Seafire today announced the acquisition of Splendor Plant, the Nordic leader in wholesales plant nursery. The acquisition is financed through a fully subscribed rights issue. We calculated that the acquisition should add 22%, 32%, and 5% to our 2026E sales, adj. EBITA and EPS estimates, respectively, all else equal. Additionally, 2026E full ND/EBITDA should decrease from 2.4x to 1.8x, which management argues opens room for more M&A.
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