contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


bts-group-north-america-turnaround-in-focus-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

BTS Group is a strategy consultant who works with leaders in decision-making and progress. BTS services include strategy implementation, leadership development, assessment for selection of talent and leaders, business acumen, development of sales organizations, coaching; as well as digital services, tools, and platforms. The company works globally with employees and leaders to achieve its business goals. BTS was founded in 1986 and is headquartered in Stockholm.

BTS Group

* Europe and other markets continue to perform, North America less so* We reset our expectations-post Q2 PW, adj. EBITA cut 6-11%* Stock trading at 10.7x 2025e EV/adj. EBITA, 9.1x 2026eClear...

* Europe and other markets continue to perform, North America less so* We reset our expectations-post Q2 PW, adj. EBITA cut 6-11%* Stock trading at 10.7x 2025e EV/adj. EBITA, 9.1x 2026eClear actions to turn North America aroundCompared to the Q2 profit warning at the beginning of August, we were positively surprised by the Q2 actual report due to: 1) weakness concentrated in North America while Europe and other markets continue to perform well, and 2) the EBITA figures provided in the profit warning included larger one-offs than we thought, holding up adj. EBITA better than expected. Looking ahead, we expect that the North American growth recovery will be visible in H1'26e at earliest, in line with company communication. CEO Jessica Skon getting closer to the North American business should fuel focus on BTS' core offering and a return to higher growth (as she delivered as Head of North America between 2016-22). The new FY guidance of 'EBITA worse than 2024' already sets expectations low, as this is the lowest guidance phrase BTS uses. Essentially, even if there is downside to estimates, there is no risk of further guidance cuts. We expect 0-2% organic growth in Q3-Q4e before a recovery to 7% in 2026e on the North American rebound and easy comps.Adj. EBITA cut by 6-11%Given both the profit warning and the full report released last week, we are trimming our 2025-27e sales estimates by 3-5% and adj. EBITA by 6-11% (mainly driven by the North American business).DPS growth at riskOn our updated estimates, the share trades at 10.7x 2025e EV/adj. EBITA and 9.1x 2026e. Given that we expect EPS to decline 60% in 2025e vs. 2024 (which saw a positive one-off), we estimate that the DPS will be cut by 35%, which would be the first-ever DPS reduction since 2001 (except during the pandemic in 2020). However, BTS possesses a net cash position and we believe it could conceivably prioritise a flat or increasing DPS above the payout ratio (y-o-y) to show that 2025e was an exceptionally weak year.