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Green Landscaping: A serial acquirer with limited cyclicality - SEB

Ahead of Q2, we make slight downward revisions to our 2022E-24E EBITA and derive an updated mid-point DCF value of SEK 100 (107) per share. With a high level of predictable revenue tied to public budgets, combined with gradual margin improvements, we continue to forecast a solid 2021-24 EBITA CAGR of more than 20%. On our updated estimates, Green Landscaping trades at 12x 2023 EV/EBITA.

Ahead of Q2, we make slight downward revisions to our 2022E-24E EBITA and derive an updated mid-point DCF value of SEK 100 (107) per share. With a high level of predictable revenue tied to public budgets, combined with gradual margin improvements, we continue to forecast a solid 2021-24 EBITA CAGR of more than 20%. On our updated estimates, Green Landscaping trades at 12x 2023 EV/EBITA.
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