ABG har mod betaling udarbejdet denne analyse af MT Højgaard Holding:
A weakish quarter in a strong year
- Unchanged estimates ahead of Q2’22
- We forecast sales and EBIT of DKK 1.9bn and DKK 31m
- Fair value range DKK 125 – 255 (140 – 270)
We expect reiterated guidance
With this report we change lead analyst, but our estimates are unchanged ahead of the MTHH earnings release on 25 August. We forecast the company to report revenues and EBIT before special items of DKK 1,917m and DKK 31m, respectively, making this a relatively weak quarter in a H2-loaded fiscal year for MTHH. While no major large orders have been announced during Q2’22 (stronger momentum seen so far in Q3’22) we are looking for an underlying order development to the tune of DKK 1,345m, partly supported by the Group’s DKK 3.5 stock (end of Q1) of won-but-not-yet-contracted orders. We expect management to maintain its full year financial guidance and to continue to highlight the benefits of its strategy of focusing on partnerships and phased projects.
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