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BTS Group AB
(BTS.B)
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Rating:68Neutral
Price Target:
kr202.00
▲(8.37% Upside)
Action:Downgraded
Date:08/19/26
The score is driven primarily by solid but pressured financial performance (margin and return compression versus prior peaks) and a constructive technical uptrend. The earnings call adds meaningful support due to raised guidance, improving margins, and rapid AI-driven revenue growth, while the main offset is valuation risk from the high P/E multiple.
Positive Factors
Rapid AI revenue growth and productivity gains
AI is becoming a material revenue stream while also improving internal productivity. Continued platform development and client demand could strengthen BTS's differentiation in people-and-change transformation services over the next several quarters.
Negative Factors
Recent revenue slowdown and lower profitability
The sharp step-down in gross margin and lower net income show that revenue expansion has not translated consistently into earnings. If mix or cost-structure pressures persist, they could constrain returns and reduce the durability of future profit growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid AI revenue growth and productivity gains
AI is becoming a material revenue stream while also improving internal productivity. Continued platform development and client demand could strengthen BTS's differentiation in people-and-change transformation services over the next several quarters.
Read all positive factors
BTS Group AB (BTS.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr3.55B
Dividend Yield2.86%
Average Volume (3M)36.03K
Price to Earnings (P/E)37.5
Beta (1Y)0.70
Revenue Growth-4.13%
EPS Growth-71.81%
CountrySE
Employees1,127
SectorIndustrials
Sector Strength72
IndustryConsulting Services
Share Statistics
EPS (TTM)4.89
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)11.13
Revenue Forecast (FY)kr2.75B
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 makes money primarily by selling professional services to corporate clients. Its core revenue stream comes from fees for designing and delivering customized learning and development initiatives—often built around business simulations, workshop...
BTS Group AB Earnings Call Summary
Earnings Call Date:Aug 14, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 06, 2026
Earnings Call Sentiment Positive
The call conveyed solid operational momentum: group revenue (+9%) and EBITA (+13%) growth, a clear North America recovery, exceptional Europe performance, rapid AI-driven revenue expansion (AI now 10% of revenue and +221% YoY), and meaningful productivity gains (SEK 74m). Management raised guidance and highlighted strong cash conversion and a capital-light model. Key negatives are concentrated: Other Markets (Asia Pacific) underperformance with profit down 26% and margin deterioration, short-term one-off costs and severance related to restructuring and acquisitions, and an expected rise in AI token costs next year that will need to be offset by efficiency gains. On balance, positive operational trends and the sizable AI revenue opportunity outweigh the localized/short-term challenges.Positive Updates
Group top-line and profit growth
Revenue grew 9% (currency adjusted) in Q2 and EBITA increased 13% year-over-year, with EBITA margin improving from 11.7% to 12.3% (up 0.6 percentage points). Management raised the full-year outlook to be significantly better than 2025 on the back of first-half momentum.
Negative Updates
Underperformance in Other Markets (Asia Pacific)
BTS Other markets were essentially flat in Q2 and profit fell 26% year-over-year. EBITDA margin in the segment declined to 12.5% from 17.9% in Q2 2025, driven by continued headwinds in Asia Pacific and low-performing units.
Read all updates
Q2-2026 Updates
Positive
Negative
Group top-line and profit growth
Revenue grew 9% (currency adjusted) in Q2 and EBITA increased 13% year-over-year, with EBITA margin improving from 11.7% to 12.3% (up 0.6 percentage points). Management raised the full-year outlook to be significantly better than 2025 on the back of first-half momentum.
