Set up for growth and margin expansion in 2024e
BTS delivered on its FY guidance and reported its strongest quarter ever with Q4 EBITA up 21% y-o-y (+5% vs ABGSCe and +15% vs ABG-collected consensus). The US market has started to recover following weakness in the tech sector in H2'22-2023, while we are a bit cautious on the European market due to the negative growth in Q4 and comments about hesitant customers. The shining star in 2023 was Other markets, which grew 8% in 2023. We expect a further recovery in North America and Other markets in 2024. BTS enjoys a net cash position and said during the conference call that it is looking into several opportunities, which entails potential in 2024 even though BTS rarely acquires companies that add more than 4-5% to group sales.
Aktuellt
SENASTE
