As expected, Green Landscaping had a challenging Q1 due to a significantly milder winter, which primarily hit its Norwegian operations. Now, the company faces less challenging comparative figures, and we expect a return to EBITA growth y/y already in Q2. On more cautious EBITA margin assumptions, we lower our 2025E-27E EBITA estimates by 5-6%. We derive a new mid-point DCF value of SEK 82 per share (previously SEK 85).
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