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Green Landscaping Q2: Slight miss on margins, but remaining above 8% target on LTM basis - SEB

Green Landscaping reported Q2 sales of SEK 1,143m (+2% vs SEB SEK 1,115m) and EBITA of SEK 92m (-6% vs SEB SEK 98m). The main deviation to our estimates was in Region Stockholm (higher transportation and fuel costs) and Region Mid (missed deliveries in one subsidiary and higher purchasing/shipping costs) . On an LTM basis, Green is at 8.1% EBITA margin, above its target of 8%. Overall, the deviation implies some minor low-single-digit downgrades to our earnings estimates.

Green Landscaping reported Q2 sales of SEK 1,143m (+2% vs SEB SEK 1,115m) and EBITA of SEK 92m (-6% vs SEB SEK 98m). The main deviation to our estimates was in Region Stockholm (higher transportation and fuel costs) and Region Mid (missed deliveries in one subsidiary and higher purchasing/shipping costs) . On an LTM basis, Green is at 8.1% EBITA margin, above its target of 8%. Overall, the deviation implies some minor low-single-digit downgrades to our earnings estimates.
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