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Green Landscaping: Money does grow on trees - SEB

Green Landscaping reported a strong EBITA margin of 9.2%, well above our expectation of 7.7%. The strong margin was mainly thanks to Region Finland which had an impressive EBITA margin of 27%, driven by a solid performance from the newly acquired plant nursery Taimisto Huutokoski. Valuation of 12x 2023E EV/EBITA does not feel stretched given the performance, in our view. We reiterate our mid-point of SEK 93.

Green Landscaping reported a strong EBITA margin of 9.2%, well above our expectation of 7.7%. The strong margin was mainly thanks to Region Finland which had an impressive EBITA margin of 27%, driven by a solid performance from the newly acquired plant nursery Taimisto Huutokoski. Valuation of 12x 2023E EV/EBITA does not feel stretched given the performance, in our view. We reiterate our mid-point of SEK 93.
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