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MT Højgaard Holding

MT Højgaard Holding

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Full-service construction consortium

MT Højgaard Holding (MTHH) dates back to 1918, and today is a full-service construction consortium that solves different types of tasks within its four subsidiary companies. The holding company owns five segment companies that are involved in the stages of project development, design and engineering, construction, civil works, renovations and other operations. With ~93% of revenue generated in Denmark, the company employs ~1,100 FTEs and is one of the three largest construction companies in Denmark.

Threats of project delays and contractor and legal issues would hurt the performance. If competitors begin to pose a larger threat, issues could arise relating to the workforce or project completions, which would challenge the fundamental investment case. Several negative EBIT projects are expected to be completed in the near term. However, after several years of a boom cycle, history shows a bust cycle or period of saturation is pending. Therefore, the company is exposed to a cyclical risk of lower order intake, which has been challenging in the past.

Financials

DKKm 2022 2023e 2024e
Sales 8654 9559 11820
Sales growth (%) 24,2 10,5 23,7
EBITDA 365 460 552
EBITDA margin (%) 4,2 4,8 4,7
EBIT adj. 260 301 349
EBIT adj. margin (%) 3 3,2 3
Pretax profit 3 222 337
EPS 4,7 21 33,37
EPS growth (%) -55,3 346,7 58,9
EPS adj. 20,56 26,62 25,36
DPS 0 0 0
EV/EBITDA (x) 3,2 1,9 1,4
EV/EBIT adj. (x) 4,5 2,9 2,2
P/E (x) 30,2 6,8 4,3
P/E adj. (x) 6,9 5,3 5,6
EV/sales (x) 0,13 0,09 0,06
FCF yield (%) 15,2 34,7 17,8
Le. adj. FCF yld. (%) 9,7 28,6 11
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,4 -0,3 -0,5
Le. adj. ND/EBITDA (x) 0,2 1 1,1
DKKm 2022 2023e 2024e
Sales 8654 9559 11820
COGS -8029 -8851 -10898
Gross profit 625 707 922
Other operating items -260 -247 -370
EBITDA 365 460 552
Depreciation and amortisation -110 -124 -139
of which leasing depreciation -61 -67 -73
EBITA 167 269 349
EO Items -93 -32 0
Impairment and PPA amortisation 16 24 21
EBIT 182 293 370
Net financial items -86 -39 -32
Pretax profit 3 222 337
Tax 34 -58 -78
Net profit 37 163 260
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 37 163 260
EPS 4,7 21 33,37
EPS adj. 20,56 26,62 25,36
Total extraordinary items after tax -2274 -47 0
Leasing payments -61 -67 -73
Tax rate (%) -1120 26,3 23
Gross margin (%) 7,2 7,4 7,8
EBITDA margin (%) 4,2 4,8 4,7
EBITA margin (%) 1,9 2,8 3
EBIT margin (%) 2,1 3,1 3,1
Pre-tax margin (%) 0 2,3 2,9
Net margin (%) 0,4 1,7 2,2
Sales growth (%) 24,2 10,5 23,7
EBITDA growth (%) 54,9 26 20
EBITA growth (%) 108,5 61,3 29,6
EBIT growth (%) 48,3 60,8 26,1
Net profit growth (%) -55,3 346,7 58,9
EPS growth (%) -55,3 346,7 58,9
Profitability N/A N/A N/A
ROE (%) 5 19,8 24,8
ROE adj. (%) 315,6 22,6 22,8
ROCE (%) 6,5 17,8 22,8
ROCE adj. (%) 18,7 20,5 21,5
ROIC (%) 200,7 23,9 31,5
ROIC adj. (%) 312,8 26,7 31,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 458 492 552
EBITDA adj. margin (%) 5,3 5,1 4,7
EBITDA lease adj. 397 425 479
EBITDA lease adj. margin (%) 4,6 4,4 4,1
EBITA adj. 260 301 349
EBITA adj. margin (%) 3 3,2 3
EBIT adj. 260 301 349
EBIT adj. margin (%) 3 3,2 3
Pretax profit Adj. 174 262 316
Net profit Adj. 2295 187 239
Net profit to shareholders adj. 2295 187 239
Net adj. margin (%) 26,5 2 2
DKKm 2022 2023e 2024e
EBITDA 365 460 552
Goodwill 221 221 221
Net financial items -86 -39 -32
