ABG Sundal har mod betaling udarbejdet denne analyse af MT Højgaard Holding:
Uddrag fra ABG Sundal Colliers analyse af MT Højgaard Holding:
- A solid start to 2021, in line with back-loaded guidance
- DKK 6bn in new agreements beyond 33% order intake
- We increase fair value range to DKK 170-290 (145-230)
A solid quarter with timing of orders postponed to Q2’21
MTHH delivered Q1 organic revenue growth of 0.5% resulting in revenue of DKK 1,545m (-2% vs. ABGSCe and -3% vs. cons.) and EBIT (b.s.i.) of DKK 20m (8% vs. ABGSCe and -23% vs. cons.). Order intake was lower than expected at DKK 1,794m (-19% vs. ABGSCe and -14% vs. cons.). The lower order intake can be explained by timing and thus higher realisation in Q2’21e, where management guides for ~DKK 2.5bn (DKK 300m above our prev. estimate). MTHH and E&P won three significant framework agreements valued at ~DKK 6bn during Q1, although the timing of these orders remains uncertain, as they will be added to the order books as they commence.
