MT Højgaard Holding: We sense focus and high ambitions - ABG

2023e sales and earnings forecasts lowered by 2-13%
Danish operations performing well under current market conditions
Another record-high order backlog reassures on near-term sales


Focus on meeting guidance

We lower our 2023e sales and EBIT forecasts by 2 and 13%, respectively. Top-line revisions are mainly driven by 1-3% negative revisions to MTH Danmark and E&P revenue forecasts, which are somewhat offset by 2-19% higher order intake for the same divisions. Earnings forecasts are mainly driven by the negative contribution from the underperforming contracts in Greenland. Based on our updated forecasts, we expect the company to comfortably meet its DKKbn 9.0-9.5 revenue guidance and just about reach the lower end of its DKKm 300-325 EBIT (before special items) guidance. The latter, however, requires that the company bring costs in Greenland under control.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/mt-hojgaard-holding/Equity-research/2023/5/mt-hojgaard-holding---we-sense-focus-and-high-ambitions/