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Green Landscaping: Strong margins across all divisions - SEB

Green reported sales of SEK 1,656m (+0.1% vs SEB 1,654m) but margins were stronger than expected for all divisions, with Region Finland and rest of Europe again coming in with 25% EBITA margins. Total adj. EBITA of SEK 159m was 10% better than us but organic growth was -6% (SEBE -4), so overall a decent report that should not trigger any major changes to our case. OCF was SEK 80m, highly impacted by higher receivables of SEK -172m. We reiterate our mid-point of SEK 87.

Green reported sales of SEK 1,656m (+0.1% vs SEB 1,654m) but margins were stronger than expected for all divisions, with Region Finland and rest of Europe again coming in with 25% EBITA margins. Total adj. EBITA of SEK 159m was 10% better than us but organic growth was -6% (SEBE -4), so overall a decent report that should not trigger any major changes to our case. OCF was SEK 80m, highly impacted by higher receivables of SEK -172m. We reiterate our mid-point of SEK 87.
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