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MT Højgaard Holding

MT Højgaard Holding

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.

Sustainability information

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.

DKKm 2023 2024e 2025e
Sales 9788 10198 8428
Sales growth (%) 13,1 4,2 -17,4
EBITDA 533 573 518
EBITDA margin (%) 5,4 5,6 6,1
EBIT adj. 409 420 354
EBIT adj. margin (%) 4,2 4,1 4,2
Pretax profit 330 396 334
EPS 13,31 27,06 33,15
EPS growth (%) 756,2 103,3 22,5
EPS adj. 26,62 25,36 25,36
DPS 0 0 0
EV/EBITDA (x) 1 0,8 0,2
EV/EBIT adj. (x) 1,4 1,1 0,3
P/E (x) 14,7 7,2 5,9
P/E adj. (x) 7,3 7,7 7,7
EV/sales (x) 0,06 0,04 0,01
FCF yield (%) 48,2 12,1 27,4
Le. adj. FCF yld. (%) 43,9 7,5 22,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -1,5 -1,6 -2,4
Le. adj. ND/EBITDA (x) -2 -2,1 -3
DKKm 2023 2024e 2025e
Sales 9788 10198 8428
COGS -9064 -9402 -7787
Gross profit 724 795 641
Other operating items -192 -223 -123
EBITDA 533 573 518
Depreciation and amortisation -110 -119 -130
of which leasing depreciation -66 -70 -75
EBITA 423 454 387
EO Items -19 0 0
Impairment and PPA amortisation -34 -34 -34
EBIT 389 420 354
Net financial items -59 -24 -20
Pretax profit 330 396 334
Tax -25 -87 -75
Net profit 305 309 258
Minority interest 0 0 0
Net profit discontinued -201 -98 0
Net profit to shareholders 104 211 258
EPS 13,31 27,06 33,15
EPS adj. 26,62 25,36 25,36
Total extraordinary items after tax -18 0 0
Leasing payments -66 -70 -75
Tax rate (%) 7,6 21,9 22,6
Gross margin (%) 7,4 7,8 7,6
EBITDA margin (%) 5,4 5,6 6,1
EBITA margin (%) 4,3 4,4 4,6
EBIT margin (%) 4 4,1 4,2
Pre-tax margin (%) 3,4 3,9 4
Net margin (%) 3,1 3 3,1
Sales growth (%) 13,1 4,2 -17,4
EBITDA growth (%) 46 7,5 -9,6
EBITA growth (%) 87,7 7,3 -14,6
EBIT growth (%) N/A 7,9 -15,8
Net profit growth (%) 134,9 1,4 -16,5
EPS growth (%) 756,2 103,3 22,5
Profitability N/A N/A N/A
ROE (%) 13,1 22,3 22
ROE adj. (%) 19,7 25,8 24,9
ROCE (%) 29 30,9 23,6
ROCE adj. (%) 32,9 33,3 25,9
ROIC (%) 84,9 408,4 317,3
ROIC adj. (%) 88,8 408,4 317,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 552 573 518
EBITDA adj. margin (%) 5,6 5,6 6,1
EBITDA lease adj. 487 502 443
EBITDA lease adj. margin (%) 5 4,9 5,3
EBITA adj. 442 454 387
EBITA adj. margin (%) 4,5 4,4 4,6
EBIT adj. 409 420 354
EBIT adj. margin (%) 4,2 4,1 4,2
Pretax profit Adj. 383 430 367
Net profit Adj. 357 343 292
Net profit to shareholders adj. 155 245 292
Net adj. margin (%) 3,6 3,4 3,5
DKKm 2023 2024e 2025e
EBITDA 533 573 518
Goodwill 221 221 221
Net financial items -59 -24 -20
Other intangible assets 179 145 111
Paid tax -25 -87 -75
Tangible fixed assets 248 291 363
Non-cash items -405 -44 26
Right-of-use asset 134 127 117
Cash flow before change in WC 43 418 448
Total other fixed assets 342 342 342
Change in working capital 750 -142 94
Fixed assets 1124 1126 1153
Operating cash flow 793 276 542
Inventories 394 404 395
Capex tangible fixed assets -82 -92 -126
