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Green Landscaping: Performing well everywhere but Sweden - SEB

The Q3 report was solid overall. A mixed performance in the different regions, with Region Finland and Rest of Europe leading the way once again with an adj. EBITA margin of 25%, which drove the higher than expected adj. EBITA of SEK 128m (+17% vs SEB). The high growth and strong earnings mostly came from newly acquired companies, while region Sweden lagged a bit behind. We reiterate our mid-point valuation of SEK 84 per share.

The Q3 report was solid overall. A mixed performance in the different regions, with Region Finland and Rest of Europe leading the way once again with an adj. EBITA margin of 25%, which drove the higher than expected adj. EBITA of SEK 128m (+17% vs SEB). The high growth and strong earnings mostly came from newly acquired companies, while region Sweden lagged a bit behind. We reiterate our mid-point valuation of SEK 84 per share.
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