MT Højgaard Holding: Denmark looks OK, but Greenland could spook - ABG

We cut our estimates by 2-3% due to lower order intake forecast
DK operations should be doing fine
Flagging that Greenland sale may be harder than anticipated


Staying away from tough competition segments

We lower our 2024e revenue and EBIT forecasts by ~2%, largely driven by lower order intake forecasts: we believe that the company's focus on financial discipline is keeping it away from, for instance, renovation contracts where price competition appears fierce currently due to the low activity in the residential market. We anticipate continued good activity in the core Danish divisions MTH DK and E&P, supported by a robust order book, but Q1'24 has been rainy, and the wet conditions on the ground may have had a negative impact on work execution.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/mt-hojgaard-holding/Equity-research/2024/5/mt-hojgaard-holding---denmark-looks-ok-but-greenland-could-spook/