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Green Landscaping: Acquistion machine remains on full speed - SEB

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.

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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