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BTS Group (BTS-B) Fair Value & Analysis

Industrials · SE · Market cap 3.4B SEK (≈ $359M) · ISIN SE0000805426

What is BTS Group really worth?

BG BTS Group BTS-B · ST
Pricekr 202.50
Fair Valuekr 150.07
Upside−25.9%
Quality56/100

A solid business, but trading 35% above our fair value of kr 150.07.

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Strengths

Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +13.0 %/yr)
!Thin margins · 5.1% net margin
!Trails peers (4/15)
!Narrow moat 42/100

For context

·3.01% dividend yield
Evidence: High Range kr 112.55 – kr 187.58

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 22 days ago

Share price +9.1% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (kr 187.58). The favourable scenario is already priced in.
  • Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

kr 400.48 kr 105.17 Fair Value kr 150.07 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 105.17 – kr 400.48 · fair‑value band kr 112.55 – kr 187.58 · the kr 202.50 price screens above the kr 150.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

BTS Group (BTS-B) currently trades at kr 202.50, while our model-based Fair Value estimate is kr 150.07, implying the stock looks roughly 34.9% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of kr 184.57 per share, and 6 of the 24 models we run sit above the kr 202.50 price. Bear case: the Asset-Based group reads lowest at kr 52.23, and 18 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, BTS Group generated revenue of 2.7B SEK at a net margin of 5.1%. Revenue declined 7.0% year over year. It earns a return on equity of 8.7%. The balance sheet holds a net cash position of 46.1M SEK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 112.55 (bear case) to kr 187.58 (bull case); at kr 202.50, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 13% below its 52-week high and 93% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −21% fair-value upside, at −26%, BTS-B screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 0.5911 per share, which is 0.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF kr 106.53 kr 179.11 kr 298.06 78
Growth DCF kr 105.91 kr 172.57 kr 278.12 77
Residual Income kr 65.97 kr 71.84 kr 93.44 76
All 24 models by family
DCF Models
FCF DCF kr 106.53 kr 179.11 kr 298.06 78
Owner Earnings kr 147.21 kr 249.36 kr 416.78 74
5Y Revenue Exit kr 108.50 kr 184.57 kr 287.08 71
5Y EBITDA Exit kr 154.08 kr 277.11 kr 430.82 73
5Y P/E Exit kr 108.53 kr 184.63 kr 270.33 70
10Y Revenue Exit kr 103.42 kr 174.02 kr 280.37 65
10Y EBITDA Exit kr 136.16 kr 239.73 kr 396.26 66
10Y P/E Exit kr 106.81 kr 174.06 kr 266.87 63
Earnings-Based
Graham-Dodd kr 48.59 kr 213.67 kr 292.45 64
Lynch FV kr 55.22 kr 78.89 kr 102.56 61
PEG = 1.0 kr 55.22 kr 78.89 kr 102.56 57
EPV kr 95.63 kr 109.68 kr 121.81 74
Multiples
P/E Multiple kr 112.55 kr 150.07 kr 187.58 63
P/S Multiple kr 91.11 kr 121.48 kr 151.85 58
P/B Multiple kr 91.11 kr 121.48 kr 151.85 55
EV/EBIT kr 153.77 kr 202.81 kr 251.85 66
EV/EBITDA kr 194.45 kr 257.05 kr 319.65 67
EV/Revenue kr 111.65 kr 156.65 kr 201.65 54
Asset-Based
NCAV (Graham) kr 38.98 kr 52.23 kr 77.95 54
Growth DCF
Growth DCF kr 105.91 kr 172.57 kr 278.12 77
Rev-Margin DCF kr 108.50 kr 182.77 kr 277.04 71
Economic Profit
Residual Income kr 65.97 kr 71.84 kr 93.44 76
ROIC Compounder kr 102.48 kr 133.93 kr 176.31 72
Growth Earnings
Growth-Adj P/E kr 91.06 kr 130.08 kr 169.11 67

Widest divergence: DCF Models (kr 184.57) versus Asset-Based (kr 52.23). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/E ratio 25.9 as of Jun 7, 2026
P/S ratio 1.27 P/E × margin
EPS (TTM) kr 6.98 price ÷ EPS = P/E 25.9
Dividend yield 3.0% payout 87.4%
Net margin 4.9% FY2025
Return on equity 8.7% TTM
More key figures
Profitability
Return on assets (EBIT) 9.7% avg 5y
Operating margin 7.5% TTM
Growth
Revenue (TTM) 2.7B SEK TTM
Revenue growth (YoY) −7.0% 3y avg +2.2%
EPS growth (YoY) +7.3%
Balance sheet & cash flow
Free cash flow 154M SEK FY2025
Net cash 46.1M SEK FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 55 · Market factors (momentum, volatility) 62

Profitability 36
Margins and returns on capital today
Quality Growth 18
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 70
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 58
Calm price path (market factor)
Momentum 66
Price trend over the last 3–12 months (market factor)
52W Momentum 59
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

BTS Group AB (publ) operates as a professional services firm in North America, Europe, Latin America, Africa, the Middle East, and internationally. The company offers strategy execution; leadership development; sales and marketing; and talent insights and assessment.

