Major Estimate Revision • Jun 26
Consensus EPS estimates fall by 55% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from kr.38.20 to kr.17.33. Revenue forecast unchanged from kr.10.1b at last update. Net income forecast to shrink 33% next year vs 15% growth forecast for Construction industry in Denmark . Consensus price target down from kr.475 to kr.440. Share price fell 4.9% to kr.271 over the past week. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr.276, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Construction industry in Europe. Total returns to shareholders of 130% over the past three years. Reported Earnings • May 11
First quarter 2026 earnings: Revenues miss analyst expectations First quarter 2026 results: Revenue: kr.2.15b (down 18% from 1Q 2025). Net income: kr.52.0m (down 27% from 1Q 2025). Profit margin: 2.4% (down from 2.7% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 13%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 22
Price target decreased by 12% to kr.510 Down from kr.580, the current price target is an average from 2 analysts. New target price is 42% above last closing price of kr.359. Stock is up 45% over the past year. The company is forecast to post earnings per share of kr.39.35 for next year compared to kr.40.52 last year. Board Change • Apr 19
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Torben Bender was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 16
Upcoming dividend of kr.10.00 per share Eligible shareholders must have bought the stock before 23 March 2026. Payment date: 25 March 2026. Payout ratio is a comfortable 25% and the cash payout ratio is 78%. Trailing yield: 2.6%. Lower than top quartile of Danish dividend payers (4.8%). Lower than average of industry peers (3.1%). Declared Dividend • Feb 25
Dividend increased to kr.10.00 Dividend of kr.10.00 is 54% higher than last year. Ex-date: 23rd March 2026 Payment date: 25th March 2026 Dividend yield will be 2.3%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (25% earnings payout ratio) and cash flows (78% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 24
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: kr.40.88 (down from kr.46.11 in FY 2024). Revenue: kr.10.2b (down 4.2% from FY 2024). Net income: kr.313.0m (down 12% from FY 2024). Profit margin: 3.1% (down from 3.3% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.8%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr.433, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Construction industry in Europe. Total returns to shareholders of 177% over the past three years. Announcement • Jan 28
Mt Højgaard Holding A/S N Announces Resignation of Pernille Fabricius from the Board of Director MT Højgaard Holding A/S announced that Pernille Fabricius will resign at the general meeting after serving 12 years on the board of directors. New Risk • Jan 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Danish stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr.509, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Construction industry in Europe. Total returns to shareholders of 264% over the past three years. Announcement • Dec 14
Vvs & El Firmaet A/S entered into an agreement to acquire Arssarnerit A/S from MT Højgaard Holding A/S (CPSE:MTHH). Vvs & El Firmaet A/S entered into an agreement to acquire Arssarnerit A/S from MT Højgaard Holding A/S (CPSE:MTHH) on December 12, 2025.
The sale is expected to be completed in the second quarter of 2026, subject to the approval of the competition authorities. Reported Earnings • Nov 13
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: kr.2.40b (down 7.3% from 3Q 2024). Net income: kr.89.5m (down 1.4% from 3Q 2024). Profit margin: 3.7% (up from 3.5% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 12
MT Højgaard Holding A/S Maintains Earnings Guidance for the Year 2025 MT Højgaard Holding A/S maintained earnings guidance for the year 2025. For the year, the company revenue is forecasted to be DKK 10.0 million to DKK 10.5 billion. Operating profit (EBIT) is expected to be DKK 400 million to DKK 450 million. Announcement • Aug 21
MT Højgaard Holding A/S Approves Board Changes MT Højgaard Holding A/S at its EGM held on August 18, 2025 approved the following: The Board members Anders Lindberg and Janda Campos stepped down from the Board. The general meeting elected Christian Poulsen and Marie Louise Hansen as new members of the Board of Directors. The Board of Directors hereby consists of: Elected at the general meeting: Morten Hansen (Chairman), Knut Akselvoll (Vice Chairman), Christine Thorsen, Pernille Fabricius, Christian Poulsen, Marie Louise Hansen, Elected employee representatives: Jimmy Laursen, Lars Tesch Olsen. Reported Earnings • Aug 19
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: kr.2.68b (flat on 2Q 2024). Net income: kr.74.6m (down 7.4% from 2Q 2024). Profit margin: 2.8% (down from 3.0% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 20
