Margins increase our '24-'25 forecasts
Following MTH Holding's Q2'23 report, we raise our 2023e sales forecasts by 4% and lower our earnings forecast by 2%. We increase EPS by 16%, however, due to the impact in Q2'23 from the earn-out agreement arising from the sales of the Arjos pavillion business in 2021. Our higher sales forecasts are driven driven by the E&P and Project Development divisions while our lowered earnings are due to higher forecasted losses in the International division. Beyond 2023e we increase our earnings forecast by 7-16%, due to our higher margin estimates for the MTH DK and E&P divisions (see pp. 3-5).
