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Green Landscaping: Q4, no major surprises, snow removal activities likely to pick-up in Q1 - SEB

Green reported Q4 sales of SEK 656m (+6% vs SEB SEK 619m) and EBITA of SEK 33m (-18% vs SEB SEK 41m). Company suffered from the lack of snow removal activities, which we think will support Q1 instead. Region South also seems burdened by a one-off project write-down (undisclosed amount). Green sees ample room to continue its consolidation journey (added close to SEK 650m in sales in 2020). The earnings deviation implies limited changes to estimates and the investment case.

Green reported Q4 sales of SEK 656m (+6% vs SEB SEK 619m) and EBITA of SEK 33m (-18% vs SEB SEK 41m). Company suffered from the lack of snow removal activities, which we think will support Q1 instead. Region South also seems burdened by a one-off project write-down (undisclosed amount). Green sees ample room to continue its consolidation journey (added close to SEK 650m in sales in 2020). The earnings deviation implies limited changes to estimates and the investment case.
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