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Green Landscaping Group

Green Landscaping Group

Green Landscaping Group is a Nordic company that has established itself, primarily through M&A, as a leading player (~5% market share) in the fragmented and steadily growing market for the landscaping and maintenance of outdoor environments. Most of the customers are city councils and local municipalities (i.e. government-backed). The contracts are often small (SEK 0.5m-5m), but generally last for 3-5 years. The business is divided into three segments: Sweden (43% of sales in '24), Norway (41%) and Rest of Europe (16%).

Sustainability information

M&A execution, performance of acquired units post-acquisition, working capital discipline, contract/price calculations on undertaken projects, cost inflation, heightened competition on price in tender processes

SEKm 2024 2025e 2026e
Sales 6353 6381 6820
Sales growth (%) 9 0,4 6,9
EBITDA 801 857 950
EBITDA margin (%) 12,6 13,4 13,9
EBIT adj. 440 449 504
EBIT adj. margin (%) 6,9 7 7,4
Pretax profit 271 313 423
EPS 3,44 4,16 5,58
EPS growth (%) -9,1 20,8 34,2
EPS adj. 5,09 5,81 7,32
DPS 0 0 0
EV/EBITDA (x) 7,4 6,8 5,7
EV/EBIT adj. (x) 13,5 13 10,8
P/E (x) 17,7 14,7 10,9
P/E adj. (x) 12 10,5 8,3
EV/sales (x) 0,93 0,92 0,8
FCF yield (%) 6 8 16,9
Le. adj. FCF yld. (%) 0 2 10,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,1 2,8 2,1
Le. adj. ND/EBITDA (x) 2,8 2,5 1,7
SEKm 2024 2025e 2026e
Sales 6353 6381 6820
COGS -2829 -2636 -2937
Gross profit 3524 3744 3883
Other operating items -2723 -2887 -2933
EBITDA 801 857 950
Depreciation and amortisation -274 -299 -315
of which leasing depreciation -161 -167 -179
EBITA 527 558 636
EO Items -21 -8 0
Impairment and PPA amortisation -108 -117 -132
EBIT 419 441 504
Net financial items -148 -128 -81
Pretax profit 271 313 423
Tax -75 -77 -106
Net profit 197 236 317
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 196 236 317
EPS 3,44 4,16 5,58
EPS adj. 5,09 5,81 7,32
Total extraordinary items after tax -15 -6 0
Leasing payments -161 -167 -179
Tax rate (%) 27,5 24,7 25
Gross margin (%) 55,5 58,7 56,9
EBITDA margin (%) 12,6 13,4 13,9
EBITA margin (%) 8,3 8,8 9,3
EBIT margin (%) 6,6 6,9 7,4
Pre-tax margin (%) 4,3 4,9 6,2
Net margin (%) 3,1 3,7 4,6
Sales growth (%) 9 0,4 6,9
EBITDA growth (%) 8,4 6,9 10,9
EBITA growth (%) 3,2 5,9 13,8
EBIT growth (%) 6,5 5,4 14,1
Net profit growth (%) -9 20,2 34,2
EPS growth (%) -9,1 20,8 34,2
Profitability N/A N/A N/A
ROE (%) 12,4 13,2 15,4
ROE adj. (%) 20,3 20,2 21,8
ROCE (%) 9,4 8,9 10,1
ROCE adj. (%) 12,3 11,5 12,7
ROIC (%) 9,8 10 11,2
ROIC adj. (%) 10,2 10,1 11,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 822 865 950
EBITDA adj. margin (%) 12,9 13,6 13,9
EBITDA lease adj. 661 698 771
EBITDA lease adj. margin (%) 10,4 10,9 11,3
EBITA adj. 548 566 636
EBITA adj. margin (%) 8,6 8,9 9,3
EBIT adj. 440 449 504
EBIT adj. margin (%) 6,9 7 7,4
Pretax profit Adj. 400 438 555
Net profit Adj. 320 359 449
Net profit to shareholders adj. 319 359 449
Net adj. margin (%) 5 5,6 6,6
SEKm 2024 2025e 2026e
EBITDA 801 857 950
Goodwill 2192 2330 2330
Net financial items -148 -128 -81
Other intangible assets 564 477 353
Paid tax -94 -77 -106
Tangible fixed assets 469 521 515
Non-cash items -15 0 0
Right-of-use asset 722 765 806
Cash flow before change in WC 544 652 763
Total other fixed assets 0 0 0
Change in working capital 57 4 -17
Fixed assets 3947 4093 4004
