BTG Consulting plc

BTG.L · Industrials · Consulting Services · Valued as of 2026-11-03 · Statements 2026-04-30

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

241.92M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

250.30M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

215.72M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

235.98M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

247.84M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.95×

the ratio the screener ranks by

Margin of Safety

-5.0%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 241.92M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)249.56M USD
−②Net Debt Today21.06M USD
+③Growth Value13.42M USD
=Value241.92M USD

EPV of the Operations (NOPAT over WACC)

249.56M USD

Net debt today

-21.06M USD

Growth Value

+13.42M USD

Value

241.92M USD

①EPV (earnings power value)

249.56M USD

②Net Debt Today

21.06M USD

③Growth Value

13.42M USD

Market value

Market Cap247.84M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-2.5%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 250.30M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE151.04M USD
+②Equity at Year 15, Today99.26M USD
=Value250.30M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

151.04M USD

②Equity at Year 15, Today

99.26M USD

Market value

Market Cap247.84M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+1.0%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 215.72M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF164.11M USD
+②Invested Capital at Year 15, Today72.68M USD
−③Net Debt Today21.06M USD
=Value215.72M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

164.11M USD

②Invested Capital at Year 15, Today

72.68M USD

③Net Debt Today

21.06M USD

Market value

Market Cap247.84M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-14.9%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 5.92%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.24×Market Risk Premium 6.00%= 5.92%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 7.56M USDPretax Income 19.04M USD= 39.72%

The tax the interest saves.

Interest Expense =EBIT 21.87M USD−Pretax Income 19.04M USD= 2.84M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 2.84M USDTotal Debt 29.16M USD×(1 − Tax Rate for WACC 39.72%)= 5.86%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 29.16M USDMarket Cap + Total Debt 247.84M USD + 29.16M USD= 10.53%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 89.47%×Cost of Equity 5.92%+Debt Weight 10.53%×Cost of Debt 5.86%= 5.92%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-04-30.

Total Assets 238.31M USD − Total Liabilities 122.19M USD = Book Value Today 116.12M USD

Total Debt 29.16M USD − Cash and Short-Term Investments 8.10M USD = Net Debt Today 21.06M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 12.8%at most 5%passes161,051,326 / 156,722,509
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets3.3%at least -10.0%passes(19.44M USD − 11.48M USD) ÷ 238.31M USD
Price to bookMarket Cap ÷ Book Value Today2.13×at most 3×passes247.84M USD ÷ 116.12M USD
Operating marginOperating Income ÷ Revenue14.0%above 10.0%passes31.86M USD ÷ 227.51M USD
Revenue growthRevenue ÷ Revenue a Year Before − 110.3%above 10.0%passes227.51M USD / 206.33M USD
Net cash(Cash − Total Debt) ÷ Market Cap-8.5%above -30%passes(8.10M USD − 29.16M USD) ÷ 247.84M USD
Operating efficiencyOperating Income ÷ Gross Profit32.4%above 25.0%passes31.86M USD ÷ 98.30M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

114.61 GBp

Enterprise value

197.21M GBP

the provider's own figure

EV / EBITDA

7.79×

Price / book

2.15×

the provider's book

Price / earnings

22.90×

Return on equity

10.1%

the provider's figure, not this page's

Profit margin

5.1%

Revenue growth

11.8%

Analyst target, mean

162.91 GBp

Analysts

4

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2023202420252026
Income statement

Revenue

152.40M171.86M206.33M227.51M

Gross profit

67.71M74.05M90.88M98.30M

Operating income

19.51M23.01M30.07M31.86M

EBITDA

operating income before depreciation and amortisation

16.66M16.72M29.26M33.49M

Pretax income

7.49M7.29M15.44M19.04M

Net income

3.64M1.89M8.46M11.48M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

12.19M11.88M17.02M17.42M

R&D

————
Balance sheet, year end

Total assets

190.00M198.39M218.01M238.31M

Total liabilities

84.49M99.82M107.93M122.19M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

105.51M98.57M110.08M116.12M

Total debt

16.53M23.38M22.82M29.16M

Cash and equivalents

10.01M7.04M10.61M8.10M

Net PP&E

fixed assets after depreciation

12.19M16.85M16.91M24.71M

Working capital

current assets less current liabilities

21.56M20.37M28.06M33.49M
Cash flow

Operating cash flow

7.98M11.57M20.67M19.44M

Capital expenditure

paid out, so below zero

-1.23M-1.76M-2.68M-2.57M

Depreciation and amortisation

4.30M5.03M10.74M11.61M

Free cash flow

operating cash flow plus capital expenditure

6.75M9.81M17.99M16.88M