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Valued as a cyclical company: P/E comparison.
ACCE opinionBTS Group AB (publ) (BTS-B.ST)
Fair value
Not available
ACCE price target
kr 235
Rating
Not rated
Horizon
12 months
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Price used: kr 231 at the close on 23 Oct 2026, 17:30 CEST.
Models: P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
61
out of 100
P/E
47.2x
forward 17.7x
1-year return
+22.0%
Dividend yield
1.93%
BTS Group AB (publ) in four questions
Plain answers, details below
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Overview
ACCE thesis
BTS Group is a Swedish consulting firm that sells procurement, sourcing and supply-chain advisory services to large industrial and public-sector buyers, billing largely on time and expertise. The business has a 43.0% gross margin, which suggests real pricing power in a field where clients often pay for specialist knowledge rather than headcount. Revenue is growing 6.5%, and the gap between a trailing P/E of 46.7 and a forward P/E of 17.5 implies the market is pricing in a sharp earnings recovery from a depressed base, which is the central thing to test. A 10.0% operating margin and 6.3% ROE are modest, so the investment case depends on whether margins can expand toward the gross-margin level rather than on the top line alone. At 4.4B SEK market cap with no index membership, the name sits outside the coverage of many large funds, which may keep it mispriced for longer; it merits a deeper look focused on margin bridge assumptions and the quality of the consensus earnings estimates behind that forward multiple.