Other intangible assets 207 164 121
Paid tax 34 -58 -78
Tangible fixed assets 323 411 523
Non-cash items -273 64 97
Right-of-use asset 250 270 285
Cash flow before change in WC 40 427 539
Total other fixed assets 268 268 268
Change in working capital 174 101 -165
Fixed assets 1270 1334 1419
Operating cash flow 213 527 374
Inventories 444 497 615
Capex tangible fixed assets -76 -143 -177
Receivables 2478 2436 3012
Capex intangible fixed assets -9 0 0
Other current assets 58 58 58
Acquisitions and Disposals 41 0 0
Cash and liquid assets 539 764 807
Free cash flow 168 384 196
Total assets 4789 5089 5910
Dividend paid 0 0 0
Shareholders equity 734 921 1171
Share issues and buybacks -2 0 0
Minority 17 17 17
Leasing liability amortisation -61 -68 -75
Total equity 751 938 1188
Other non-cash items 267 -93 -121
Long-term debt 356 276 196
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 231 249 269
Total other long-term liabilities 401 471 573
Short-term debt 85 80 80
Accounts payable 483 533 659
Other current liabilities 2482 2542 2945
Total liabilities and equity 4789 5089 5910
Net IB debt 133 -159 -262
Net IB debt excl. pension debt 133 -159 -262
Net IB debt excl. leasing -98 -408 -531
Capital employed 1423 1542 1733
Capital invested 884 778 926
Working capital 16 -85 80
Market cap. diluted (m) 1105 1105 1105
Net IB debt adj. 133 -159 -262
Market value of minority 17 17 17
Reversal of shares and participations -94 -94 -94
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1162 869 767
Total assets turnover (%) 189,6 193,6 215
Working capital/sales (%) 1,2 -0,4 0
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 17,7 -17 -22,1
Net debt / market cap (%) 12 -14,4 -23,7
Equity ratio (%) 15,7 18,4 20,1
Net IB debt adj. / equity (%) 17,7 -17 -22,1
Current ratio 1,15 1,19 1,22
EBITDA/net interest 4,2 11,7 17
Net IB debt/EBITDA (x) 0,4 -0,3 -0,5
Net IB debt/EBITDA lease adj. (x) -0,2 -1 -1,1
Interest coverage 1,9 6,5 9,7
DKKm 2022 2023e 2024e
Shares outstanding adj. 8 8 8
Diluted shares adj. 8 8 8
EPS 4,7 21 33,37
Dividend per share 0 0 0
EPS adj. 20,56 26,62 25,36
BVPS 94,3 118,28 150,43
BVPS adj. 39,29 68,79 106,46
Net IB debt/share 17,09 -20,47 -33,66
Share price 142 142 142
Market cap. (m) 1105 1105 1105
P/E (x) 30,2 6,8 4,3
EV/sales (x) 0,13 0,09 0,06
EV/EBITDA (x) 3,2 1,9 1,4
EV/EBITA (x) 7 3,2 2,2
EV/EBIT (x) 6,4 3 2,1
Dividend yield (%) 0 0 0
FCF yield (%) 15,2 34,7 17,8
Le. adj. FCF yld. (%) 9,7 28,6 11
P/BVPS (x) 1,51 1,2 0,94
P/BVPS adj. (x) 3,61 2,06 1,33
P/E adj. (x) 6,9 5,3 5,6
EV/EBITDA adj. (x) 2,5 1,8 1,4
EV/EBITA adj. (x) 4,5 2,9 2,2
EV/EBIT adj. (x) 4,5 2,9 2,2
EV/CE (x) 0,8 0,6 0,4
Investment ratios N/A N/A N/A
Capex/sales (%) 1 1,5 1,5
Capex/depreciation 1,8 2,5 2,7
Capex tangibles / tangible fixed assets 23,6 34,9 33,9
Capex intangibles / definite intangibles 4,4 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 15,1 13,89 12,69

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Main shareholders - MT Højgaard Holding

Main shareholders Share capital % Voting shares % Verified
Knud Højgaards Fond 37.1 % 37.1 % 31 Dec 2022
Emtf Holding P/S 10.4 % 10.4 % 31 Dec 2022
Nordea Fonder 10.1 % 10.1 % 31 Jan 2023
Ejnar og Meta Thorsens Fond 9.9 % 9.9 % 31 Dec 2022
Chr. Augustinus Fabrikker A/S 3.2 % 3.2 % 10 Feb 2022
Lærernes Pension 2.5 % 2.5 % 31 Dec 2022
Fundamental Fondsmæglerselskab A/S 1.5 % 1.5 % 31 Oct 2022
MT Højgaard Holding A/S 1.5 % 1.5 % 31 Dec 2022
Morten Hansen 1.3 % 1.3 % 1 Apr 2022
Maj Invest 0.6 % 0.6 % 31 Jan 2023
Source: Holdings by Modular Finance AB