Revisions driven by profitability and order intake
We raise our '24e-'25e EBIT forecasts by 7-8% on higher profitability forecasts for the MTH DK and E&P divisions, while reduced order intake forecast for '24 lowers our '25e revenue by 3%. The DKK 10.25bn midrange of the company's DKK 10.0-10.5bn revenue forecast was in-line with our DKK 10.23bn forecast, while the DKK 413m midpoint of the DKK 400-425m EBIT guidance range was surprisingly strong compared to our DKK 385m estimate. All told, '24e looks to be another solid year for MTHH in which the company will reap the rewards (higher profitability) of the ongoing divestments of its international units operations as well as having a general focus on financial performance.
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