Staying away from tough competition segments
We lower our 2024e revenue and EBIT forecasts by ~2%, largely driven by lower order intake forecasts: we believe that the company's focus on financial discipline is keeping it away from, for instance, renovation contracts where price competition appears fierce currently due to the low activity in the residential market. We anticipate continued good activity in the core Danish divisions MTH DK and E&P, supported by a robust order book, but Q1'24 has been rainy, and the wet conditions on the ground may have had a negative impact on work execution.
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