ABG har mod betaling udarbejdet denne analyse af MT Højgaard Holding:
- Good Q4 despite one-off’s
- Strong order intake. Order book in-line
- Guidance 5 -16% above our expectations
Goodwill write down of DKK 44m in International
MTH Holding provded pre-liminary headline FY22 results alongside its 22 December company announcement regarding the sales process for its troubles ScandByg division. Realized Q4 sales came in at DKK 2,344m (+10%), 1% above our forecast while EBIT of DKK 72m was marginally (7%) below our forecast. This was despite a DKK 44m goodwill write-down in its International Division relating to non inflation-indexed contracts. As such, the underlying performance in Q4 (after adjusting for ScandiByg which has been classified as discontinued operations) was actually better than expected. Furthermore, the Q4 order intake of DKK 3,513m was better than our DKK 2,901m forecast, while the order backlog for the year ended on a record high note in-line with our DKK 14bn forecast. In addition, the company has DKK 1.4m in non-booked orders and collaborations valued at up to DKK 5.5bn
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