MT Højgaard Holding: We increase our forecasts - ABG

2023e sales increased by 4%, earnings lowered by 2%
Earnings forecasts beyond 2023e up by 7-17%
Strong orderbook comforting in tough market


Margins increase our '24-'25 forecasts

Following MTH Holding's Q2'23 report, we raise our 2023e sales forecasts by 4% and lower our earnings forecast by 2%. We increase EPS by 16%, however, due to the impact in Q2'23 from the earn-out agreement arising from the sales of the Arjos pavillion business in 2021. Our higher sales forecasts are driven driven by the E&P and Project Development divisions while our lowered earnings are due to higher forecasted losses in the International division. Beyond 2023e we increase our earnings forecast by 7-16%, due to our higher margin estimates for the MTH DK and E&P divisions (see pp. 3-5).

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/mt-hojgaard-holding/Equity-research/2023/8/mt-hojgaard-holding---we-increase-our-forecasts/