Danish construction and building materials — laying the foundation

Danish non-residential construction market continues to look robust. Weather data points to a wet start to the year, causing some project delays. We see a less volatile FX environment ahead.

Completes disposal of Faroe Islands; Ambitions for stable cash flow in...

Building a stronger, profitable growth company

Robust guidance with earnings outlook ahead of expectations. New CEO a passion for ESG and on delivering profitable growth. Disposal of non-core activities proceeding as planned.

Entering 2024 with a robust order book

2024e-25e sales and EBIT cuts of 2-6%. Based on robust order book, we forecast 2024e sales of DKK 10.2bn. Order timing, macro uncertainty could result in guidance being lower.

Focus on profitable growth, following disposal

We increase '23e EBIT by 21%, and lower '24e-'25e by 1-6%. Ends the quarter with an adjusted order book of DKK 19.4bn. Orders delayed into Q4'23e and FY'23e.

Last quarter with International dragging down earnings

Strong development in DK units expected

2023-25e earnings forecasts raised by 3-64% due to the sale of International, strong development in DK. We forecast Q3'23 sales of DKK 2.5bn and EBIT of DKK 106m.

FY'23 EBIT guidance raised as board decides to fully dispose of Intern...

Announces sale of Seth and raises FY'23 revenue guidance

Rønne order worth up to DKK 590m

E&P unit announces partnership project worth up to DKK 512m

We increase our forecasts

Following MTH Holding's Q2'23 report, we raise our 2023e sales forecasts by 4% and lower our earnings forecast by 2%.

Strong underlying results

Focus on International, order intake

Earnings forecast lowered by 5-25%. Q2'23e sales increase of 7%. Focus on the ongoing stategic process.

Sale of ScandiByg removes overhang

Impressions from downgrade call

Impressions from Q1'23 roadshow

We sense focus and high ambitions

2023e sales and earnings forecasts lowered by 2-13%. Danish operations performing well under current market conditions. Another record-high order backlog reassures on near-term sales.

Strong order intake; Greenland drag on earnings; Guidance maintained

Large order and modest comparison base

2023e sales and EBIT lowered by 1% due to phasing of orders. Strong order intake; Sales growth boosted by low comps. Focus on operating environment, potential cancellations, etc.