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Green Landscaping: Set for another year of double-digit growth - SEB

Green Landscaping’s consolidation journey continues. After a new acquisition in Norway, 2024 already looks set to be another year of double-digit growth. We see unchanged market conditions q/q in Q2 but think improving sentiment in the construction market is likely to provide tailwinds during the latter part of the year. After minor estimate increases, Green Landscaping trades at a 2024E-25E EV/EBITA of 10-12x. Our mid-point DCF value rises to SEK 92 (90).

Green Landscaping’s consolidation journey continues. After a new acquisition in Norway, 2024 already looks set to be another year of double-digit growth. We see unchanged market conditions q/q in Q2 but think improving sentiment in the construction market is likely to provide tailwinds during the latter part of the year. After minor estimate increases, Green Landscaping trades at a 2024E-25E EV/EBITA of 10-12x. Our mid-point DCF value rises to SEK 92 (90).
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