MT Højgaard Holding A/S Announces MT Højgaard Property Development Integrated into Mt Højgaard Danmark The board of directors of MT Højgaard Holding has decided to transfer all activities in MT Højgaard Property Development to business unit MT Højgaard Danmark. The activities are integrated into MT Højgaard Danmark, which will carry on project development and operations in public-private partnership projects while maintaining the current focus on executing projects in civil works, infrastructure, construction and refurbishment. The combination of development and execution competencies in one joint organisation strengthens MT Højgaard Danmark’s competencies, synergies and position within development of larger construction projects in Denmark. The integration will furthermore entail lower complexity and costs at group level, while facilitating coordination and prioritisation of the group’s capital commitments. The integration will be completed through a transfer of ownership of MT Højgaard Property Development to MT Højgaard Danmark. The group will be comprised of the two business units MT Højgaard Danmark and Enemærke & Petersen. At the end of 2024, MT Højgaard Property Development’s order book amounted to DKK 403 million. The decision does not impact existing or planned projects or service assignments, which will be completed by MT Højgaard Danmark. Announcement • Mar 19
MT Højgaard Holding A/S Reaffirms Earnings Guidance for the Year 2025 MT Højgaard Holding A/S reaffirmed earnings guidance for the year 2025. For the year, the company unchanged with revenue expected around DKK 10 billion to DKK 10.5 billion and operating profit (EBIT) of DKK 400 million to DKK 450 million. Upcoming Dividend • Mar 13
Upcoming dividend of kr.6.50 per share Eligible shareholders must have bought the stock before 20 March 2025. Payment date: 24 March 2025. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Danish dividend payers (5.7%). Lower than average of industry peers (3.7%). New Risk • Mar 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Danish stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (100% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.5% average weekly change). Recent Insider Transactions • Feb 28
CEO & Member of the Executive Board recently sold kr.316k worth of stock On the 25th of February, Rasmus Untidt sold around 1k shares on-market at roughly kr.316 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Rasmus has been a net seller over the last 12 months, reducing personal holdings by kr.1.0m. Announcement • Feb 28
MT Højgaard Holding A/S Announces Board of Directors Changes MT Højgaard Holding A/S announced that the employees of the group on 27 February 2025 held elections for the board of directors. Jimmy Laursen of MT Højgaard Danmark A/S has been newly elected to the board. The employee representatives have been elected for a 4-year period from the annual general meeting on 19 March 2025 at which time the current employee-elected board member Peter Martin Facius will step down. New Risk • Feb 21
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (100% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Feb 20
Full year 2024 earnings released: EPS: kr.46.07 (vs kr.39.59 in FY 2023) Full year 2024 results: EPS: kr.46.07 (up from kr.39.59 in FY 2023). Revenue: kr.10.7b (up 9.1% from FY 2023). Net income: kr.356.5m (up 17% from FY 2023). Profit margin: 3.3% (up from 3.1% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. New Risk • Nov 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 67% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (67% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). Reported Earnings • Nov 15
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr.2.59b (flat on 3Q 2023). Net income: kr.90.8m (up kr.115.6m from 3Q 2023). Profit margin: 3.5% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Nov 14
MT Højgaard Holding A/S Upgrades Earnings Guidance for 2024 MT Højgaard Holding A/S upgrades earnings guidance for 2024. For the year, Revenue is now expected to be around DKK 10.5 billion (previous outlook: DKK 10- DKK 10.5 billion) and thus around 7% higher than in 2023. Operating profit (EBIT) is now expected to be DKK 440- DKK 460 million (previous outlook: DKK 400- DKK 425 million) corresponding to an improvement of 13-18% compared to 2023. Buy Or Sell Opportunity • Oct 10
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to kr.219. The fair value is estimated to be kr.179, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 52%. Revenue is forecast to decline by 9.8% in 2 years. Earnings are forecast to decline by 25% in the next 2 years. New Risk • Oct 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Danish stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.0% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (5.5% average weekly change). Announcement • Sep 26
