the Professional Services industry in the United Kingdom. Total returns to shareholders of 50% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr513 per share. Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: kr11.10 (up from kr1.82 in FY 2020). Revenue: kr1.92b (up 31% from FY 2020). Net income: kr214.7m (up kr179.5m from FY 2020). Profit margin: 11% (up from 2.4% in FY 2020). Revenue exceeded analyst estimates by 6.3%. Over the next year, revenue is forecast to grow 21%, compared to a 11% growth forecast for the industry in the United Kingdom. Reported Earnings • Nov 11
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr478.2m (up 38% from 3Q 2020). Net income: kr85.5m (up kr77.7m from 3Q 2020). Profit margin: 18% (up from 2.2% in 3Q 2020). Upcoming Dividend • Nov 04
Upcoming dividend of kr0.60 per share Eligible shareholders must have bought the stock before 11 November 2021. Payment date: 17 November 2021. Trailing yield: 0.3%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (1.7%). Upcoming Dividend • Nov 04
Upcoming dividend of kr0.60 per share Eligible shareholders must have bought the stock before 11 November 2021. Payment date: 17 November 2021. Trailing yield: 0.3%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (1.7%). Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 21% share price gain to kr415, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 30x in the Professional Services industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at kr353 per share. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS kr2.58 (vs kr0.052 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr479.7m (up 49% from 2Q 2020). Net income: kr49.8m (up kr48.8m from 2Q 2020). Profit margin: 10% (up from 0.3% in 2Q 2020). The increase in margin was driven by higher revenue. Executive Departure • May 28
Independent Director has left the company On the 19th of May, Dag Sehlin's tenure in the role of Independent Director ended. As of March 2021, Dag personally held 16.00k shares (kr4.4m worth at the time). Dag is the only executive to leave the company over the last 12 months. Reported Earnings • May 21
First quarter 2021 earnings released: EPS kr1.08 (vs kr0.15 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr388.2m (up 4.3% from 1Q 2020). Net income: kr20.9m (up kr17.9m from 1Q 2020). Profit margin: 5.4% (up from 0.8% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Upcoming Dividend • May 13
Upcoming dividend of kr0.60 per share Eligible shareholders must have bought the stock before 20 May 2021. Payment date: 26 May 2021. Trailing yield: 0.4%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (2.0%). Reported Earnings • May 02
Full year 2020 earnings released: EPS kr1.82 (vs kr7.84 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: kr1.46b (down 22% from FY 2019). Net income: kr35.2m (down 77% from FY 2019). Profit margin: 2.4% (down from 8.1% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. 