Receivables 2457 2598 2147
Capex intangible fixed assets -7 0 0
Other current assets 30 30 30
Acquisitions and Disposals 29 0 0
Cash and liquid assets 1314 1311 1540
Free cash flow 732 184 416
Total assets 5318 5469 5265
Dividend paid 0 0 0
Shareholders equity 844 1048 1299
Share issues and buybacks 0 0 0
Minority 1 1 1
Leasing liability amortisation -66 -70 -75
Total equity 846 1050 1301
Other non-cash items 323 -54 -23
Long-term debt 271 193 113
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 153 126 99
Total other long-term liabilities 353 397 415
Short-term debt 82 80 80
Accounts payable 546 569 470
Other current liabilities 3068 3055 2787
Total liabilities and equity 5318 5469 5265
Net IB debt -809 -913 -1249
Net IB debt excl. pension debt -809 -913 -1249
Net IB debt excl. leasing -961 -1039 -1348
Capital employed 1351 1448 1593
Capital invested 37 137 52
Working capital -734 -592 -685
Market cap. diluted (m) 1518 1518 1518
Net IB debt adj. -809 -913 -1249
Market value of minority 1 1 1
Reversal of shares and participations -158 -158 -158
Reversal of conv. debt assumed equity N/A N/A N/A
EV 553 449 113
Total assets turnover (%) 193,7 189,1 157
Working capital/sales (%) -3,7 -6,5 -7,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -95,7 -87 -96
Net debt / market cap (%) -53,3 -60,1 -82,2
Equity ratio (%) 15,9 19,2 24,7
Net IB debt adj. / equity (%) -95,7 -87 -96
Current ratio 1,13 1,17 1,23
EBITDA/net interest 9 23,8 24,7
Net IB debt/EBITDA (x) -1,5 -1,6 -2,4
Net IB debt/EBITDA lease adj. (x) -2 -2,1 -3
Interest coverage 6 12,7 15,3
DKKm 2023 2024e 2025e
Shares outstanding adj. 8 8 8
Diluted shares adj. 8 8 8
EPS 13,31 27,06 33,15
Dividend per share 0 0 0
EPS adj. 26,62 25,36 25,36
BVPS 108,44 134,68 166,91
BVPS adj. 57,08 87,68 124,26
Net IB debt/share -103,89 -117,27 -160,37
Share price 195 195 195
Market cap. (m) 1518 1518 1518
P/E (x) 14,7 7,2 5,9
EV/sales (x) 0,06 0,04 0,01
EV/EBITDA (x) 1 0,8 0,2
EV/EBITA (x) 1,3 1 0,3
EV/EBIT (x) 1,4 1,1 0,3
Dividend yield (%) 0 0 0
FCF yield (%) 48,2 12,1 27,4
Le. adj. FCF yld. (%) 43,9 7,5 22,4
P/BVPS (x) 1,8 1,45 1,17
P/BVPS adj. (x) 3,42 2,22 1,57
P/E adj. (x) 7,3 7,7 7,7
EV/EBITDA adj. (x) 1 0,8 0,2
EV/EBITA adj. (x) 1,3 1 0,3
EV/EBIT adj. (x) 1,4 1,1 0,3
EV/CE (x) 0,4 0,3 0,1
Investment ratios N/A N/A N/A
Capex/sales (%) 0,9 0,9 1,5
Capex/depreciation 2 1,9 2,3
Capex tangibles / tangible fixed assets 33,2 31,5 34,9
Capex intangibles / definite intangibles 3,9 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 17,79 16,74 15,19

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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 Funds 10.4 % 10.4 % 31 Mar 2024
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 % 30 Sep 2023
Fundamental Fondsmæglerselskab A/S 1.5 % 1.5 % 31 Jan 2024
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 Mar 2024
Source: Holdings by Modular Finance AB