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MT Højgaard Holding

MT Højgaard Holding

DKKm 2020 2021e 2022e
Sales 5951 7112 8027
Sales growth (%) -13,3 19,5 12,9
EBITDA 232 341 426
EBITDA margin (%) 3,9 4,8 5,3
EBIT adj 103 129 257
EBIT adj margin (%) 1,7 1,8 3,2
Pretax profit -33 185 256
EPS rep 8,55 21,8 25,29
EPS growth (%) 194,5 155,1 16
EPS adj 24,14 15,58 22,13
DPS 0 0 0
EV/EBITDA (x) 7,8 6,8 5,6
EV/EBIT adj (x) 17,5 18 9,2
P/E (x) 19,9 10,3 8,9
P/E adj (x) 7 14,4 10,2
EV/sales (x) 0,3 0,3 0,3
FCF yield (%) 38,2 -6 -0,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2,6 2,1 1,8
Lease adj. FCF yield (%) 38,2 -6 -0,5
Lease adj. ND/EBITDA 2,3 2,3 1,8
DKKm 2020 2021e 2022e
Sales 5951 7112 8027
COGS -5516 -6537 -7336
Gross profit 435 575 692
Other operating items -203 -234 -266
EBITDA 232 341 426
Depreciation on tangibles -75 -86 -92
Depreciation on intangibles -75 -86 -92
EBITA 105 192 257
Goodwill impairment charges -16 -5 -5
Other impairment and amortisation -37 -34 0
EBIT 53 182 282
Other financial items 0 0 0
Net financial items -52 -26 -26
Associated income 0 0 0
Other EO items -35 0 0
Pretax profit -33 185 256
Tax 13 -16 -59
Net profit -21 170 197
Minority interest 87 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 67 170 197
EPS 8,55 21,8 25,29
EPS Adj 24,14 15,58 22,13
Total extraordinary items after tax -69 57,6 0
Tax rate (%) -37,7 -8,4 -23
Gross margin (%) 7,3 8,1 8,6
EBITDA margin (%) 3,9 4,8 5,3
EBITA margin (%) 1,8 2,7 3,2
EBIT margin (%) 0,9 2,6 3,5
Pretax margin (%) -0,6 2,6 3,2
Net margin (%) -0,3 2,4 2,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -13,3 19,5 12,9
EBITDA growth (%) 109,4 47,2 24,8
EBIT growth (%) 87,2 246,7 54,3
Net profit growth (%) 70,5 916,7 16
EPS growth (%) 194,5 155,1 16
Profitability 2020 2021 2022
ROE (%) 9,8 24,4 22,4
ROE Adj (%) 27,7 17,5 19,6
ROCE (%) 1,7 14,4 17
ROCE Adj(%) 10,1 11,2 15,5
ROIC (%) 2 9,5 10,7
ROIC Adj (%) 3,9 6,7 9,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj 266 312 426
EBITDA Adj margin (%) 4,5 4,4 5,3
EBITA Adj 140 163 257
EBITA Adj margin (%) 2,3 2,3 3,2
EBIT Adj 103 129 257
EBIT Adj margin (%) 1,7 1,8 3,2
Pretax profit Adj 88 137 231
Net profit Adj 101 121 172
Net profit to shareholders Adj 188 121 172
Net Adj margin (%) 1,7 1,7 2,1
Depreciation and amortisation -127 -149 -169
Of which leasing depreciation -51 -60 -67
EO items -35 29 0
Impairment and PPA amortisation -52 -9 25
EBITDA lease Adj 266 312 426
EBITDA lease Adj margin (%) 4,5 4,4 5,3
Leasing payments 0 0 0
DKKm 2020 2021e 2022e
EBITDA 232 341 426
Net financial items -52 -26 -26
Paid tax 13 -16 -59
Non-cash items -16 25 25
Cash flow before change in WC 177 324 365
Change in WC 169 -252 -174
Operating cash flow 346 72 191
CAPEX tangible fixed assets -22 -107 -120
CAPEX intangible fixed assets -2 -71 -80
Acquisitions and disposals 182 0 0
Free cash flow 505 -105 -9
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -398 -21 -49
Decrease in net IB debt -49 4 233
Balance Sheet (DKKm) 2020 2021 2022
Goodwill 217 241 266
Indefinite intangible assets 0 0 0
Definite intangible assets 217 165 145
Tangible fixed assets 0 62 132
Other fixed assets 701 695 690
