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MT Højgaard Holding: Strong backlog and visibility into next year - ABG

Sales, EBIT and orders -4%, -2%, +10% vs. ABGSCe
Seeing strong margin pick-up and YE DKK 10bn backlog
Overall an in-line quarter, we narrow FVR slightly

MTHH delivered a largely in-line quarter, with sales and EBIT b.s.i 4% and 2% below our expectations. Order intake was strong at DKK 2.9bn, 10% higher than our estimate; as expected, only one major order of Galgebakken, worth DKK 1.1bn, was included in the quarter. Cash flow was negative by DKK 68m due to the timing of the divestment of Ajos’ Pavilions and from timing of invoicing in MTH Project Development. On the conference call, MTHH’s management expects a continued margin pick-up in Q4 and next year, with positive contribution in all businesses. With a DKK 10.7bn order backlog and ‘up to’ DKK 4.2bn in non-consolidated orders, 80% of the recognised orders are in MTHH Denmark and E&P, so execution is essential. In addition, the ~DKK 4.2bn will be recognised throughout next year, i.e. it is unlikely to be recognised in one quarter.

Considering our estimate changes, we narrow our FVR slightly to DKK 250-270 (250-280). MTHH trades at 6x EV/EBIT’23e vs. peers of 9x.

Finwire / Börsvärlden

Publicerad 15 November 2021, 07:54

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MT Højgaard Holding: Strong backlog and visibility into next year - ABG

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