Q4 sales grew by +40%, with double-digit growth coming from all segments except Scandi Byg, leading to reported sales of DKK 2,111m, beating ABGSCe by 10%; the EBIT b.s.i was 27% above ABGSCe. The quarter also saw continued solid progress on ongoing projects, with the infrastructure project at Rønnehavn (DKK 295m) and the Holm 8 new-build project (DKK 1.6bn) highlighted on today’s management call.
New FY’22 guidance reflects better insight into FY’22
FY'22 guidance has been updated from the previous preliminary FY'22 guidance. MTHH now expects FY'22 revenues of DKK 8-8.2bn, up from the previous DKK +8bn (ABGSCe was DKK 7.9bn) and an EBIT b.s.i of DKK 250-275m, down from previous ~DKK 280m (ABGSCe was DKK 280m). The EBIT guidance downgrade is driven by a ~10m negative adjustment related to the selloff of Ajos and better insight regarding potential cost increases.
Fair value range reiterated at DKK 150-270
MTHH saw solid progress on its current “Bæredygtig 2022” strategy in Q4, with management confirming on today’s call that they see the current fundamentals of the company to be moving in the right direction, and that the market tends are supportive of the company’s future outlook. Furthermore, management confirmed that we will get a better glimpse of the future outlook at the end of FY’22, when MTHH will release a new strategy for FY’23-25. Lastly, management confirmed during the call that they see no short-term risk associated with the Russia/Ukraine conflict in terms of direct or sub-supplier exposure. Overall, we change our estimates slightly to reflect the changed FY’22 guidance and view Q4 as a positive quarter, supporting the ongoing strategic progress. As such, we reiterate our fair value range of DKK 150-270.
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