Estimate changes to reflect more realistic margin outlook
We lower our 2023e and 2024e earnings forecasts by 17-41% ahead of MTHH’s Q3 report. The changes are mainly due to extensive revisions of our margin forecasts following a change of analyst earlier this year. In particular, we view the previous margin assumption of above 4% as too optimistic and now estimate 2023e-24e margins of 3.2-3.3%. Our fair value range is DKK 115 - 230 per share.
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