Operating cash flow 601 656 747
Inventories 87 87 93
Capex tangible fixed assets -67 -115 -130
Receivables 1083 1161 1194
Capex intangible fixed assets -1 -7 -8
Other current assets 235 287 273
Acquisitions and Disposals -327 -256 -26
Cash and liquid assets 688 756 719
Free cash flow 206 278 583
Total assets 6041 6385 6283
Dividend paid -6 0 0
Shareholders equity 1664 1900 2217
Share issues and buybacks -58 0 0
Minority 19 19 19
Leasing liability amortisation -206 -210 -220
Total equity 1683 1919 2236
Other non-cash items -364 26 26
Long-term debt 2149 2149 1749
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 635 635 635
Total other long-term liabilities 462 462 462
Short-term debt 364 338 312
Accounts payable 314 440 436
Other current liabilities 434 442 453
Total liabilities and equity 6041 6385 6283
Net IB debt 2460 2366 1976
Net IB debt excl. pension debt 2460 2366 1976
Net IB debt excl. leasing 1825 1731 1341
Capital employed 4831 5041 4932
Capital invested 4143 4285 4213
Working capital 658 654 670
Market cap. diluted (m) 3459 3459 3459
Net IB debt adj. 2460 2366 1976
Market value of minority 19 19 19
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 5938 5844 5455
Total assets turnover (%) 111,4 102,7 107,7
Working capital/sales (%) 9,6 10,3 9,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 146,2 123,3 88,4
Net debt / market cap (%) 71,1 68,4 57,1
Equity ratio (%) 27,9 30,1 35,6
Net IB debt adj. / equity (%) 146,2 123,3 88,4
Current ratio 1,88 1,88 1,9
EBITDA/net interest 5,4 6,7 11,7
Net IB debt/EBITDA (x) 3,1 2,8 2,1
Net IB debt/EBITDA lease adj. (x) 2,8 2,5 1,7
Interest coverage 3,6 4,4 7,8
SEKm 2024 2025e 2026e
Shares outstanding adj. 57 57 57
Diluted shares adj. 57 57 57
EPS 3,44 4,16 5,58
Dividend per share 0 0 0
EPS adj. 5,09 5,81 7,32
BVPS 29,3 33,45 39,03
BVPS adj. -19,23 -15,97 -8,2
Net IB debt/share 43,31 41,65 34,8
Share price 60,9 60,9 60,9
Market cap. (m) 3459 3459 3459
P/E (x) 17,7 14,7 10,9
EV/sales (x) 0,9 0,9 0,8
EV/EBITDA (x) 7,4 6,8 5,7
EV/EBITA (x) 11,3 10,5 8,6
EV/EBIT (x) 14,2 13,2 10,8
Dividend yield (%) 0 0 0
FCF yield (%) 6 8 16,9
Le. adj. FCF yld. (%) 0 2 10,5
P/BVPS (x) 2,08 1,82 1,56
P/BVPS adj. (x) -3,17 -3,81 -7,42
P/E adj. (x) 12 10,5 8,3
EV/EBITDA adj. (x) 7,2 6,8 5,7
EV/EBITA adj. (x) 10,8 10,3 8,6
EV/EBIT adj. (x) 13,5 13 10,8
EV/CE (x) 1,2 1,2 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 1,1 1,9 2
Capex/depreciation 0,6 0,9 1
Capex tangibles / tangible fixed assets 14,3 22 25,1
Capex intangibles / definite intangibles 0,2 1,5 2,3
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 24,1 25,2 26,3

Equity research

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Media

Green Landscaping Group - Company presentation with CFO Marcus Holmström
Green Landscaping Group - Company presentation with Head of IR Magnus Larsson

Main shareholders - Green Landscaping Group

Main shareholders Share capital % Voting shares % Verified
Salén Group 17.0 % 17.0 % 26 Jun 2025
Byggmästare Anders J Ahlström Holding AB 16.1 % 16.1 % 26 Jun 2025
Johan Nordström 6.3 % 6.3 % 26 Jun 2025
Andra AP-fonden 5.9 % 5.9 % 26 Jun 2025
Handelsbanken Fonder 5.1 % 5.1 % 30 Jun 2025
Nordnet Pensionsförsäkring 4.3 % 4.3 % 26 Jun 2025
AFA Försäkring 4.0 % 4.0 % 26 Jun 2025
ODIN Fonder 3.2 % 3.2 % 26 Jun 2025
Peter Lindell 2.2 % 2.2 % 26 Jun 2025
Hanover Investors 1.7 % 1.7 % 28 Apr 2025
Source: Holdings by Modular Finance AB