Going into Q1’22, we expect to see strong revenue growth (33.5%, no FactSet consensus available), continuing the momentum from Q4’21 (34.2%), and an EBIT of DKK 68m, for a 3.3% EBIT margin (up from 0.9% y-o-y). We also know from speaking with the management at our Investor day on 9 March that MTHH is continuing the good progress in its current projects, which are going according to plan. The CFO also confirmed that the supply chain is a key focus area, and that MTHH has been able to navigate volatile prices by locking in fixed prices as early as possible when signing new contracts.
No order cancellations despite an externally volatile Q1’22 Despite a Q1’22 that was impacted by several external shocks, including rate hikes, the Russia invasion of Ukraine and COVID in China, MTHH has not seen any order cancellations, providing confidence in the strength of its underlying orderbook. Going into Q1, MTHH had an orderbook of DKK 10bn, and we expect that the momentum from FY’21, with DKK 2bn orders received per quarter, will continue in Q1’22.
Fair value range down slightly to DKK 140-270 (150-270) With the strong orderbook in place, continued progress in projects and an expected further strengthening of its orderbook in Q1’22, we see the company being well positioned going into Q1. However, despite MTHH locking in most of its project costs, we acknowledge that the current inflationary environment will have some impact on its cost base, so update our estimates to reflect this. This lowers our fair value range slightly to DKK 140-270 (150-270). Läs mer på ABG Sundal Collier
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