Read all positive updates
Company Guidance
Management raised full‑year guidance to be "significantly better than 2025" after Q2 results showing 9% currency‑adjusted revenue growth, 13% profit growth and EBITA margin improvement to 12.3% (from 11.7%). They expect North America to stay strong in H2 after returning to double‑digit organic revenue growth and profitability up ~60% with EBITDA margin back to 37.5% (and, excluding two one‑off businesses plus the Sounding Board acquisition, margin would have been ~4 percentage points higher). Europe delivered 25% revenue growth and 38% profit growth with a 16.2% EBITDA margin, while Other Markets were flat on revenue with profits down 26% and margin slipping to 12.5% (from 17.9%) but are forecast to recover and post EBITDA growth as early as Q3. AI is now 10% of group revenue, AI‑related revenue grew 221% y/y to SEK 76m (with SEK 74m in realized AI productivity gains); token costs are currently ~USD 400k but are modeled to rise ~4x next year to USD 1.2–1.6m (offset in part by ongoing software optimizations and a new platform). Cash conversion was 84% LTM, the group remains net‑cash positive, and long‑term metrics include a 12% revenue CAGR since IPO (≈2/3 organic) with historical dividend payouts of 40–65% of PAT; management expects continued margin improvement from additional ~USD 1.15m annualized cost saves (plus ~USD 400k Q2 severance) and further operational rebalancing over the next ~4 quarters.BTS Group AB Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
71
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.70B | 2.70B | 2.80B | 2.68B | 2.53B | 1.92B |
| Gross Profit | 215.76M | 213.96M | 1.24B | 1.18B | 1.13B | 885.16M |
| EBITDA | 354.31M | 357.17M | 439.04M | 421.92M | 423.04M | 410.04M |
| Net Income | 95.34M | 132.51M | 386.96M | 214.81M | 198.41M | 214.70M |
Balance Sheet | ||||||
| Total Assets | 3.22B | 3.17B | 3.36B | 2.96B | 2.76B | 2.49B |
| Cash, Cash Equivalents and Short-Term Investments | 422.55M | 625.94M | 703.33M | 532.32M | 577.06M | 594.43M |
| Total Debt | 606.85M | 579.80M | 589.24M | 449.51M | 367.77M | 265.77M |
| Total Liabilities | 1.71B | 1.73B | 1.70B | 1.66B | 1.54B | 1.51B |
| Stockholders Equity | 1.51B | 1.45B | 1.66B | 1.30B | 1.21B | 983.25M |
Cash Flow | ||||||
| Free Cash Flow | 179.10M | 154.45M | 385.95M | 165.65M | 138.82M | 292.70M |
| Operating Cash Flow | 245.67M | 212.80M | 385.95M | 165.65M | 199.01M | 312.05M |
| Investing Cash Flow | -142.78M | -186.61M | -188.47M | -105.37M | -75.91M | -181.89M |
| Financing Cash Flow | -68.81M | -19.55M | -51.31M | -84.41M | -208.28M | -160.64M |
BTS Group AB Technical Analysis
Positive
186.40
Price Trends
179.42
Positive
170.24
Positive
153.69
Positive
Market Momentum
0.43
Positive
51.26
Neutral
45.24
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 186.4 is above the 20-day moving average (MA) of 185.16, above the 50-day MA of 179.42, and above the 200-day MA of 153.69, indicating a neutral trend. The MACD of 0.43 indicates Positive momentum. The RSI at 51.26 is Neutral, neither overbought nor oversold. The STOCH value of 45.24 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | kr7.96B | 9.51 | 2.68% | ― | -1.40% | 1602.22% | |
68 Neutral | kr3.55B | 37.54 | 8.93% | 2.82% | -4.13% | -71.81% | |
64 Neutral | kr3.63B | 21.25 | 8.01% | 3.43% | 6.51% | -22.98% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | kr310.25M | 17.03 | 6.98% | ― | -2.39% | ― | |
60 Neutral | kr11.42B | 14.61 | 6.19% | 4.09% | -5.02% | -15.85% | |
56 Neutral | kr4.56B | 17.82 | 17.77% | 3.29% | -0.20% | 117.61% |
* Industrials Sector Average
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BTS Group AB Corporate Events
BTS Group Lifts 2026 Outlook as AI-Driven Services Boost Profitability
Aug 14, 2026
BTS Group AB reported solid operational momentum for the second quarter of 2026, with net sales rising to MSEK 767 and currency-adjusted organic growth of 9 percent, while EBITA grew 11 percent and the margin improved to 12.3 percent. Despite a he...
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...
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.