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Green Landscaping Q2: Solid report, strong margins - SEB

Green Landscaping reported sales of SEK 1,495m (-1% vs SEBe 1,511m) and EBITA of SEK 138m (19% vs SEBe 116m). Results were mixed from different regions, with above-expected performance from region Finland but a bit below in Sweden. Region Finland EBITA margin was 27% thanks to Q2 being the strongest season for the newly acquired plant nursery. Overall a strong report with increased EBITA margin at 9.2% (8.1%). We reiterate our mid-point equity value of SEK 93 per share.

Green Landscaping reported sales of SEK 1,495m (-1% vs SEBe 1,511m) and EBITA of SEK 138m (19% vs SEBe 116m). Results were mixed from different regions, with above-expected performance from region Finland but a bit below in Sweden. Region Finland EBITA margin was 27% thanks to Q2 being the strongest season for the newly acquired plant nursery. Overall a strong report with increased EBITA margin at 9.2% (8.1%). We reiterate our mid-point equity value of SEK 93 per share.
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