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Green Landscaping: More to come - SEB

The Q4 report clearly exceeded our expectations with the full-year 2021 EBITA margin landing at 7.3% (up from 4.7% in 2020). With continued strong performance in Norway, further margin accretive acquisitions and signs of a turnaround in Stockholm, we believe the company is set to exceed its 8% EBITA margin target in 2022. We make upward revisions of 5% to our 2022-23E EBITA and lift our mid-point DCF value to SEK 103 (SEK 100) per share.

The Q4 report clearly exceeded our expectations with the full-year 2021 EBITA margin landing at 7.3% (up from 4.7% in 2020). With continued strong performance in Norway, further margin accretive acquisitions and signs of a turnaround in Stockholm, we believe the company is set to exceed its 8% EBITA margin target in 2022. We make upward revisions of 5% to our 2022-23E EBITA and lift our mid-point DCF value to SEK 103 (SEK 100) per share.
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