ABG har mod betaling udarbejdet denne analyse af MT Højgaard:
No quick-fix for MTH Denmark due to project length
During today’s seminar, MTHH’s CEO and CFO both reiterated their 2022 sustainably strategy and their confidence to reach a 4% EBIT margin by 2022. The strategy was initiated in November’19 and, following the sale of Lindpro, it now has six portfolio companies with their own focus on top-line and earnings. MTH Denmark’s average project length is 2.5 years, so a turnaround takes time. However, with the recent 51 job redundancies, the company expects that the underlying cost base is relatively stable and the execution on its order pipeline is now key. E&P and Scandibyg are both growing, but there is an extra focus on margins at ScandbiByg. Ajos performed the worst during COVID-19 (2pp margin reduction), but seems to be back on track (ABGSC: -0.6pp margin fall in H2’20e). On 1 January 2021, all companies will have their own legal entities and will be reported on as such. Cash flow for Q2 was strong at DKK 255m, however with ~DKK 175m in COVID-19 government packages. Order intake was DKK 1.6bn in Q2, with a backlog now of DKK 6.6bn. As a result of stable order intake, the company has maintained its 2020 guidance throughout the year.
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.