Fixed assets 1647 1691 1772
Inventories 548 555 627
Receivables 1611 1982 2237
Other current assets 0 0 0
Cash and liquid assets 204 78 19
Total assets 4010 4306 4656
Shareholders equity 610 779 976
Minority 15 15 15
Total equity 624 794 991
Long-term debt 766 766 766
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 102 102 102
Other long-term liabilities 282 282 282
Capital invested 1608 1903 2159
Working capital -39 212 387
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1323 1751 1751
Net IB debt Adj 600 726 784
Market value of minority 0 0 0
Reversal of shares and participations -124 -149 -173
Reversal of conv. debt assumed equity 0 0 0
EV 1799 2328 2362
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 146,1 171 179,2
Capital invested turnover (%) 366,2 408,5 424,8
Capital employed turnover (%) 413,7 457,5 440,2
Inventories / sales (%) 8,5 8,3 8,2
Customer advances / sales (%) 12 11 11,6
Payables / sales (%) 5,8 5,7 5,6
Working capital / sales (%) -0,5 1,2 3,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 96 91,4 79,1
Net debt / market cap (%) 65,5 41,4 44,8
Equity ratio (%) 15,6 18,4 21,3
Net IB debt adj. / equity (%) 96 91,4 79,1
Current ratio (%) 105,7 110,7 114,7
EBITDA / net interest (%) 449,8 1316,6 1643
Net IB debt / EBITDA (%) 258,8 212,8 184,3
Interest cover (%) 192,9 618 822,1
Short-term debt 37 37 37
Accounts payable 372 395 446
Other current liabilities 1826 1929 2031
Total liabilities and equity 4010 4306 4656
Net IB debt 600 726 784
Net IB debt excl. pension debt 600 726 784
Lease liability amortisation 0 0 0
Other intangible assets 217 209 239
Right-of-use asset 513 453 386
Total other fixed assets 701 725 750
Leasing liability 0 0 0
Total other long-term liabilities 384 384 384
Net IB debt excl. leasing 600 726 784
Net IB debt / EBITDA lease Adj (%) 225,3 232,4 184,3
DKKm 2020 2021e 2022e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 8,55 21,8 25,29
Dividend per share Adj 0 0 0
EPS Adj 24,14 15,58 22,13
BVPS 78,32 100,12 125,42
BVPS Adj 22,61 42,22 60,53
Net IB debt / share 77 93,2 100,7
Share price 117,56 225 225
Market cap. (m) 915 1751 1751
Valuation 2020 2021 2022
P/E 19,9 10,3 8,9
EV/sales 0,3 0,33 0,29
EV/EBITDA 7,8 6,8 5,6
EV/EBITA 17,1 12,1 9,2
EV/EBIT 34,2 12,8 8,4
Dividend yield (%) 0 0 0
FCF yield (%) 38,2 -6 -0,5
P/BVPS 2,17 2,25 1,79
P/BVPS Adj 7,52 5,33 3,72
P/E Adj 7 14,4 10,2
EV/EBITDA Adj 6,8 7,5 5,6
EV/EBITA Adj 12,9 14,3 9,2
EV/EBIT Adj 17,5 18 9,2
EV/cap. employed 1,3 1,5 1,3
Investment ratios 2020 2021 2022
Capex / sales 0,4 2,5 2,5
Capex / depreciation 31,3 198,4 198,4
Capex tangibles / tangible fixed assets 0 172,4 91,4
Capex intangibles / definite intangibles 0,8 34 33,6
Depreciation on intangibles / definite intangibles 17,5 21,4 21,2
Depreciation on tangibles / tangibles 0 72,4 38,4
Lease adj. FCF yield (%) 38,2 -6 -0,5

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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9,2

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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0,3

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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