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Green Landscaping Q3: Strong earnings, EBITA margin of 9% - SEB

Green's Q3 report was solid, with sales mostly in line with our expectations and EBITA 17% above. Organic growth amounted to 0% (vs SEBE 2%), ok in our view. The earnings beat was driven by Region Finland and Rest of Europe where EBITA margin was 25% (vs SEBe 19%) and sales were 42% above our estimate and organic growth was 29% partly driven by some significant project deliveries in the region. We reiterate our mid-point equity value of SEK 84 per share.

Green's Q3 report was solid, with sales mostly in line with our expectations and EBITA 17% above. Organic growth amounted to 0% (vs SEBE 2%), ok in our view. The earnings beat was driven by Region Finland and Rest of Europe where EBITA margin was 25% (vs SEBe 19%) and sales were 42% above our estimate and organic growth was 29% partly driven by some significant project deliveries in the region. We reiterate our mid-point equity value of SEK 84 per share.
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