BTS Group AB Class B (SE:BTS.B)
:BTS.B
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BTS Group AB
(BTS.B)
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Rating:73Outperform
Price Target:
kr212.00
▲(46.21% Upside)
Action:Reiterated
Date:05/22/26
The score is driven primarily by solid financial stability and cash generation, plus a constructive earnings call showing improving growth/profitability and AI-driven productivity momentum. These positives are tempered by reduced margins/returns versus prior years, elevated (overbought) technical readings, and execution risk tied to Asia performance and legacy licensing recovery timing.
Positive Factors
Strong cash generation & conversion
High free cash flow and near‑total cash conversion underpin financial flexibility. Durable FCF (85% of net income; TTM +26.8%) plus 97% LTM conversion supports dividends, reinvestment in digital products, and cushions cyclical consulting demand over the next 2–6 months.
Negative Factors
Weaker revenue growth and compressed margins
A sustained decline in top‑line growth and materially lower margins versus prior years signals reduced pricing power or higher costs. Persistently lower profitability and returns can erode ROE and limit room for reinvestment or higher dividend payouts over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation & conversion
High free cash flow and near‑total cash conversion underpin financial flexibility. Durable FCF (85% of net income; TTM +26.8%) plus 97% LTM conversion supports dividends, reinvestment in digital products, and cushions cyclical consulting demand over the next 2–6 months.
Read all positive factors
BTS Group AB (BTS.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr3.51B
Dividend Yield4.22%
Average Volume (3M)36.03K
Price to Earnings (P/E)25.9
Beta (1Y)0.63
Revenue Growth-6.09%
EPS Growth-62.18%
CountrySE
Employees1,172
SectorIndustrials
Sector Strength72
IndustryConsulting Services
Share Statistics
EPS (TTM)6.98
Shares Outstanding18,543,018
10 Day Avg. Volume91,333
30 Day Avg. Volume36,029
Financial Highlights & Ratios
PEG Ratio-0.33
Price to Book (P/B)1.97
Price to Sales (P/S)1.05
P/FCF Ratio18.44
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)11.3
Revenue Forecast (FY)kr2.70B
BTS Group AB Business Overview & Revenue Model
Company Description
BTS Group AB (publ) functions as a dedicated professional services provider, organizing its operations across distinct segments: BTS North America, BTS Europe, BTS Other Markets, and APG. The company delivers a comprehensive suite of solutions tai...
How the Company Makes Money
BTS primarily makes money by providing consulting and learning services to organizations. Revenue is generated from (1) design and delivery of customized training and strategy execution programs, where BTS is paid for advisory work, program develo...
BTS Group AB Earnings Call Summary
Earnings Call Date:May 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 14, 2026
Earnings Call Sentiment Positive
The call emphasized multiple tangible positives: group revenue and EBITA growth, a completed North America turnaround, strong Europe performance, rapid AI-driven booking growth and SEK 74 million annualized productivity savings. These positives were tempered by localized weakness in Asia/Other markets, ongoing cost and restructuring actions, and uncertainty in legacy licensing and tax guidance. Management presented clear mitigation actions and expects an Asia recovery in H2, making the overall tone constructive with manageable near-term risks.Positive Updates
Group Financial Performance
Group revenue grew 5% in Q1 2026 and EBITA increased 19% year-over-year, indicating improving top-line growth and stronger profitability.
Negative Updates
Weakness in Other Markets (Asia)
Profitability in BTS Other markets declined in Q1, primarily due to Southeast Asian operations—specifically Thailand, Japan and Korea. Management is executing resource moves and actions but warned this area dragged group performance and remains the main risk to H2 recovery.
Read all updates
Q1-2026 Updates
Positive
Negative
Group Financial Performance
Group revenue grew 5% in Q1 2026 and EBITA increased 19% year-over-year, indicating improving top-line growth and stronger profitability.
