MT Højgaard Holding - Focus on profitable growth, following disposal - ABG

We increase '23e EBIT by 21%, and lower '24e-'25e by 1-6%
Ends the quarter with an adjusted order book of DKK 19.4bn
Orders delayed into Q4'23e and FY'23e


Revisions due to divestments and lowered order intake

We increase our 2023 EBIT forecast by 21% to reflect the positive EBIT impact of the decision to divest the International division. Conversely, since International will now be classified as discontinued operations, we lower our EPS forecast for 2023e by 27% to reflect the negative net profit impact of the International division. For 2024e and 2025e we lower our EBIT by 1 and 6%, respectively, to reflect the impact of lowered order intake forecasts for 2024e. Q3'23 ended with an order book of DKK 13.823m (which, including awarded but not yet contracted orders, amounts to DKK 14.2bn). Adding the value of strategic partnerships and JVs, the order book amounts to DKK 19.4bn.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/mt-hojgaard-holding/Equity-research/2023/11/mt-hojgaard-holding---focus-on-profitable-growth-following-disposal/