MT Højgaard Holding: Strong order intake, market in focus - ABG

We expect order intake of DKK 3.2bn excluding JVs
Sales of DKK 2,356m and EBIT (adj.) of DKK 59m
Conference call at 10:00am (CET)


Estimate changes to reflect more realistic margin outlook

We lower our 2023e and 2024e earnings forecasts by 17-41% ahead of MTHH’s Q3 report. The changes are mainly due to extensive revisions of our margin forecasts following a change of analyst earlier this year. In particular, we view the previous margin assumption of above 4% as too optimistic and now estimate 2023e-24e margins of 3.2-3.3%. Our fair value range is DKK 115 - 230 per share.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/mt-hojgaard-holding/Equity-research/2022/11/mt-hojgaard-holding---strong-order-intake-market-in-focus/