Green Landscaping Group - Initiation of coverage - Gearing up for the high season
Green Landscaping Group is the most profitable landscaping company in Europe. We like its exposure to stable end markets and high share of public customers, allowing for dynamic M&A. We expect the rate of 8–10 acquisitions per year to continue, fuelled by the 2023 entry into the DACH region. We calculate an additional 25–38% upside potential to our 2026e EBITA if available FCF is deployed towards M&A. We initiate coverage with a BUY and SEK98 target price.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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