Revisions driven by restructuring, order intake
Ahead of MT Højgaard Holding's Q2'23 earnings release on 25 August, we lower our 2023-'25 earnings forecasts by 5-25%, as we take the restructuring of the International division into account and make downward revisions to our 2023e order intake forecasts. With respect to order intake, we reduce our Q2'23 forecasts for the MTH DK division. The company has announced a DKK 455m order with Arbejdernes Landsbank in July, and we furthermore note that the company has won a DKK 180m order with Furesø principality, both in Q3'23. Due to the restructuring in the International division, we lower our gross margin and JV income forecasts as well as increase impairments estimates.
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