Green Landscaping Group (Buy, TP: SEK95.00) - Q1e a slow burn; expect solid 2025
We expect the seasonally low Q1 to have been tough, with continued adverse weather trends (little snowfall). Although we believe Q1 is unlikely to be the turning point for the margin in Sweden, we remain confident in management’s ability to turn this around from Q2. We continue to like the case, with no direct tariff exposure, a high share of public customers, and a multi-year M&A runway in Germany. We reiterate our BUY, but have lowered our target price to SEK95 (99).Green Landscaping Group AB Formerly known as Green Landscaping Holding AB (publ). Green Landscaping Holding AB (publ) is a Sweden-based provider of outdoor environment services. The Company's operations are divided into three business segments: Greenery and fine planning, Sports and leisure facilities, as well as Wood and forestry. Also, the Company operates Green Academy for employees' skills development. The Company operates through a number of subsidiaries, active throughout the central and southern Sweden.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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