olivLaw · European equity research
MT Højgaard Holding A/S MTHH.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010255975 · Vertical: Listed companies from Denmark
MT Højgaard Holding is a Danish construction and infrastructure group active through two regional divisions, which entered 2026 with lower activity but a stronger order backlog. Management kept its 2026 revenue guidance while an impairment linked to the Nordhavnstunnelen project weighed on second-quarter results.
At the close of 05 Nov 2026, MT Højgaard Holding A/S (MTHH.CO) stock was 279.50 DKK (−1.24% on the day), with beta 0.73, 52-week range 261.00–551.00 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.1
- neutral
- Bollinger (20, 2)
- 265.02 – 287.33
- in the upper half of the band · %B 0.65 · band width 8.1%
- SMA 50 / 200
- 276.10 / 336.63
- mixed trend
- MACD (12, 26, 9)
- 1.73 / 0.79
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.2% | +0.4% | −1.6 pp | — |
| 3 months | +5.3% | −3.3% | +8.5 pp | — |
| 6 months | −17.6% | +4.0% | −21.5 pp | — |
| Year to date | −46.3% | +8.1% | −54.3 pp | — |
| 1 year | −34.9% | +10.7% | −45.6 pp | −5.3% |
| 3 years | +136.9% | +50.1% | +86.8 pp | −0.6% |
| 5 years | +43.7% | +43.6% | +0.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | 10.2 bn |
| Revenue YoY | unavailable |
| Net income | 268.0 m |
| Net income YoY | unavailable |
| Diluted EPS | unavailable |
| Diluted EPS YoY | unavailable |
| net % | 2.6% |
| Free cash flow | 100.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 540.0 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 1.2 bn DKK
- Total assets
- 4.2 bn DKK
- Debt / equity
- unavailable
- Current ratio
- 1.20x
- ROE
- unavailable
- ROA
- 6.4%
- FCF margin
- 1.0%
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
Balance sheet · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 540.0 m | esef· 12 May 2026verified |
| Receivables | 1.7 bn | esef· 12 May 2026verified |
| Inventories | 232.0 m | esef· 12 May 2026verified |
| Current assets | 3.1 bn | esef· 12 May 2026verified |
| Property, plant & equipment, net | 310.0 m | esef· 12 May 2026verified |
| Total assets | 4.2 bn | esef· 12 May 2026verified |
| Current liabilities | 2.6 bn | esef· 12 May 2026verified |
| Total liabilities | 3.0 bn | esef· 12 May 2026verified |
| Equity | 1.2 bn | esef· 12 May 2026verified |
Cash flow · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | 181.0 m | esef· 12 May 2026verified |
| Capex | 81.0 m | esef· 12 May 2026verified |
| Free cash flow | 100.0 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -11.0 m | esef· 12 May 2026verified |
| Financing cash flow | -401.0 m | esef· 12 May 2026verified |
| Share repurchases | 23.0 m | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.6% | 45 (vs peers) | 38% |
| FCF conversion · Quality | 37.3% | 10 (on a fixed band) | 38% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 34 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial34/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality28/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MT Højgaard Holding A/S (MTHH.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 10.2 bn DKK in 2025; net margin 2.6%; ROE 24.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- FCF conversion: 37.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for MTHH.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
MT Højgaard Holding is a Danish construction and infrastructure group active through two regional divisions, which entered 2026 with lower activity but a stronger order backlog. Management kept its 2026 revenue guidance while an impairment linked to the Nordhavnstunnelen project weighed on second-quarter results.
SWOT
Strengths
- A solid order portfolio, well spread across segments, gives visibility on activity in the coming years.
- Strong regional presence in Denmark and experience with large infrastructure and public building projects.
- Equity ratio improved from the prior year, and financing capacity is supported by credit facilities.
Weaknesses
- Operating result was hit by impairments on large projects, which shows exposure to execution risk.
- Operating cash flow was negative in the first half, mainly due to working capital.
- Dependence on weather and on project start timing can shift revenue from one period to another.
Opportunities
- Demand for infrastructure, electrification and climate adaptation could support order growth over the medium term.
- Partnership models with clients could extend activity into integrated projects.
- If large projects move into production, they could contribute more revenue from 2027-2028.
