Uddrag fra ABG Sundal Colliers analyse af MT Højgaard efter investor dag:
- Management satisfied with its order backlog
- Sees growing tender pipeline coming out of COVID-19
- Back-end loaded 2021, but 2022 ambitions intact
More than DKK 15bn in total backlog (2x annual revenue)
MTHH’s management remains confident in its turnaround plan for MTH DK and its step-by-step initiatives to reach a group adj. EBIT margin of 4% in 2022e. The company is experiencing a higher activity level, with a strong order backlog of DKK ~8.5bn from 2020 with limited COVID-19 headwinds. The order book increased by 6% to DKK 3.2bn and 46% to DKK 3.7bn in MTH DK and E&P, respectively. However, 50% of MTH DK’s order intake was booked in Q4’20 resulting in back-end loaded 2021 guidance, as there is typically a 6-9 month lag between booked projects and commencement. In addition to the order backlog, MTHH has DKK ~8bn in won contracts that are not yet contracted and thus included in its order backlog. This includes the DKK ~3bn CIVICA framework agreement (E&P) and projects for MTH DK, including the new partnership with the Capital Region of Denmark announced last week at DKK 1.8-2.2bn, the DSB workshops at DKK ~1.6bn and the new waterfront culture center at an undisclosed size.
