Ready to join the recovery path

We expect 16% EBITA growth in 2024 from better market & scale. Estimates down on European miss and FX, adj. EBITA -5-8%. Share at 14.3x 2024e EV/EBITA with 15% EBITA CAGR '23-'26e.

Q4 beat, 2024 guidance as expected

Guiding for a record Q4 despite a tough market

Q3 miss but guides for the best Q4 ever

Feedback from CEO call

Return to earnings growth in Q3e

'23-'25e EBITA -2-4% as customers remain cautious. We expect 4% EBITA growth in '23e (+16% y-o-y in H2e). Solid growth and margins beyond 2023e at 13.0x '23e EV/EBITA.

Q2 beat, guidance downgrade not unexpected

Market resiliency and guidance in focus

Q2e: -2% organic growth, EBITA SEK 94m (-16% y-o-y). Keeping FY guidance should be supportive for estimates. FX-driven est. changes, share at 13.0x 2023e EV/EBITA.

Time to gain some market share

Entering a tougher market but BTS looks good long-term. We estimate EBITA to grow 3% in 2023e and we estimate an EBITA CAGR of 14% in 2022-'25e.

Weak start in the US caused Q1 miss

Promising outlook for 2023

Q4 slightly on the soft side, 2023 guidance as expected. We expect growth but flat margin 2023e, adj. EBITA -1%.