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Green Landscaping: Double-digit organic growth in Q1/23 - SEB

We forecast 14% organic growth in Q1, with the continuation of price indexation the main driver. We lift 2023E sales by 2.4% and see potential for another strong year despite the weak economic environment. For Q1, we forecast sales of SEK 1,338m and EBITA margin of 6.8%. We increase our mid-point fair value estimate to SEK 95 (91) and note that the current valuation with a discount to peers of c. 40% still looks attractive.

We forecast 14% organic growth in Q1, with the continuation of price indexation the main driver. We lift 2023E sales by 2.4% and see potential for another strong year despite the weak economic environment. For Q1, we forecast sales of SEK 1,338m and EBITA margin of 6.8%. We increase our mid-point fair value estimate to SEK 95 (91) and note that the current valuation with a discount to peers of c. 40% still looks attractive.
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