After a couple of slower quarter, we believe Green Landscaping is in the position to strengthen its Q2 EBITA margin y/y. We also believe its M&A activity is set to increase into autumn, as there has only been one acquisition so far in 2025 (it targets 8-10 acquisitions this year). Following minor estimate revisions, we derive an unchanged DCF-based fair value range of SEK 75-89. On our updated estimates, Green trades at a 2026E EV/EBITA of 9x.
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