Mt Højgaard Holding A/S Announces CEO Changes The Board of Directors of MT Højgaard Holding has effective 25 September 2024 appointed current CFO Rasmus Untidt as CEO. Rasmus Untidt replaces Steffen Baungaard whom will be available in a transition period. The Executive Board of MT Højgaard Holding is hereafter comprised of Rasmus Untidt. Rasmus Untidt joined the group in 2014 as responsible for strategy and business development, and he became part of group management in April 2022 as Chief Strategy Officer. In December 2022, his areas of responsibility were expanded to include finance when he was appointed CFO and member of the Executive Board from where he has contributed to define the strategic and financial framework for the group’s long-term development. He is a board member of all significant group companies. The Board of Directors extends its appreciation with Steffen Baungaard’s efforts in MT Højgaard Holding since March 2021, initially as a member of the Board of Directors and as group CEO from November 2023. Buy Or Sell Opportunity • Sep 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to kr.216. The fair value is estimated to be kr.178, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 52%. Revenue is forecast to decline by 9.8% in 2 years. Earnings are forecast to decline by 25% in the next 2 years. Reported Earnings • Aug 23
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr.2.66b (up 2.6% from 2Q 2023). Net income: kr.80.6m (up kr.76.4m from 2Q 2023). Profit margin: 3.0% (up from 0.2% in 2Q 2023). Revenue is expected to decline by 4.3% p.a. on average during the next 3 years, while revenues in the Construction industry in Europe are expected to grow by 4.9%. Major Estimate Revision • Aug 23
Consensus EPS estimates fall by 14%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr.10.2b to kr.10.5b. EPS estimate fell from kr.27.06 to kr.23.16 per share. Net income forecast to shrink 41% next year vs 11% growth forecast for Construction industry in Denmark . Consensus price target of kr.180 unchanged from last update. Share price rose 15% to kr.190 over the past week. Buy Or Sell Opportunity • Aug 23
Now 28% overvalued Over the last 90 days, the stock has fallen 2.8% to kr.190. The fair value is estimated to be kr.148, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 57%. Revenue is forecast to decline by 9.4% in 2 years. Earnings are forecast to decline by 20% in the next 2 years. Announcement • Aug 22
MT Højgaard Holding A/S Maintains Earnings Guidance for the Full-Year 2024 MT Højgaard Holding maintained its full-year guidance for 2024 based on the results for the first half of the year and prospects of an unchanged level of activity in the second half of the year: Revenue is still forecast to be in the DKK 10 billion - DKK 10.5 billion range, corresponding to growth of 2%-7%. Operating profit (EBIT) is still expected to be in the range of DKK 400 million - DKK 425 million, which will be an improvement of 3%-9%. Recent Insider Transactions • May 21
Key Executive recently sold kr.721k worth of stock On the 17th of May, Rasmus Untidt sold around 3k shares on-market at roughly kr.207 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Rasmus' only on-market trade for the last 12 months. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr.2.29b (flat on 1Q 2023). Net income: kr.71.0m (up 299% from 1Q 2023). Profit margin: 3.1% (up from 0.8% in 1Q 2023). Revenue is expected to decline by 5.5% p.a. on average during the next 3 years, while revenues in the Construction industry in Europe are expected to grow by 4.3%. Major Estimate Revision • May 17
Consensus EPS estimates fall by 31% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from kr.39.36 to kr.27.06 per share. Revenue forecast steady at kr.10.2b. Net income forecast to grow 1.5% next year vs 16% growth forecast for Construction industry in Denmark. Consensus price target of kr.180 unchanged from last update. Share price rose 5.9% to kr.214 over the past week. Announcement • May 17
MT Højgaard Holding A/S Provides Earnings Guidance for the Year 2024 MT Højgaard Holding A/S provided earnings guidance for the year 2024. For the year, revenue is still forecast to be in the DKK 10 billion - DKK 10.5 billion range, or marginally higher than in 2023. Operating profit (EBIT) is still expected to be in the range of DKK 400 million -DKK 425 million, which will be an improvement of 3%-9% relative to 2023. Based on the known phasing of projects and orders, revenue and operating profit are still expected to peak in the second half of the year. Buy Or Sell Opportunity • May 13
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 54% to kr.203. The fair value is estimated to be kr.169, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 53%. For the next 3 years, revenue is forecast to decline by 4.3% per annum. Earnings are also forecast to decline by 2.8% per annum over the same time period. Announcement • Mar 21
