Since Q1, Green Landscaping has raised SEK 150m in new capital to fuel its M&A engine, entered its third market and continued its Norwegian expansion. We raise our 2021-23 EBITA estimates by 7-11% ahead of the Q2 report on 26 August and note that despite the strong share price performance, Green is still trading at around a 20% discount to its compounder peer group, suggesting further upside ahead as the business model is being proven.
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