MT Hoejgaard Holding A/S (MTHH) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of MT Hoejgaard Holding A/S stock DKK 640, price DKK 279, upside +129.9%, quality 59 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range kr 95.08 – kr 536.19 · fair‑value band kr 428.20 – kr 832.21 · the kr 278.50 price screens below the kr 640.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.
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MT Højgaard Holding A/S engages in the provision of construction, civil engineering, and infrastructure services for private and public customers in Denmark and internationally. It also engages in the sale of land and building; and refurbishment, building, and green transition services.
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The company was formerly known as Højgaard Holding A/S and changed its name to MT Højgaard Holding A/S in April 2019. MT Højgaard Holding A/S was founded in 1918 and is headquartered in Søborg, Denmark.
Stock analysis
MT Hoejgaard Holding A/S (MTHH) currently trades at kr 278.50, while our model-based Fair Value estimate is kr 640.16, implying the stock looks roughly 56% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 765.75 per share, and 19 of the 26 models we run sit above the kr 278.50 price.
Bear case: the Dividend Discount group reads lowest at kr 96.77, and 7 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 428.20 (bear) to kr 832.21 (bull), the price of kr 278.50 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
MT Hoejgaard Holding A/S reported revenue of 10.2B DKK in FY2025 versus 7.2B DKK in FY2021, a compound +9.2%/yr. Reported net income was 266M DKK in FY2025, compounding +22.6%/yr from FY2021.
Key figures
Market cap 2.1B DKK (≈ $321M) Small · P/E ratio 14.0 · P/S ratio 0.22 · EPS (TTM) kr 19.88 · Dividend yield 3.6% · Net margin 1.2% · Return on equity 13.7% · Return on assets (EBIT) 7.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 48% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at 130%, MTHH screens cheaper than that median.
Fair Value models
Bearkr 428.20Fair Value kr 640.16Bullkr 832.21
Price kr 278.50 · Upside +129.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 8.47 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.69/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−4.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.4%
Start year 2020 (pandemic). Over 10 years: +4.6% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +45.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +41.8%
Dividend (yield on the price)3.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.31.1% vs −19.2%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.1% → 5%
⚠ Revenue per share shrinking 20.7%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 10.4 per share, median 241 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
⚠ Rate on operating basis: 2025 sits 233% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+5.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (Denmark: IMF forecast 2.1% a year to 2030, 2.0% from 2016 to 2025) that is about +3.0% a year for the price.
Compare MT Hoejgaard Holding A/S with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 791 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+129.9% · Top 25%
Profitability
Return on equity (12 months)13.7% · Above median
Return on assets6.4% · Top 25%
Net margin (12 months)1.2% · Below median
Operating margin (12 months)3.9% · Below median
Growth and dividend
Revenue growth (quarter YoY)−6.4% · Below median
Dividend yield (12 months)3.6% · Above median
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)14.0× · Cheaper than median
P/B1.75× · Pricier than median
P/S (12 months)0.22× · Cheapest 25%
Price / free cash flow (fiscal year)20.3× · Pricier than median
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Is MT Hoejgaard Holding A/S (MTHH) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of kr 640.16 versus a price of kr 278.50, about +130% upside (undervalued).
What is the fair value of MTHH?
Our model-based fair value for MT Hoejgaard Holding A/S is kr 640.16 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 278.50.
What is the quality score of MTHH?
MT Hoejgaard Holding A/S has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for MT Hoejgaard Holding A/S (MTHH)?
Our model-based price target is the fair value of kr 640.16 (as of Nov 7, 2026) from 26 valuation models. Cautious scenario kr 428.20, optimistic scenario kr 832.21. It is a calculation from audited fundamentals, not an analyst target.
What is the MT Hoejgaard Holding A/S stock forecast for 2026?
Our models put fair value at kr 640.16, about +130% upside versus a price of kr 278.50 (undervalued). Cautious scenario kr 428.20, optimistic scenario kr 832.21. The calculation is refreshed regularly with new filings.
What is the revenue of MT Hoejgaard Holding A/S (MTHH)?
MT Hoejgaard Holding A/S reported trailing-twelve-month revenue of about 9.6B DKK (latest available figure, as of Nov 7, 2026).
Does MT Hoejgaard Holding A/S pay a dividend?
MT Hoejgaard Holding A/S currently shows a dividend yield of 3.59% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of MT Hoejgaard Holding A/S (MTHH) and when is the ex-dividend date?
MT Hoejgaard Holding A/S pays a dividend of kr 10.00 per share a year, a dividend yield of 3.6%. The last ex-dividend date was Mar 23, 2026. The payout ratio is 50.3% of earnings. Free cash flow covers the dividend 1.38 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into MT Hoejgaard Holding A/S (MTHH)?
For today's price to be fair in a discounted-cash-flow model, MT Hoejgaard Holding A/S would have to grow free cash flow by +5.2 % per year for five years (discount rate 9.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.4 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of MTHH use?
Our models discount MT Hoejgaard Holding A/S at 9.9 %: a base by market capitalisation (small), damped by beta 0.61, country premium for Denmark. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For MT Hoejgaard Holding A/S that is +5.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.9 %) and the same formula as our fair value.
