WinstonWınston
Stock

BTS Group AB (publ)

BTS-B.ST
43
Consulting Services · Industrials
Also trades as: 0KGY.L GBP 2.19 (+6.57%)
Price
kr 220.00
+1.50 (+0.69%)
Market Cap
kr 4.08B
Exchange
Stockholm Stock Exchange
Winston Score
43
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
8/30
Growth
Weak
2/20
Cash Flow
Strong
8/10
Stability
Strong
7/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Mixed
2/5

43 of 100 counted points = Winston Score 43.

§Winston Score History

The full picture

BTS Group is a Swedish consulting firm that helps large companies train their employees to think and act like business leaders. Its main service is custom simulations and learning programs — essentially business games and exercises — that teach workers how to make better financial and strategic decisions. The company works primarily with big corporations across industries like financial services, technology, and pharmaceuticals.

BTS earns money by selling these training programs and consulting engagements directly to corporate clients, typically under project-based contracts rather than recurring subscriptions. It operates globally, with offices across North America, Europe, Asia, and Australia, and generates the majority of its revenue from large multinational companies. Its competitive edge comes from deep customization — programs are built around each client's specific business — but the company faces ongoing risk from corporate budget cuts, since training spending is often one of the first things companies reduce during economic downturns.

Share count broadly stable

+0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 19.3M (2021) → 19.4M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
10.0%
Thin — 10.0% gross margin
Profit after running costs
Operating Margin
10.0%
Modest — 10.0% operating margin
Return on the money invested
ROCE
10.2%
Below par — 10.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-4.1%
Shrinking sales (-4.1% YoY)
Profit growth
EPS YoY
-72.0%
Earnings shrinking (-72.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
258%
Turns 258% of profit into real cash
Spare cash per sale
FCF Margin
6.6%
Modest free cash flow (6.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.40
Conservative — low debt load (0.40)
Covers its interest
Interest Cover
6.24x
Adequate interest coverage (6.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
45.0x
Pricey — P/E 45.0

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+24.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (45.0 → 20.3)

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Dividends

Dividend
Dividend Yield
2.11%
Moderate income — 2.11% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-5.4%
Dividend cut (-5.4% YoY) — warning sign

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