Sales SEK 571m (-4% vs ABG 594m, no cons), adj. EBITA SEK 100m (-2% vs ABG 102m), adj. EBITA margin 17.5% (ABG 17.1%). FX adjusted growth 33% (vs ABG 41%). DPS SEK 4.80 (20% vs ABG 4.00). Despite strong currency headwinds in 2021, the operating profit increased by 18% vs 2019, which clearly shows that BTS has recovered and surpassed pre-pandemic levels. All regions delivered 24-43% y-o-y growth in Q4, although sales in all three regions (Nort America, Europe and Other markets) came in below our expectations (-3-10%). EBITA was held up by a strong margin in North America.
EBITA margin target raised
BTS increases its EBITA margin target to 17% (15%) vs ABG 2022-23e 14.5-15.0% and guides for 2022 adj. EBITA “better than 2021” vs ABG 11% adj. EBITA growth in 2022e. We conclude this to be in line with guidance, although BTS has a history of beating and raising its guidance throughout the year. BTS is coming out of the pandemic with an expanded customer base, a stronger offering of services, a stronger organisation and increased revenue from virtual and digital solutions, according to the company. The outlook reaffirms 2022e estimates and the raised margin target provides upside potential mid-term.
Q4 report supportive for near-term and mid-term estimates
We conclude the report to be slightly positive for consensus estimate revisions. We expect the share to outperform the market today. Läs mer på Introduce
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