BTS: What a comeback - ABG

Q2 EBITA 13% higher than Q2’19, 45% vs ABGe
Broad-based beat from all geographies
Raised 2021 EBITA guidance to “>2019” from “~2019”

Sales SEK 480m (10% vs ABG 436m, no cons), EBITA SEK 82m (45% vs ABG 56m). FX adjusted growth 64% (vs ABG 46%). 2020 was an exceptional year, but even compared to 2019, Q2 showed growth in both sales (1%) and EBITA (13%), for an all-time high EBITA margin of 17.1%.

BTS also raised its 2021 guidance that EBITA will be “better than in 2019” vs previous “in line with 2019”, despite strong currency headwinds. We are currently at a 2021 EBITA -1% vs 2019. The pandemic made all physical meetings and deliveries impossible and BTS has now turned the business into digital and virtual deliveries of its management consulting services. The comeback is impressive, and it is now back to margins above those before the pandemic. We expect the share to outperform the market today. Conf call at CET 9.30.

Länk till analysen i sin helhet: https://www.introduce.se/foretag/bts-group/Equity-research/2021/8/bts-group---what-a-comeback/