Green Landscaping Group (Buy, TP: SEK99.00) - Q4 one-offs stole the show
Driven by ongoing issues in the Swedish operation, the Q4 results fell shy of our forecasts, with sales 4% below consensus and EBITA 11% below. Mild weather explained some of the shortfall, while company-specific issues affected the Swedish operation, outweighing otherwise solid performances in Norway and Other Europe as well as group FCF generation. We reiterate our BUY, but on lower margin estimates, we have cut our target price to SEK99 (102).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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