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Green Landscaping: Keep the trucks rolling - SEB

We forecast sales of SEK 1,654m in Q4 and total growth of 2% y/y, of which organic is -4%. We expect solid delivery from Region Norway and Region Finland and the rest of Europe, but a slower development from Sweden, much like in Q3/23. We raise our adj. EBITA by 1%, 4% and 5% for 2023E, 2024E and 2025E driven by recent M&A and slightly increased margins for Sweden. We raise our DCF based mid-point valuation to SEK 87 (84).

We forecast sales of SEK 1,654m in Q4 and total growth of 2% y/y, of which organic is -4%. We expect solid delivery from Region Norway and Region Finland and the rest of Europe, but a slower development from Sweden, much like in Q3/23. We raise our adj. EBITA by 1%, 4% and 5% for 2023E, 2024E and 2025E driven by recent M&A and slightly increased margins for Sweden. We raise our DCF based mid-point valuation to SEK 87 (84).
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