reports
- ABGSC Services Research
- Julia Sundvall
- Karl Bokvist
- ABGSC Services Research
- Julia Sundvall
- Karl Bokvist
- Mads Brinkmann Andersen
Green Landscaping Group (Buy, TP: SEK99.00) - Q4 one-offs stole the sh...
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).
- ABGSC Services Research
- Julia Sundvall
- Karl Bokvist
- ABGSC Services Research
- Julia Sundvall
- Karl Bokvist
- Mads Brinkmann Andersen
Green Landscaping Group (Buy, TP: SEK102.00) - Q4e likely with multipl...
We expect mild weather and less snowfall in Sweden and Norway to weigh on Q4 results, while Rest of Europe is probably continuing its strong momentum. We have cut our top line for Q4e by c3%, and updated our estimates for the latest acquisitions. We still like the M&A opportunity in the DACH region and reiterate our BUY and SEK102 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
- Julia Sundvall
- Karl Bokvist
- ABGSC Services Research
- Julia Sundvall
- Karl Bokvist
- Mads Brinkmann Andersen
Green Landscaping Group (Buy, TP: SEK102.00) - Q3 mixed, yet firmly ro...
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).
- ABGSC Services Research
- Karl Bokvist
- ABGSC Services Research
- Karl Bokvist
- 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)
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