DNB Carnegie has increased its fair value for the consulting and training firm BTS to SEK 150-205 per share, up from the previous SEK 130-177, following the company's first-quarter report. This was detailed in a commissioned research note.
The research house highlights stronger-than-expected margins in North America and improving trends within the high-margin licensing business, which is expected to mitigate earnings risks for the remainder of 2026.
DNB Carnegie also raised its adjusted earnings per share forecasts for 2026-2028 by 2-3 percent, describing 2026 as a potential comeback year for BTS after several quarters of pressured earnings performance.
BTS shares are soaring 18 percent today following the release of the report.
BTS Group AB (BTS) is a Sweden-based learning and development consultancy company. BTS uses customized simulation models to support executive management in making change and improving profitability. The Company’s solutions and services train the corporate organization to analyze and make decisions centered on the factors that promote growth and profitability. It has three practice areas: Strategic Alignment & Business Acumen, Leadership, and Sales Force Transformation. BTS customers include such companies as Accenture, Deloitte, Humana, Schlumberger, Unilever, AT&T, Coca-Cola, Sony, Microsoft, Vodafone, BBVA, Ericsson, Telefonica, National Australia Bank, Telstra, Xerox, BG, GAP, Texas Instruments, HP, Toyota, and others. The Company has subsidiaries in Sweden, Finland, the United States, Australia, South Africa, Mexico, Italy, Spain, Belgium, Switzerland, Singapore and Thailand, among others. It operates through Wizerize A/S, Cesim Italia Srl and Design Innovation Srl, among others.
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