Full company description

BTS Group AB (publ) operates as a professional services firm in North America, Europe, Latin America, Africa, the Middle East, and internationally. The company offers strategy execution; leadership development; sales and marketing; and talent insights and assessment. It also provides AI and innovation; business simulation; change and transform; coaching; executive and team performance; custom digital learning; and diversity equity inclusion related services. BTS Group AB (publ) was founded in 1986 and is headquartered in Stockholm, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BTS Group reported revenue of 2.7B SEK in FY2025 versus 1.9B SEK in FY2021, a compound +9.0%/yr. Reported net income was 133M SEK in FY2025, compounding −11.4%/yr from FY2021.

Growth Quality 77/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
2.7B SEK
Latest YoY
−3.5%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.2%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.0%
Avg. revenue growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.7%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
+1.8% (−1.2 + 3.0)
Revenue +9.0%/yr
FY21 1.9B SEK
FY22 2.5B SEK
FY23 2.7B SEK
FY24 2.8B SEK
FY25 2.7B SEK
Net income −11.4%/yr
FY21 215M SEK
FY22 198M SEK
FY23 215M SEK
FY24 387M SEK
FY25 133M SEK
Character of growth · EPS growth decomposed (2014-2025) +14.9 % p.a.
Revenue per share +11.6 %

of which total revenue +12.1 % · buybacks/dilution −0.4 %

EBIT margin −0.6 %
Tax rate +1.9 %
Residual (interest, one-offs) +1.7 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

BTS-B screens 35% overvalued. Compare with Verisk Analytics, Inc →

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Cite: Fair Value Calculator (2026). "BTS Group Fair Value". https://www.fairvalue-calculator.com/stock/BTS-B

Peer Group

Consulting Services · 80 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 56 · Below median
Fair Value upside −26% · Below median
Return on equity (TTM) 9% · Above median
Return on assets 4% · Above median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 7% · Below median
Revenue growth −7% · Bottom 25%
Dividend yield (TTM) 3.0% · Below median
Debt / equity 0.35× · Higher than median

Valuation Multiples vs Consulting Services median · lower = cheaper

P/E (TTM) 25.9× · Pricier than median
P/B 2.38× · Pricier than median
P/S (TTM) 1.29× · Pricier than median
P/FCF 2.3× · Cheaper than 75% of peers
EV/EBITDA 10.8× · Pricier than median
PEG 1.88× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 23
FUTURE0 · sector 17
PAST35 · sector 35
HEALTH83 · sector 89
DIVIDEND60 · sector 62

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Consulting Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
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SGS SA SGSN CHF 94.20 CHF 68.96 −27%
Equifax Inc EFX $192.41 $100.04 −48%
Bureau Veritas SA BVI €27.74 €27.81 +0%
ALS Limited ALQ A$21.94 A$10.93 −50%
Booz Allen Hamilton Holding BAH $75.38 $146.45 +94%
DKSH Holding DKSH CHF 66.30 CHF 64.81 −2%
FTI Consulting, Inc FCN $151.36 $168.44 +11%
Centre Testing International Group 300012 ¥14.98 ¥11.90 −21%
GRG Metrology & Test Group 002967 ¥17.23 ¥11.69 −32%

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Frequently asked questions

Is BTS Group (BTS-B) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 150.07 versus a price of kr 202.50, about −26% upside (overvalued).
What is the fair value of BTS-B?
Our model-based fair value for BTS Group is kr 150.07 (as of Aug 13, 2026), built from audited fundamentals. The current price: kr 202.50.
What is the quality score of BTS-B?
BTS Group has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of BTS Group (BTS-B)?
BTS Group reported trailing-twelve-month revenue of about 2.7B SEK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of BTS-B?
The net profit margin of BTS Group is about 5.1%, meaning it keeps roughly 5.1% of revenue as net income. Based on the latest reported figures.
Does BTS Group pay a dividend?
BTS Group currently shows a dividend yield of about 3.01% relative to its recent price (as of Aug 13, 2026).
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