ABG har mod betaling udarbejdet denne analyse af MT Højgaard Holding:
- Q4’21 on track to be another strong quarter…
- …and ending ‘21e with a ~DKK 22bn order backlog
- Guidance set for ’21-‘22, we maintain FVR
Ajos divestment could lead to opportunities in Scandibygg
Despite market turbulence, MTHH has delivered steady guidance throughout 2019-21. Prior to its Q3, the company on 13 October lifted its organic guidance for ’21 and provided guidance for ‘22. On 6 December, MTHH announced the divestment of Ajos, which we include in this report. We thus lower our FY’21 revenue estimate to DKK 7bn (7.1bn) and EBIT to DKK 179m (192m). MTHH’s Scandibygg business will continue to develop and produce environmentally friendly ‘swan labelled’ pavilions for Ajos, whereas the new owner, Adapteo, will manage the rental business. Adapteo is already a market leader and we believe that Scandibygg could gain market share following the consolidation. For Q4’21, we estimate 22% sales growth, 32% underlying order intake growth and an EBIT margin of 3.1% (vs. Q4’20 of 0.5%).
Generalt om Commissioned Research: Bemærk, at man bør se bort fra eventuelle kursestimater i såkaldt commissioned research, og den underliggende analyse skal også tolkes med forsigtighed, da negative aspekter ikke nødvendigvis fremhæves.
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