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In our view, Green Landscaping continues to show resilience in a slow market, although its Q2 figures were slightly shy of our expectations. We lower 2024E EBITA by 1% but increase 2025E-26E EBITA by 2% on recent M&A. The first phase of the European consolidation journey has started promisingly, and Green reiterates its aim of 8-10 acquisitions in 2024. The shares now trade at an EV/EBITA of 12.6x for 2024E and 11x for 2025E.
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