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Green Landscaping: Expansion in Germany begins - SEB

We now include the recent acquisition in Germany which adds around 2% to our long-term revenue estimates for 2024-25 and make various revisions in the near-term. We forecast Q2/23E sales of SEK 1.5bn and EBITA of SEK 116m (7.8% margin). The acquisition in Germany will most likely trigger further M&A and we believe H2 could be busy in terms of acquisitions. We reiterate our DCF-based mid-point value of SEK 93 per share.

We now include the recent acquisition in Germany which adds around 2% to our long-term revenue estimates for 2024-25 and make various revisions in the near-term. We forecast Q2/23E sales of SEK 1.5bn and EBITA of SEK 116m (7.8% margin). The acquisition in Germany will most likely trigger further M&A and we believe H2 could be busy in terms of acquisitions. We reiterate our DCF-based mid-point value of SEK 93 per share.
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