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.

Slightly weaker '24, but stronger beyond

'24e estimates lowered by 2-4%; '25-26e raised by 0-2%. Strong Q1 cash flow could open up for buybacks, in our view. BUY, TP unchanged at DKK 390.

Weak earnings but strong order intake. Guidance maintained

Estimates up on order intake forecast

Estimate revisions of 3-4%. We are in line on sales, 2% ahead on EBIT, 5% below on orders. BUY; DKK 390 unchanged.

Model update following FY'23 results

Sales and Earnings forecasts raised by 8-16%. We end up slightly ahead of guidance and consensus for 2024. BUY, TP raised to DKK 390 (380).

Weak Q4 results but strong order intake. Guidance 0-2% below consensus

Heads-up for annual report on 19 December

We maintain our positive view

Following a change of analyst, we update our forecasts, trim our target price to DKK 380 and reiterate our BUY recommendation.