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SENASTE
Ahead of Q3, we lift our 2023E-24E EBITA to account for recent M&A, which adds around SEK 0.5bn to our sales estimates. Our expectation for Q3 is continued robust growth with an EBITA margin of around 8%. For 2023, we believe that high public exposure (two-thirds of revs) and a strong order backlog provide comfort. On our updated estimates, Green Landscaping trades at 2023E EV/EBITA of 11x, a 30%-plus discount to compounder peers.
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