How much growth has MT Hoejgaard Holding A/S (MTHH) delivered so far?
Over the past 5 years revenue at MT Hoejgaard Holding A/S grew +11.4 % a year. The price currently implies free-cash-flow growth of +5.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of MT Hoejgaard Holding A/S (MTHH) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into MT Hoejgaard Holding A/S (+5.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of MT Hoejgaard Holding A/S (MTHH)?
The free-cash-flow yield on the price is 4.94 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow MT Hoejgaard Holding A/S produces per unit of market value. When it exceeds the discount rate of our models (9.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of MT Hoejgaard Holding A/S (MTHH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For MT Hoejgaard Holding A/S it is kr 640.16 per share (as of Nov 7, 2026), against a price of kr 278.50. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is MT Hoejgaard Holding A/S stock overvalued or undervalued in 2026?
As of Nov 7, 2026, MTHH trades below its calculated fair value: price kr 278.50, fair value kr 640.16, a gap of about +130% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MTHH?
No. The price is what the market pays today (kr 278.50); the fair value is what the company's own numbers justify (kr 640.16). For MT Hoejgaard Holding A/S the two are kr 361.66 per share apart. That gap is exactly why we show both numbers side by side.
How much is MT Hoejgaard Holding A/S worth?
The market values MT Hoejgaard Holding A/S at about 2.1B DKK (market capitalisation, as of Nov 7, 2026). Per share that is kr 278.50; our models calculate a fair value of kr 640.16 per share.
What do the bullish and bearish scenarios say about MTHH?
Our models span a range for MT Hoejgaard Holding A/S: cautious scenario kr 428.20, base kr 640.16, optimistic kr 832.21 per share (as of Nov 7, 2026, price kr 278.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MTHH?
MT Hoejgaard Holding A/S trades at a price-to-earnings ratio of 14.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 640.16 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings: 13.4. Other multiples: P/B 1.8, P/S 0.2, EV/EBITDA 3.6.
How solid is the balance sheet of MT Hoejgaard Holding A/S (MTHH)?
Balance-sheet figures for MT Hoejgaard Holding A/S (as of Nov 7, 2026): return on equity 13.7%, debt of 0.01 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is MTHH from its 52-week high?
MT Hoejgaard Holding A/S trades at kr 278.50, about 48% below its 52-week high of kr 536.19 and 7% above the low of kr 261.00 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 640.16 is for.
Which stocks are comparable to MT Hoejgaard Holding A/S?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is MT Hoejgaard Holding A/S stock attractive at the current price?
The data as of Nov 7, 2026: price kr 278.50, calculated fair value kr 640.16 (+130%), Quality Score 59/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MTHH calculated?
We run MT Hoejgaard Holding A/S through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 640.16 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. MT Hoejgaard Holding A/S currently trades 56% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of MT Hoejgaard Holding A/S (MTHH)?
The closing price on Nov 6, 2026 was kr 278.50. Our model-based fair value is kr 640.16, about +130% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MT Hoejgaard Holding A/S right now?
The price is below even our cautious bear case (kr 428.20). The market is more pessimistic than our downside scenario. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (kr 428.20 to kr 832.21) leaves room in how you read the outcome.
Where does the earnings growth of MT Hoejgaard Holding A/S (MTHH) come from?
Earnings per share at MT Hoejgaard Holding A/S grew −25.9 % a year from 2015 to 2025. Broken into its drivers: revenue per share −23.5 %, EBIT margin +2.6 %, tax rate +0.5 %, residual (interest, one-offs) −6.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of MT Hoejgaard Holding A/S
How large is the market capitalisation of MT Hoejgaard Holding A/S (MTHH)?
The market capitalisation of MT Hoejgaard Holding A/S is 2.1B DKK (≈ $321M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of MT Hoejgaard Holding A/S (MTHH)?
The price-to-sales ratio of MT Hoejgaard Holding A/S is 0.22 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of MT Hoejgaard Holding A/S (MTHH)?
Earnings per share at MT Hoejgaard Holding A/S are kr 19.88 (price ÷ EPS = P/E 14.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of MT Hoejgaard Holding A/S (MTHH)?
The dividend yield of MT Hoejgaard Holding A/S is 3.6% (payout 50.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of MT Hoejgaard Holding A/S (MTHH)?
The net margin of MT Hoejgaard Holding A/S is 1.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of MT Hoejgaard Holding A/S (MTHH)?
The return on equity (ROE) of MT Hoejgaard Holding A/S is 13.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of MT Hoejgaard Holding A/S (MTHH)?
On an EBIT basis the return on assets of MT Hoejgaard Holding A/S is 7.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of MT Hoejgaard Holding A/S (MTHH)?
The operating margin of MT Hoejgaard Holding A/S is 3.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at MT Hoejgaard Holding A/S (MTHH)?
Revenue at MT Hoejgaard Holding A/S is growing −6.4% versus a year earlier (3y avg +5.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at MT Hoejgaard Holding A/S (MTHH)?
Earnings per share at MT Hoejgaard Holding A/S are growing −27.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does MT Hoejgaard Holding A/S (MTHH) hold?
MT Hoejgaard Holding A/S holds more cash than debt, 186M DKK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 7, 2026