Threats
- Cost pressures on materials and energy could reduce margins on fixed-price contracts.
- Competition on public tenders can push prices down and reduce profitability.
- Further impairments on ongoing projects could again affect results.
Risks
- Execution of large projectshigh
Complex projects can generate extra costs and delays, which could lead to further impairments.
- Nordhavnstunnelenhigh
Completion depends on meeting the new schedule agreed with the road authority, and any deviation could affect results.
- Working capitalmedium
Changes in working capital and lower supplier payables could continue to weigh on cash flow.
- Material and energy costsmedium
Volatility in material and energy prices could reduce margins if not passed on through contracts.
- Reliance on public contractslow
A significant part of orders comes from public clients, and changes in budgets could alter the volume of work.
Investment thesis
What would need to be true (bull case)
- Firm order backlog has grown and covers a large part of the year's activity, which gives visibility.
- If large projects enter production, revenue could accelerate in the second half and in the following years.
- The 2026 guidance was maintained, which suggests the impairment impact is seen as limited and isolated.
What would break the thesis
- Repeated impairments on large projects show that execution risk remains high and could weigh on investor confidence.
- Revenue in the first half fell 12%, and recovery depends on execution in the second half of the year.
- Negative cash flow and rising working capital could limit financial flexibility if the situation persists.
What to watch
- Revenue and EBIT development against 2026 guidanceQ3 2026
- Coverage of 2026 activity by firm orders2026
- Progress of the Nordhavnstunnelen project and its new schedule2027
- Contribution of large projects to revenue after entering production2027-2028
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Revenue is split between new construction, renovation and civil engineering and infrastructure work, and part of the activity runs through construction partnerships and joint ventures. In the first half, partnerships accounted for 33% of revenue, a moderate reliance on collaborative contract models.
Management is working to simplify the structure, shorten decision chains and improve coordination between divisions, including joint projects for the Danish defence forces. The company aims for a robust return on invested capital and better productivity along the full value chain.
Segments
Enemærke & Petersen
The division reported second-quarter 2026 revenue of 915 mn DKK, down 14%, and an operating result of -5 mn DKK, affected by impairments on a new-build project that is 80% complete. Firm orders were 686 mn DKK.
Market context
The company sees opportunities in infrastructure, climate adaptation, electrification, the modernisation of defence buildings and the transformation of existing buildings. Management expects 2-3% growth in activity across civil engineering, new construction and renovation, and reports steady client interest in construction partnerships. It also flagged that the Middle East conflict has so far had a limited effect on material and energy prices.
Revenue depends on public and private investment in infrastructure and buildings, and order intake follows the timing of tenders and project pipelines. Firm orders cover 91% of expected 2026 construction revenue, giving short-term visibility.
Trends
- Growing order portfoliotailwind
Firm orders and won but uncontracted orders rose, while the share from partnerships fell slightly. If this continues, it could support revenue in the second half of the year.
- Weather and phasing of projectsheadwind
The harsh winter in the first quarter and the phasing of large projects reduced activity early in the year and pushed revenue toward the second half.
- Impairment on Nordhavnstunnelenheadwind
The agreement with the Danish Road Directorate led to an impairment on the project's joint venture, with completion expected at the end of 2028. The effect on results could remain visible while the project is ongoing.
- Material and energy costsmixed
The Middle East conflict has affected energy markets and global trade, but so far the effect on material costs has been limited. If cost pressures intensify, margins could be affected.
Competitive position
The company competes with other contractors and general builders in Denmark and Northern Europe, especially in public tenders for infrastructure and renovation projects. Its edge lies in combining regional capacity with large projects and construction partnerships.
In renovation and infrastructure work, competitive pressure comes from firms with strong regional footprints and from international bidders. Differentiation depends on project execution, risk management and the ability to win tenders at balanced margins.
- NCC AB
Nordic builder with similar activity in construction and infrastructure, also present in Denmark.
- Skanska AB
Swedish construction and property development group active in Nordic and European markets.
- Per Aarsleff Holding A/S
Danish contractor active in infrastructure and foundation work.
- NIRAS A/S
Danish consulting and design firm competing on certain infrastructure projects.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202612 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / MT Højgaard Holding A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.