Our impression is that Green Landscaping is proceeding according to the plan it communicated: it is continuing to expand in Germany through margin-accretive bolt-on acquisitions while managing its “legacy” portfolio. Together with a scenario in which margins in Norway recover closer to historical levels (currently not in our estimates)., we see interesting upside optionality. We raise our mid-point DCF value to SEK 87 (84) per share.

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