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Green Landscaping: Green shoots for M&A - SEB

Green reported organic growth of 12% (our estimate 14%) and record high operating cash flow of SEK 221m. Although the results were slightly below our estimates, Q1 is a seasonally weak quarter so we have only cut our sales and EBITA estimates for 2023-24 by between 1% and 4%. Green should have no problem ramping up M&A in 2023 thanks to its strong financial position and falling leverage. We lower our mid-point value to SEK 93 (95).

Green reported organic growth of 12% (our estimate 14%) and record high operating cash flow of SEK 221m. Although the results were slightly below our estimates, Q1 is a seasonally weak quarter so we have only cut our sales and EBITA estimates for 2023-24 by between 1% and 4%. Green should have no problem ramping up M&A in 2023 thanks to its strong financial position and falling leverage. We lower our mid-point value to SEK 93 (95).
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