reports
- Mads Brinkmann Andersen
Green Landscaping Group (Buy, TP: SEK100.00) - Q3e likely solid, but C...
We expect Green Landscaping to report a solid Q3, driven by organic revenue growth in Norway and Rest of Europe and easing comparables. We see Q3 as the trough for the Swedish business unit as it exits a loss-making contract. Despite a likely strong Q3e, we expect the results to be outshone by the recently announced CMD. We reiterate our BUY and SEK100 target price.
- ABGSC Small Cap Research
- Karl Bokvist
- Nikola Kalanoski
- Simon Jönsson
CTT CTT SYSTEMS AB
PREV B PREVAS B
CATE CATENA AB
GENI GENERIC SWEDEN AB PUBL
DUST DUSTIN GROUP AB
EKTA B ELEKTA AB CLASS B
STEF B STENDOERREN FASTIGHETER AB CLASS B
BONEX BONESUPPORT HOLDING AB
MIPS MIPS AB
BOOZT BOOZT AB
A2DRL9 SDIPTECH AB B
2020 2020 BULKERS LTD
FRACTL FRACTAL GAMING GROUP AB
RUG RUGVISTA GROUP AB
PACT PROACT IT GROUP
SFAB SOLID FORSAKRINGSAKTIEBOLAG
NOLA B NOLATO AB
HEM HEMNET GROUP AB (PUBL)
SLP B SWEDISH LOGISTIC PROPERTY AB
ITECH I-TECH AB
VESTUM VESTUM AB
ACAST-SE ACAST
SECT.B-SE SECTRA
GREEN GREEN LANDSCAPING GROUP AB (PUBL)
- ABGSC Services Research
- Karl Bokvist
- Mads Brinkmann Andersen
Green Landscaping Group (Buy, TP: SEK100.00) - Margin weakness likely ...
The Q2 top line surprised on the upside, with 5% organic growth, but the EBITA margin undershot consensus due to increased competition in Sweden and mix effects in a fast-growing Norwegian segment. We see the results as a small setback, and believe the margin weakness is temporary. We reiterate our BUY and SEK100 target price.
- ABGSC Services Research
- Karl Bokvist
- Mads Brinkmann Andersen
Green Landscaping Group (Buy, TP: SEK100.00) - M&A momentum building
We expect another solid quarter, with greater competition in Swedish landscaping construction, but margin growth YOY on easy comparables. We are encouraged by the recent pick-up in M&A, and continue to like the case. We reiterate our BUY and have raised our target price to SEK100 (98), having increased our estimates for the recent acquisitions.
- ABGSC Services Research
- Karl Bokvist
- ABGSC Small Cap Research
- Karl Bokvist
AF B AF POYRY AB CLASS B
INDT INDUTRADE AB
RATO B RATOS AB CLASS B
VIT B VITEC SOFTWARE GROUP AB
HPOL B HEXPOL AB CLASS B
ADDV A ADDVISE GROUP
MCAP MEDCAP
A2DRL9 SDIPTECH AB B
BHG BHG GROUP
ADDT B ADDTECH AB CLASS B
LAGR B LAGERCRANTZ GROUP AB SERIES B
SWEC B SWECO AB CLASS B
SF STILLFRONT GROUP AB
SINCH SINCH AB
VIMIAN VIMIAN GROUP AB
BEIJ B BEIJER REF AB
LIFCO B LIFCO AB
NIBE B NIBE INDUSTRIER AB
INSTAL INSTALCO AB
HTRO HEXATRONIC GROUP AB
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
VESTUM VESTUM AB
EMBRAC B EMBRACER GROUP AB
GREEN GREEN LANDSCAPING GROUP AB (PUBL)
- Mads Brinkmann Andersen
Green Landscaping Group - Initiation of coverage - Gearing up for the ...
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.
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