MT Højgaard Holding A/S Elects Knut Akselvoll as Member of Board of Directors MT Højgaard Holding A/S on 19 March 2024 the Annual General Meeting elected Knut Akselvoll as a new member of the Board of Directors. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr.198, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 12x in the Construction industry in Europe. Total returns to shareholders of 1.8% over the past three years. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: kr.39.54 (vs kr.16.86 in FY 2022) Full year 2023 results: EPS: kr.39.54 (up from kr.16.86 in FY 2022). Revenue: kr.9.79b (up 13% from FY 2022). Net income: kr.304.5m (up 135% from FY 2022). Profit margin: 3.1% (up from 1.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Construction industry in Europe are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 23
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 45% to kr.162. The fair value is estimated to be kr.132, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 53%. For the next 3 years, revenue is forecast to decline by 4.2% per annum. Earnings are also forecast to decline by 2.7% per annum over the same time period. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr.139, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Construction industry in Europe. Total loss to shareholders of 20% over the past three years. Announcement • Dec 30
MT Højgaard Holding A/S Announces Resignation of Stine Marie Søderdahl Friis to Its Board of Directors MT Højgaard Holding A/S announced employee-elected board member Stine Marie Søderdahl Friis has left the board of directors of the company. Recent Insider Transactions • Nov 19
President recently sold kr.377k worth of stock On the 14th of November, Henrik Mielke sold around 3k shares on-market at roughly kr.118 per share. This transaction amounted to 48% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Henrik's only on-market trade for the last 12 months. Announcement • Oct 28
MT Højgaard Holding A/S Provides Earnings Guidance for the Full Year 2023 MT Højgaard Holding A/S provided earnings guidance for the full year 2023. Revenue is expected to be DKK 9.5-10 billion (previously: around DKK 10 billion) with an operating profit before special items around DKK 400 million (previously: DKK 200-225 million before special items and potential value adjustments). New Risk • Aug 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.1% Last year net profit margin: 2.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.1% net profit margin). Major Estimate Revision • Aug 29
Consensus EPS estimates fall by 28%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from kr.9.24b to kr.9.42b. EPS estimate fell from kr.19.16 to kr.13.75 per share. Net income forecast to shrink 7.2% next year vs 16% growth forecast for Construction industry in Denmark . Consensus price target of kr.172 unchanged from last update. Share price fell 3.8% to kr.100.00 over the past week. Announcement • Aug 25
MT Højgaard Holding A/S Provides Earnings Guidance for the Full Year 2023 MT Højgaard Holding A/S provided earnings guidance for the full year 2023. The full-year outlook is maintained and supported by the strong order book. Revenue is still expected to increase to DKK 9.0-9.5 billion. Operating profit before special items and any value adjustments is still expected to be DKK 200-225 million. Earnings from the Danish core business are expected to improve because of higher revenue, but the improvement will be set off by a considerable loss from the international activities. About 95% of the expected contract revenue had been contracted at the end of the first half of 2023. Major Estimate Revision • Aug 24
Consensus EPS estimates fall by 38% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from kr.9.24b to kr.9.03b. EPS estimate also fell from kr.19.16 per share to kr.11.90 per share. Net income forecast to shrink 10% next year vs 17% growth forecast for Construction industry in Denmark . Consensus price target of kr.172 unchanged from last update. Share price was steady at kr.103 over the past week. Announcement • Jun 10
MT Højgaard Holding A/S Revises Earnings Guidance for the Full Year 2023 MT Højgaard Holding A/S revised earnings guidance for the full year 2023. Based on the sharpening of the group’s strategic focus and deteriorating results in MT Højgaard International, the company adjusts the 2023 outlook and now expects operating profit to come to DKK 200 million - DKK 225 million before special items and potential value adjustments related to the strategic process against the previous operating profit guidance of DKK 300 million - DKK 325 million. Revenue is still expected at the level of DKK 9.0 billion - DKK 9.5 billion. The downwards adjustment is solely due to the international activities, which comprised just 7% of group revenue in the first quarter of 2023. Announcement • May 11
MT Højgaard Holding A/S Provides Earnings Guidance for the Year 2023 MT Højgaard Holding A/S provided earnings guidance for the year 2023. For the year, revenue is still expected to increase by 4%-10% to DKK 9.0 billion- DKK 9.5 billion. Operating profit before special items is still expected to increase by 9% -18% to DKK 300 billion- DKK 325 million. Announcement • Jan 04
