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 - Market headwinds weigh on margins - ABG

Green Landscaping Group

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

Download analyse (PDF)
Q2 details
Lower sales and earnings vs. consensus. Sales came in at SEK 1,610m (-4% vs. ABGSCe, -8% vs. cons), -3% y-o-y of which -9% organically (ABGSCe -2%, cons -1%, -18% Q1'25), driven by the effects of the mild winter on the quarter in Sweden and Norway, but with a gradually improving activity level throughout the quarter. Adj. EBITA decreased -4% y-o-y to SEK 145m (-10% vs. ABGSCe, -13% vs. cons), for a margin of 9.0% (ABGSCe 9.6%, cons 3.8%, 9.1% Q2'24) driven by weak margins in Norway. FCF was weak, at SEK -142m (101m in Q1), while gearing was higher q-o-q at 3.3x (3.2x) and 2.9x pro forma (2.5x).

Estimate changes and outlook
Looking ahead, management says that the market has moved sideways in recent quarters and there is still uncertainty regarding how long the market will stay weak. We expect consensus to lower '25e-'27e EBITA by 3-5% as the uncertainty in the market remains.

Final thoughts
A report below expectations with a weak market and effects of the mild winter on the beginning of the quarter. The share has underperformed the broader market into numbers (-4% L1M vs. OMXSGI 4%) and is trading at 12-8x EBITA '25e-'27e (~12x L5Y). We believe the market will focus on the weak market in Norway and Sweden. There is a conference call at 14:00 CET (link)
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.