We had a conversation with the CFO this morning, who highlighted that the cash outflow of ~DKK 70m is due to timing of Pavilions divestment (Ajos) and project development revenue, where cash arrives in October (Q4), so merely a matter of timing. Previously, MTHH faced sourcing challenges with insulation, then other materials, then logistics and now labor is getting more difficult. They do not expect this environment to become easier over the next quarters but have included these headwinds in their guidance. In terms of the troubled contract of Niels Bohr institute, the site remains difficult, however in terms of the other troubled contracts these seems to be delivered in-line or better than expected. They have a large buffer in their already taken provisions, but it’s a difficult negotiation. On 13/10, MTHH updated its guidance’21e of revenue of DKK 7.1bn (prev. 6.8bn) and EBIT (bsi. and PPA) of DKK 185m (prev. 160m) (2.6% margin). Preliminary guidance‘22e of revenue DKK +8bn and EBIT (bsi. and PPA) of DKK ~280m (3.5% margin) is maintained.
