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
    }
  }
}


__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

* Q3 was a step back, but 2026e should recover* We cut adj. EBITA by 6-8% in 2025-27e* 2025e EPS points toward a rare DPS reductionSoft Q3, cautious near-term outlookBTS' Q3 report left us with...

* Q3 was a step back, but 2026e should recover* We cut adj. EBITA by 6-8% in 2025-27e* 2025e EPS points toward a rare DPS reductionSoft Q3, cautious near-term outlookBTS' Q3 report left us with a bittersweet taste, as organic growth did not pick up, FY guidance was further reduced and the company highlighted a softer end to the year in the (so far) strong European segment. The negative Q4 growth comments in North America are already reflected in expectations, and are therefore not an incremental data point for us. On the KPI side, however, BTS shared that it is starting to see improvements – especially in the North American market – with sales meetings, win ratios and customer interactions clearly up y-o-y. These will likely start to pay off in projects from Q1'26e. The same goes for Europe, where BTS highlighted that it expects to see a comeback to double-digit organic growth in Q1'26e, supported by the order book and pipeline of planned projects. 2026e therefore looks to be a potential growth recovery year, although the comments about "fewer employees in 2026 vs. 2025" could limit some growth given that consulting is a "people's business". On the other hand, it could mean that the main growth drivers are increased sales/employee and utilisation, with gains from AI use cases and internal efficiencies alongside overhead cost reductions, which should support the margin.Negative revisions on the back of lowered guidanceAs a result of aforementioned drivers and a softer end to the year, we cut our 2025-27e sales estimates by 2-6% and adj. EBITA by 6-8%.6.4x 2026e EV/EBITAWe expect a soft end to the year for BTS, but expect a recovery to 6% organic growth in 2026e alongside the adj. EBITA margin expanding to 13.1% (11.7% 2025e) for 15% adj. EBITA growth. The share is currently trading at 6.4x 2026e EV/EBITA on our updated estimates. We estimate a 2025e DPS of SEK 3.55 (50% payout ratio), which would be a 42% cut vs. 2024.