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MT Højgaard Holding: Focus on execution - ABG

We revise our ’22e-’24e sales forecasts by 0 to +2%...
…and EBITDA by -3 to 3%
Positive revisions to orders and backlog


Valuation range DKK 107-225 (115-230)

Following MTHH’s Q3 report we lower our 2022e EBIT (before special items) by 5% and 2023e by 2%, while increasing our 2024 forecast by 3%. Our estimate changes both at the group and unit level are detailed on page 3. Our estimate changes at the EBIT level are mainly driven by revisions to order intake and phasing of project completions coupled with changes to our forecasts for group level eliminations that are largely driven by YTD 2022 developments. Our revised fair value range is DKK 107-225 (115-230).
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