MT Højgaard Holding A/S (MTHH.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+188.0%

DKK 816.43

vs DKK 283.50 price

Levered DCF

DKK 320.14

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.62

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.1×	12.28×	8.9×	95.72×	14.63×	98.27×	9.47×	-0.35×
P/B	3.27×	2.15×	1.09×	1.52×	2.34×	2.17×	1.14×	0.53×
P/S	0.39×	0.21×	0.09×	0.13×	0.23×	0.22×	0.11×	0.03×
EV / EBITDA	6.66×	3.43×	1.04×	3.63×	6.3×	8.59×	7.68×	-1.92×
Gross margin	7.6%	7.7%	7.4%	7.2%	7.4%	7.3%	5.7%	-1.9%
Operating margin	4.5%	4.3%	3.7%	2.7%	2.5%	1.4%	0.8%	-8.1%
Net margin	2.6%	1.7%	0.8%	0.1%	1.6%	0.2%	1.2%	-8.7%
Current ratio	1.2×	1.17×	1.13×	1.15×	1.18×	1.06×	0.93×	0.88×
Debt / equity	0.18×	0.52×	0.67×	0.89×	1.01×	1.5×	2.2×	1.52×
Interest coverage	10.79×	9.4×	7.01×	5.49×	4.98×	2.11×	0.93×	-497.45×
Dividend yield	1.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	18.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.6%	17.5%	9.5%	1.6%	16.3%	2.2%	12.0%	-153.4%
Return on invested capital	21.8%	20.0%	19.2%	12.4%	9.3%	4.2%	1.4%	-57.5%
Return on assets	6.4%	3.9%	1.5%	0.2%	2.7%	0.3%	1.4%	-15.5%
Free cash flow yield	2.6%	-1.0%	76.5%	11.4%	-10.2%	3.9%	-6.3%	-122.8%
Earnings yield	6.6%	8.1%	8.7%	1.0%	7.0%	1.0%	10.6%	-287.6%
Enterprise value	DKK 3.7B	DKK 2B	DKK 546.4M	DKK 1.4B	DKK 2.2B	DKK 2.2B	DKK 1.6B	DKK 574.6M
Net debt / EBITDA	-0.58×	-0.4×	-0.71×	0.8×	1.44×	3.45×	5×	-1.24×
Cash conversion cycle (days)	50	38	47	62	79	-11	-29	27