Værdiansættelse MTHøjgaard Danmark

Jonas Threms & Mikkel Nordgaard Aunstrup

Student thesis: Diploma thesis


The purpose of this thesis is to conduct a valuation of the company MT Højgaard Danmark. MT Højgaard Danmark is a construction company and the largest business unit in the company MT Højgaard Holding. It accounted for nearly half of the revenue for the holding company in the recent fiscal year. However, MT Højgaard Danmark has gone through several turbulent years; including a loss of almost DKK 600 million in 2018. Subsequently, the management launched a new strategy for the period 2019-2022: "Bæredygtig >22". This strategy was intended to contribute to a turnaround for the company. During the strategy period there have been several major events such as Covid-19, war in Europe, rising interest rates, and high inflation. Therefore, it is very interesting to investigate how MT Højgaard Danmark has fared during this period and how they are positioned for the future. In order to arrive at a valuation of MT Højgaard Danmark, our analysis has been divided into two parts: a strategic analysis and a financial analysis. The strategic part concerns the external and internal factors that affect MT Højgaard Danmark, while the financial analysis has contributed to tracking the development in MT Højgaard Danmark's latest five annual reports. Based on these analyses a budget has been prepared for the next five years as a basis for the valuation. From the analyses we can conclude that MT Højgaard Danmark has managed to turn things around during the strategy period. MT Højgaard Danmark has thus managed to deliver profits in the last three years. In the recent fiscal year, they also managed to increase their ROE to around 22%, which is very positive. However, if they are to continue the positive trend, it is important that they consider the future of the market. In the future, there will be an enormous focus on sustainability, which is why it is important for MT Højgaard Danmark to invest in this area. Based on the valuation it is estimated that MT Højgaard Danmark is worth approximately DKK 508 million, which corresponds to about half of MT Højgaard Holding's value. This seems very plausible since MT Højgaard Danmark's revenue accounts for about half of the total revenue in MT Højgaard Holding.

EducationsGraduate Diploma in Accounting and Financial Management, (Diploma Programme) Final Thesis
Publication date8 May 2023
Number of pages94
SupervisorsOscar Ibrahim