Copyright © Inderes 2011 - present. All rights reserved.
  • Seneste
  • Markeder
    • Aktieoversigt
    • Finanskalender
    • Udbyttekalender
    • Research
    • Artikler
  • InderesTV
  • Forum
  • Om os
    • Fulgte selskaber
    • Team
Eksterne analyser

Green Landscaping Group: Grass turns greener with M&A - ABG

Green Landscaping Group

Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.

Download analyse (PDF)
Q2 report Friday, 18 July at 12:00 CET
'25e-'27e adj. EBITA up 0-3%; 6% CAGR in '24-'27e
10-8x EBITA in '25e-'27e, 9-16% FCF yields


2025's M&A story begins

We expect a stable second quarter. Sweden should start to see brighter quarters ahead as a result of a sizeable loss-making contract being out of the picture, as well as internal efficiency improvements. Conversely, we expect lower volumes in Norway due to increased competition alongside tougher comparables. However, this is offset by the year's first acquisition. In terms of organic growth, we expect -2% (+5% in Q2'24). Previously announced M&A adds 7%, with -3% from FX, leading to sales of SEK 1,680m in Q2e, +1% y-o-y. We forecast adj. EBITA of SEK 162m, +8% y-o-y, for a margin of 9.6% (9.1% in Q2'24), with a ~7% margin in Sweden, ~10% in Norway and 20% in Rest of Europe. Finally, Q1'25 ND/EBITDA at 3.1x, solid cash flow (40-70% of EBITA in '25e-'27e) and higher earnings support GLG's guidance of 8–10 acquisitions per year, usually at a ~10% margin, which could potentially increase '26e-'27e EBITA by 25-50%.
Find os på de sociale medier
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Tag kontakt
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • Om os
  • Vores team
  • Karriere
  • Inderes som en investering
  • Tjenester for børsnoterede virksomheder
Vores platform
  • FAQ
  • Servicevilkår
  • Privatlivspolitik
  • Disclaimer
Inderes’ ansvarsfraskrivelse kan findes her. Detaljeret information om hver aktie, der aktivt overvåges af Inderes og HC Andersen Capital, er tilgængelig på de virksomhedsspecifikke sider på Inderes' hjemmeside. © Inderes Oyj. All rights reserved.