MT Højgaard Holding A/S(CPSE:MTHH) dropped from OMX Nordic Small Cap Index Højgaard Holding A/S has been dropped from OMX Nordic Small Cap Index . Announcement • Dec 23
Mt Højgaard Holding A/S Revises Consolidated Earnings Guidance for the Year 2022 MT Højgaard Holding A/S revised consolidated earnings guidance for the year 2022. The board of directors of the company has decided to initiate a sales process for Scandi Byg after an extensive strategic review. As a consequence of the decision, Scandi Byg will not be included in revenue and operating profit in the consolidated financial statements for 2022, but be classified as discontinuing activities. On this background, the group adjusts its expectations to the 2022 operating profit before special items to a level of DKK 260 million (previously: DKK 215 million - DKK 240 million including the expected operating loss in Scandi Byg). Group revenue is still expected to be around DKK 8.5 billion in 2022 even though Scandi Byg’s expected revenue of around DK 335 million will no longer be included. Announcement • Dec 09
MT Højgaard Holding A/S Announces Management Changes Rasmus Untidt takes up the position as CFO of MT Højgaard Holding on December 9th, 2022. He succeeds Martin Solberg who has wished to step down. The Executive Board will be comprised by CEO Henrik Mielke and CFO Rasmus Untidt. For more than 8 years, Rasmus Untidt has been the head of MT Højgaard Holding’s business strategy development through which he has played a key role in the group’s strategic acquisitions and sales by which the group has concentrated its line of business and increased its cost-effectiveness. In April 2022 he became a part of the group management when he was appointed Chief Strategy Officer (CSO) which included the responsibility for the group’s sustainability strategy. Price Target Changed • Nov 16
Price target decreased to kr.166 Down from kr.285, the current price target is provided by 1 analyst. New target price is 8.5% above last closing price of kr.153. Stock is down 27% over the past year. The company is forecast to post earnings per share of kr.10.02 for next year compared to kr.17.32 last year. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Morten Hansen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 11
MT Højgaard Holding A/S Provides Earnings Guidance for the Fiscal Year 2022 MT Højgaard Holding A/S provided earnings guidance for the fiscal year 2022. for the year, the company expects revenue to be around DKK 8.5 billion. This will correspond to a growth rate of around 18%, compared with 2021 and Operating profit before special items is still expected to be DKK 215-240 million. This will correspond to an improvement of 20-34%, compared with 2021. Reported Earnings • Aug 27
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr.2.21b (up 27% from 2Q 2021). Net income: kr.27.7m (up kr.28.9m from 2Q 2021). Profit margin: 1.3% (up from net loss in 2Q 2021). Over the next year, revenue is forecast to grow 2.3%, compared to a 5.4% growth forecast for the Construction industry in Denmark. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Aug 25
MT Højgaard Holding A/S Revises Earnings Guidance for the Full Year 2022 MT Højgaard Holding A/S revised earnings guidance for the full year 2022. The outlook for the financial year has been adjusted due to the challenges faced by Scandi Byg and MT Højgaard International. The other business units, especially MT Højgaard Danmark, are still expected to improve their earnings in 2022. Revenue is now expected to be around DKK 8.5 billion (previously: DKK 8.0-8.2 billion), following growth of about 18% in the first half of 2022. Operating profit before special items is now expected to be DKK 215-240 million. This will correspond to an improvement of 20-34% compared to 2021. Based on the known phasing of projects and orders, earnings are expected to continue to rise in the second half of 2022 as utilisation of capacity improves and more projects proceed from the preparatory phase to the construction phase, and moreover MT Højgaard Projektudvikling is expected to sell more projects developed in-house. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 18% share price decline to kr.114, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improved over the past week After last week's 26% share price gain to kr.170, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Construction industry in Europe. Total returns to shareholders of 143% over the past three years. Announcement • May 13
Mt Højgaard Holding A/S Reaffirms Earnings Guidance for the Full year 2022 MT Højgaard Holding A/S Reaffirmed earnings guidance for the full year 2022. For the year, the company Revenue is still expected to be around DKK 8.0 million - DKK 8.2 billion, Operating profit before special items is still expected to be around DKK 250 million - DKK 275 million.