Green Landscaping Group (Buy, TP: SEK102.00) - Q3 mixed, yet firmly rooted
Q3 fell slightly short of consensus on the top line and EBITA; however, we believe the confirmed exit of a troubled contract provides more certainty on margins in Sweden. Norway was strong on the top line and EBITA margin, while Rest of Europe was weak on the top line, but strong on the EBITA margin versus consensus. We still like the multi-year M&A runway and reiterate our BUY. We have raised our target price to SEK102 (100).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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