Read all positive updates
Company Guidance
Management kept full‑year guidance unchanged after Q1 while flagging clear momentum: group revenue +5% and EBITA +19% in Q1, North America back to growth with revenue +8% and a 50% improvement in profitability, Europe organic revenue +17%, Other Markets profit down with an expected H2 recovery (Asia is the main risk) and the Middle East delivering healthy double‑digit growth; core AI booking revenue +35% and AI product bookings up 3x (≈SEK 6m in bookings), internal AI productivity gains equal SEK 74m in annual savings for 2026 (vast majority lower OpEx), cash conversion 97% LTM, operations in 24 countries, North America licensing showed quarter‑on‑quarter growth with year‑over‑year improvement expected sometime this year, and management expects the growth trajectory to continue into 2027.BTS Group AB Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
71
Positive
Cash Flow
75
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.66B | 2.70B | 2.80B | 2.68B | 2.53B | 1.92B |
| Gross Profit | 859.78M | 213.96M | 1.24B | 1.18B | 1.13B | 885.16M |
| EBITDA | 344.22M | 357.17M | 439.04M | 421.92M | 423.04M | 410.04M |
| Net Income | 135.79M | 132.51M | 386.96M | 214.81M | 198.41M | 214.70M |
Balance Sheet | ||||||
| Total Assets | 3.11B | 3.17B | 3.36B | 2.96B | 2.76B | 2.49B |
| Cash, Cash Equivalents and Short-Term Investments | 596.38M | 625.94M | 703.33M | 532.32M | 577.06M | 594.43M |
| Total Debt | 597.29M | 579.80M | 589.24M | 449.51M | 367.77M | 265.77M |
| Total Liabilities | 1.59B | 1.73B | 1.70B | 1.66B | 1.54B | 1.51B |
| Stockholders Equity | 1.52B | 1.45B | 1.66B | 1.30B | 1.21B | 983.25M |
Cash Flow | ||||||
| Free Cash Flow | 228.54M | 154.45M | 385.95M | 165.65M | 138.82M | 292.70M |
| Operating Cash Flow | 268.52M | 212.80M | 385.95M | 165.65M | 199.01M | 312.05M |
| Investing Cash Flow | -118.60M | -186.61M | -188.47M | -105.37M | -75.91M | -181.89M |
| Financing Cash Flow | 7.10M | -19.55M | -51.31M | -84.41M | -208.28M | -160.64M |
BTS Group AB Technical Analysis
Positive
145.00
Price Trends
157.97
Positive
143.55
Positive
154.02
Positive
Market Momentum
9.78
Positive
58.35
Neutral
21.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BTS.B, the sentiment is Positive. The current price of 145 is below the 20-day moving average (MA) of 174.96, below the 50-day MA of 157.97, and below the 200-day MA of 154.02, indicating a bullish trend. The MACD of 9.78 indicates Positive momentum. The RSI at 58.35 is Neutral, neither overbought nor oversold. The STOCH value of 21.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:BTS.B.
BTS Group AB Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | kr3.51B | 25.86 | 8.93% | 4.22% | -6.09% | -62.18% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | kr3.56B | 19.60 | 10.98% | 2.68% | 5.41% | -20.59% | |
56 Neutral | kr4.58B | -12.53 | -3.72% | ― | -21.25% | -1647.05% | |
51 Neutral | kr5.02B | 21.15 | 10.13% | 3.29% | 0.61% | 108.21% | |
50 Neutral | kr53.24M | -7.32 | -15.25% | ― | 0.70% | -21.33% | |
47 Neutral | kr286.00M | -0.67 | -20.69% | ― | -73.84% | -55942.86% |
* Industrials Sector Average
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BTS Group AB Corporate Events
BTS Group AGM Approves Dividend, Renews Board and Expands Capital Mandates
May 21, 2026
BTS Group AB’s Annual General Meeting approved a dividend of SEK 4.40 per share, to be paid in two equal installments in May and November 2026, and granted discharge from liability to the board and CEO for the 2025 financial year. Shareholde...
BTS Returns to Profitable Growth as North America Turnaround and AI-Focused Services Lift Margins
May 21, 2026
BTS Group AB, a global provider of strategy execution and leadership development services, reported mixed top-line performance but stronger profitability in the first quarter of 2026. The group’s offerings are increasingly aligned with AI-re...
BTS Group Calls 2026 AGM, Proposes Split Dividend and New Share Issue Mandate
Apr 22, 2026
BTS Group AB has called its 2026 Annual General Meeting for May 21 in Stockholm, setting out a standard agenda that includes approval of the 2025 accounts, decisions on profit allocation, and discharge of the board and CEO from liability. The nomi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.