MT Højgaard Holding

MT Højgaard Holding

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MT Højgaard Holding - ABGSC’s DK small/mid-cap seminar feedback

23 september 2020

Confident in reaching a 4% EBIT margin by 2022
Turnaround of MTH Denmark remains challenging
Positive overall on outlook and execution
No quick-fix for MTH Denmark due to project length
During today’s seminar, MTHH’s CEO and CFO both reiterated their 2022 sustainably strategy and their confidence to reach a 4% EBIT margin by 2022. The strategy was initiated in November’19 and, following the sale of Lindpro, it now has six portfolio companies with their own focus on top-line and earnings. MTH Denmark’s average project length is 2.5 years, so a turnaround takes time. However, with the recent 51 job redundancies, the company expects that the underlying cost base is relatively stable and the execution on its order pipeline is now key. E&P and Scandibyg are both growing, but there is an extra focus on margins at ScandbiByg. Ajos performed the worst during COVID-19 (2pp margin reduction), but seems to be back on track (ABGSC: -0.6pp margin fall in H2’20e). On 1 January 2021, all companies will have their own legal entities and will be reported on as such. Cash flow for Q2 was strong at DKK 255m, however with ~DKK 175m in COVID-19 government packages. Order intake was DKK 1.6bn in Q2, with a backlog now of DKK 6.6bn. As a result of stable order intake, the company has maintained its 2020 guidance throughout the year.

Company sees stronger in-take during H2’20e
In the short-term, the company was positive on order intake in H2’20e (ABGSCe: 8% growth despite tough 22% comps) driven by the MTH businesses, but slightly more pessimistic for E&P and Ajos. Overall, the company sees strong order flows from pension and public projects and further growth with some private customers. Political initiatives appear to have had little affect during H2’20e, but a bigger impact is expected in 2021. The company expects to continue to attract projects of DKK 100-500m in size and, as it stands, it firmly believes that it will not have more project write-downs from the current legacy order backlog. Overall, the management left with a good impression on today’s seminar.

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