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Green Landscaping: One of few plays on a long Nordic winter - SEB

In our view, Green Landscaping started the year on a positive note, driven by Sweden and Norway. Following the numbers, we increase our 2024E-26E EBITA by 3-4% and derive a new DCF-based mid-point of SEK 90 per share (previously SEK 87). Management sounds continued upbeat on its acquisition pipeline, particularly in DACH, and sees potential to do 8-10 acquisitions per year (two acquisitions announce so far in 2024).

In our view, Green Landscaping started the year on a positive note, driven by Sweden and Norway. Following the numbers, we increase our 2024E-26E EBITA by 3-4% and derive a new DCF-based mid-point of SEK 90 per share (previously SEK 87). Management sounds continued upbeat on its acquisition pipeline, particularly in DACH, and sees potential to do 8-10 acquisitions per year (two acquisitions announce so far in 2024).
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