MT Højgaard Holding: Strong underlying results - ABG

Sales increase 21%, 17% ahead of our expectations
Robust Danish operations and strong order book
International impacts earnings by DKK -64m


Order intake of DKK 2,475m, 41% better

MT Højgaard Holding delivered an underlying strong set of Q2 numbers with sales (DKK 2597; +21%) and order intake (DKK 2,475m; - 28%) coming in 17% and 41% above our forecast, both driven by MTHH Denmark (infrastructure, construction) and E&P (housing). EBIT before special items, on the other were negatively impacted by the International division and came in at DKK 22m (-68%) and 61% below our DKK 56m forecast. Adjusted for the International division EBIT before special items, however, came in 38% better than expected. However, as mentioned in our preview, quarterly earnings for Q2'23 - Q4'23 are difficult to predict due to the phasing of costs (as well as impairments, etc) in the International division. Management maintains its FY'23 guidance, implying that costs in International are skewed to Q2 and/or better performance in MTHH DK and E&P for the remainder of the year. The order book ended at DKK 15,541, 4% ahead of our numbers and close to the record in Q1'23, which provides robust top-line support.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/mt-hojgaard-holding/Equity-research/2023/8/mt-hojgaard-holding---strong-underlying-results/