In this report we include the acquisition of 60% of NemByg in our estimates, with business supporting the E&P construction offering in the south of Denmark. Our FY’21e sales of DKK 6.8bn is in line with guidance and consensus, but we/consensus estimate EBIT of DKK 190m, ~12.5% above guidance of DKK 160m. However, given the back end-loaded 2021 due to the order backlog and hence the high pick-up in activity H2’21e, any guidance upgrade is not likely until after the Q2’21 report.
For 2022e, MTHH is trading at a P/E of 10x versus Nordic construction peers at 14x and the EV/EBITDA is ~6x vs. peers at 8.5x. We reiterate our FVR of DKK 170-290.
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