Ahead of the Q3 report on 11 November, we make minor estimate changes and reiterate our mid-point DCF value of SEK 91 per share. The equity story is largely dependent on continued consolidation, where we think that Green Landscaping has improved its position, following a recent capital raise (SEK 150m) and geographical expansion (Finland). Recent M&A has also improved the margin profile, due to an increasing portion of landscaping services.
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