BTS develops and delivers change management and leadership programmes for large companies. The company works with the majority of the largest global corporations and has a high proportion of repeat customers. During 2022, some 80% of its revenues stemmed from returning customers. BTS has historically delivered solid key figures for employee satisfaction, among others, which we consider essential for maintaining a market-leading position and high growth. In the past, BTS has combined health organic growth with making smaller acquisitions to complement its offering with new services or to enter new geographical markets.

Since its IPO in 2001, BTS has grown by an average of 13% each year. Over the same period, its EBITA has expanded annually by 16%. This can be compared with historical annual growth of 5–8% in the management consulting industry. In comparison with similar companies operating both in the Nordics and internationally, BTS shows higher returns on equity at significantly lower volatility, which we see justifying a premium valuation.

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