Ikke-uafhængig analyse: MT Højgaard Holding – Strong backlog and visibility into next year

ABG har mod betaling udarbejdet denne analyse af MT Højgaard Holding: 

• Sales, EBIT and orders -4%, -2%, +10% vs. ABGSCe
• Seeing strong margin pick-up and YE DKK 10bn backlog
• Overall an in-line quarter, we narrow FVR slightly

Management sees margin pick-up across businesses
MTHH delivered a largely in-line quarter, with sales and EBIT b.s.i 4% and 2% below our expectations. Order intake was strong at DKK 2.9bn, 10% higher than our estimate; as expected, only one major order of Galgebakken, worth DKK 1.1bn, was included in the quarter. Cash flow was negative by DKK 68m due to the timing of the divestment of Ajos’ Pavilions and from timing of invoicing in MTH Project Development. On the conference call, MTHH’s management expects a continued margin pick-up in Q4 and next year, with positive contribution in all businesses. With a DKK 10.7bn order backlog and ‘up to’ DKK 4.2bn in non-consolidated orders, 80% of the recognised orders are in MTHH Denmark and E&P, so execution is essential. In addition, the ~DKK 4.2bn will be recognised throughout next year, i.e. it is unlikely to be recognised in one quarter.

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.