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SENASTE
Green reported a slightly weaker Q1 than we expected. Sales were 7% below us and EBITA was 5% below. EBITA margin of 6.9% was a bit stronger than our expectations. Overall solid Q1 with record-strong operating cash flow of SEK 221m. Leverage decreased in the quarter and the company now has a LTM pro forma ND/EBITDA of 2.2x. Balance sheet looks stable to us, also considering recent new financing agreement with three banks. We reiterate our mid-point value of SEK 95 per share.
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