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Green Landscaping: Green is the new black - SEB

Green Landscaping will report Q1 results on 5 May. Weather has clearly been more favourable (more snow) than last year and we expect Green to turn the EBITA loss of SEK -19m in Q1/20 to a profit. We are also encouraged that the consolidation journey in Norway has continued in 2021 with the acquisition of Akershusgartneren. In our view, the recent entry in Norway gives confidence that high revenue growth could be maintained in the coming years.

Ahead of results, we increase our 2020-22E EBITA by 5-6% and derive a new fair value range of SEK 53-69 per share, up from SEK 45-59. Our estimates only include announced M&A, hence further consolidation offers additional upside potential to our forecasts.
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