Raises FY'24 guidance

Revised guidance looks cautious

'24e-26e revenue and EBIT forecasts raised by 4-8%. We are probably looking into a robust 2025e as well. BUY, TP to DKK 470 (460).

Robust beat and 2% upgrade

Looks like another solid 12 months ahead

EBIT estimates increased by 1-4%. Strong order intake in Q2 and DKK 150m buyback announced. TP raised to DKK 460 (390) — BUY

Strong order intake spices up pre-announced results

Upgrades FY'24 sales and EBIT by ~5%

Per Aarsleff Holding AS: 1 director

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Per Aarsleff Holding - Delivering an early Christmas present

Strong activity and order intake for Q4’20/21 Guiding for a strong FY’21/22 with upside from execution We raise TP by 8% in line with est. changes, BUY

Per Aarsleff Holding - A very strong end to a 2020/21 FY

Q4 EBIT/Orders: +10%/+36% vs. cons. As expected, a careful DKK 700m guidance for ‘21/22e Strong momentum continues, we reiterate BUY

Per Aarsleff Holding - Early procurement had hedged inflation

A solid Q3 EBIT and expected guidance upgrade Miss on underlying order intake but pipeline seems solid We reiterate our TP of DKK 370 and BUY rating

Per Aarsleff Holding - No drama this late in the financial year

Q3 EBIT +17% vs. cons, but guidance adj. in-line Order intake suggests limited underlying growth in Q3 Limited est. changed expected; we reiterate BUY

Per Aarsleff Holding - Healthy activity continuing into the summer

Healthy underlying order growth plus Chr. Hansen HQ The market has likely priced in a small guidance upgrade We maintain BUY and include recent M&A in estimates

Per Aarsleff Holding - Momentum supports a share buyback

EBIT and order intake +18% and +16% vs. cons for Q2 Slight guidance upgrade with DKK 125m in SBB Overall strong momentum continues

Per Aarsleff Holding - Higher completion rates lower risk profile

We forecast a significant share buyback in the Q2 report Pre-close call with CFO shows confidence in pipeline TP +9% to DKK 380 (350), reiterate BUY

Per Aarsleff Holding - Another busy quarter of high utilisation

Momentum in orders and delayed pipeline is returning Order pipeline remains strong in Nordics Guidance reiterated, we maintain the TP and BUY

Per Aarsleff Holding - Heads-up for report 25 February

The company will report its Q1 on Thursday 25 February. An investor conference call will follow at CET 10:30, hosted by ABGSC

Per Aarsleff Holding - Slow and steady is positive in cyclical markets

Lowers equity and increases distribution to investors Margin uplift in H2e following project de-risking We increase our TP by 13%, we reiterate BUY

Per Aarsleff Holding - Adding risk to the business, but carefully

Strong Q4 order intake with limited worries for next FY Guides EBIT of DKK 600m (we expected DKK 620-650m) But with larger/complex projects, are more conservative

Per Aarsleff Holding - Heads-up for report on 21 December

Company will report Q4/FY on Monday, 21 December. A conference call will follow the following day at 08:30.

Per Aarsleff Holding - Q4 order book closes in-line with estimates

We’re comfortable with our order intake for Q4 … we expect 12% y-o-y growth adj. for two orders We hope to see an upbeat guidance incl. in our estimates