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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.

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 10259 8543
Sales growth (%) 13,1 4,8 -16,7
EBITDA 533 576 541
EBITDA margin (%) 5,4 5,6 6,3
EBIT adj. 409 423 377
EBIT adj. margin (%) 4,2 4,1 4,4
Pretax profit 330 398 359
EPS 13,31 39,36 35,64
EPS growth (%) 756,2 195,8 -9,4
EPS adj. 26,62 25,36 25,36
DPS 0 0 0
EV/EBITDA (x) 0,1 0 -0,8
EV/EBIT adj. (x) 0,2 0 -1,2
P/E (x) 10 3,4 3,7
P/E adj. (x) 5 5,2 5,2
EV/sales (x) 0,01 0 -0,05
FCF yield (%) 70,7 16,2 48,1
Le. adj. FCF yld. (%) 64,4 9,4 40,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -1,5 -1,6 -2,4
Le. adj. ND/EBITDA (x) -2 -2 -3
DKKm 2023 2024e 2025e
Sales 9788 10259 8543
COGS -9064 -9459 -7894
Gross profit 724 800 649
Other operating items -192 -224 -108
EBITDA 533 576 541
Depreciation and amortisation -110 -119 -130
of which leasing depreciation -66 -70 -75
EBITA 423 457 411
EO Items -19 0 0
Impairment and PPA amortisation -34 -34 -34
EBIT 389 423 377
Net financial items -59 -25 -18
Pretax profit 330 398 359
Tax -25 -92 -81
Net profit 305 306 277
Minority interest 0 0 0
Net profit discontinued -201 0 0
Net profit to shareholders 104 306 277
EPS 13,31 39,36 35,64
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 23 22,7
Gross margin (%) 7,4 7,8 7,6
EBITDA margin (%) 5,4 5,6 6,3
EBITA margin (%) 4,3 4,5 4,8
EBIT margin (%) 4 4,1 4,4
Pre-tax margin (%) 3,4 3,9 4,2
Net margin (%) 3,1 3 3,2
Sales growth (%) 13,1 4,8 -16,7
EBITDA growth (%) 46 8,1 -6
EBITA growth (%) 87,7 8 -10
EBIT growth (%) N/A 8,7 -10,8
Net profit growth (%) 134,9 0,5 -9,4
EPS growth (%) 756,2 195,8 -9,4
Profitability N/A N/A N/A
ROE (%) 13,1 30,8 21,7
ROE adj. (%) 19,7 34,2 24,3
ROCE (%) 29 29,8 23,6
ROCE adj. (%) 32,9 32,1 25,7
ROIC (%) 84,9 246 181,4
ROIC adj. (%) 88,8 246 181,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 552 576 541
EBITDA adj. margin (%) 5,6 5,6 6,3
EBITDA lease adj. 487 506 466
EBITDA lease adj. margin (%) 5 4,9 5,5
EBITA adj. 442 457 411
EBITA adj. margin (%) 4,5 4,5 4,8
EBIT adj. 409 423 377
EBIT adj. margin (%) 4,2 4,1 4,4
Pretax profit Adj. 383 432 393
Net profit Adj. 357 340 311
Net profit to shareholders adj. 155 340 311
Net adj. margin (%) 3,6 3,3 3,6
DKKm 2023 2024e 2025e
EBITDA 533 576 541
Goodwill 221 221 221
Net financial items -59 -25 -18
Other intangible assets 179 145 111
Paid tax -25 -92 -81
Tangible fixed assets 248 292 365
Non-cash items -405 56 28
Right-of-use asset 134 127 117
Cash flow before change in WC 43 515 469
Total other fixed assets 342 342 342
Change in working capital 750 -255 157
Fixed assets 1124 1126 1155
Operating cash flow 793 260 627
Inventories 394 513 444
Capex tangible fixed assets -82 -92 -128
Receivables 2457 2614 2177
Capex intangible fixed assets -7 0 0
Other current assets 30 30 30
Acquisitions and Disposals 29 0 0
Cash and liquid assets 1314 1295 1607
Free cash flow 732 168 499
Total assets 5318 5578 5413
Dividend paid 0 0 0
Shareholders equity 844 1144 1415
Share issues and buybacks 0 0 0
Minority 1 1 1
Leasing liability amortisation -66 -70 -75
Total equity 846 1146 1416
Other non-cash items 323 -55 -25
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 353 398 418
Short-term debt 82 80 80
Accounts payable 546 572 476
Other current liabilities 3068 3063 2811
Total liabilities and equity 5318 5578 5413
Net IB debt -809 -896 -1315
Net IB debt excl. pension debt -809 -896 -1315
Net IB debt excl. leasing -961 -1022 -1414
Capital employed 1351 1544 1708
Capital invested 37 249 101
Working capital -734 -479 -636
Market cap. diluted (m) 1035 1035 1035
Net IB debt adj. -809 -896 -1315
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 70 -17 -436
Total assets turnover (%) 193,7 188,3 155,5
Working capital/sales (%) -3,7 -5,9 -6,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -95,7 -78,2 -92,9
Net debt / market cap (%) -78,1 -86,6 -127
Equity ratio (%) 15,9 20,5 26,2
Net IB debt adj. / equity (%) -95,7 -78,2 -92,9
Current ratio 1,13 1,2 1,26
EBITDA/net interest 9 23,1 28,2
Net IB debt/EBITDA (x) -1,5 -1,6 -2,4
Net IB debt/EBITDA lease adj. (x) -2 -2 -3
Interest coverage 6 14,2 16,3
DKKm 2023 2024e 2025e
Shares outstanding adj. 8 8 8
Diluted shares adj. 8 8 8
EPS 13,31 39,36 35,64
Dividend per share 0 0 0
EPS adj. 26,62 25,36 25,36
BVPS 108,44 146,98 181,7
BVPS adj. 57,08 99,98 139,05
Net IB debt/share -103,89 -115,14 -168,88
Share price 133 133 133
Market cap. (m) 1035 1035 1035
P/E (x) 10 3,4 3,7
EV/sales (x) 0,01 0 -0,05
EV/EBITDA (x) 0,1 0 -0,8
EV/EBITA (x) 0,2 0 -1,1
EV/EBIT (x) 0,2 0 -1,2
Dividend yield (%) 0 0 0
FCF yield (%) 70,7 16,2 48,1
Le. adj. FCF yld. (%) 64,4 9,4 40,9
P/BVPS (x) 1,23 0,9 0,73
P/BVPS adj. (x) 2,33 1,33 0,96
P/E adj. (x) 5 5,2 5,2
EV/EBITDA adj. (x) 0,1 0 -0,8
EV/EBITA adj. (x) 0,2 0 -1,1
EV/EBIT adj. (x) 0,2 0 -1,2
EV/CE (x) 0,1 0 -0,3
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 31,6 35,1
Capex intangibles / definite intangibles 3,9 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 17,79 16,72 15,14

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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 Dec 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 % 30 Sep 2023
Fundamental Fondsmæglerselskab A/S 1.5 % 1.5 % 31 Oct 2023
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 Dec 2023
Source: Holdings by Modular Finance AB