ABG har mod betaling udarbejdet denne analyse af MT Højgaard Holding:
- Confident management team
- Focus on a strong and robust orderbook
- Pipeline may be underappreciated
Order book and pipeline potential in excess of DKK 20bn
Today, we hosted MTHH’s Q2\22 investor meetings in Copenhagen. Presenting the company were CEO Henrik Mielke and CFO Martin Solberg. The company once again elaborated on its order book (DKK 12bn at end-Q2’22) and, importantly, the pipeline of potential new orders stemming from the company’s partnership agreements. This pipeline currently has a value of DKK 9-12bn, of which DKK 2.8bn are comprised of orders that have been awarded but not yet contracted and of these DKK 2.8bn, approximately DKK 1.3bn have been announced as orders during August 2022. All told, the combined value of the company’s order book and pipeline is in excess of DKK 20bn. As the market is cautious about translating the pipeline into new order inflow, a successful realization of the company’s partnership model over the next 2-3 years represents, all else equal, a source of potentially significant upside, as we see it.
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