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Green Landscaping: The same recipe for success - SEB

Following an active 2021, Green Landscaping has started this year in a similar manner, with five acquisitions adding ~20% to revenue and ~30% to EBITA. While the weather in Q1 has been relatively mild, we still expect a clear margin improvement y/y, due to improved mix from recent acquisitions. Ahead of Q1, we lift 2022E-24E EBITA by 3-4% to account for recent M&A and derive a new mid-point DCF value of SEK 105 (103) per share.

Following an active 2021, Green Landscaping has started this year in a similar manner, with five acquisitions adding ~20% to revenue and ~30% to EBITA. While the weather in Q1 has been relatively mild, we still expect a clear margin improvement y/y, due to improved mix from recent acquisitions. Ahead of Q1, we lift 2022E-24E EBITA by 3-4% to account for recent M&A and derive a new mid-point DCF value of SEK 105 (103) per share.
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