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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 6247 6640
Sales growth (%) 9 -1,7 6,3
EBITDA 801 806 900
EBITDA margin (%) 12,6 12,9 13,5
EBIT adj. 440 398 453
EBIT adj. margin (%) 6,9 6,4 6,8
Pretax profit 271 262 372
EPS 3,44 3,48 4,91
EPS growth (%) -9,1 1,1 41,3
EPS adj. 5,09 5,14 6,66
DPS 0 0 0
EV/EBITDA (x) 6,5 6,4 5,3
EV/EBIT adj. (x) 11,8 12,9 10,5
P/E (x) 13,9 13,8 9,7
P/E adj. (x) 9,4 9,3 7,2
EV/sales (x) 0,82 0,82 0,72
FCF yield (%) 7,6 9,7 20,4
Le. adj. FCF yld. (%) 0 2 12,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,1 3 2,2
Le. adj. ND/EBITDA (x) 2,8 2,7 1,9
SEKm 2024 2025e 2026e
Sales 6353 6247 6640
COGS -2829 -2612 -2885
Gross profit 3524 3635 3755
Other operating items -2723 -2830 -2855
EBITDA 801 806 900
Depreciation and amortisation -274 -299 -315
of which leasing depreciation -161 -167 -179
EBITA 527 507 585
EO Items -21 -8 0
Impairment and PPA amortisation -108 -117 -132
EBIT 419 390 453
Net financial items -148 -128 -81
Pretax profit 271 262 372
Tax -75 -65 -93
Net profit 197 198 279
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 196 198 279
EPS 3,44 3,48 4,91
EPS adj. 5,09 5,14 6,66
Total extraordinary items after tax -15 -6 0
Leasing payments -161 -167 -179
Tax rate (%) 27,5 24,6 25
Gross margin (%) 55,5 58,2 56,5
EBITDA margin (%) 12,6 12,9 13,5
EBITA margin (%) 8,3 8,1 8,8
EBIT margin (%) 6,6 6,2 6,8
Pre-tax margin (%) 4,3 4,2 5,6
Net margin (%) 3,1 3,2 4,2
Sales growth (%) 9 -1,7 6,3
EBITDA growth (%) 8,4 0,5 11,7
EBITA growth (%) 3,2 -3,8 15,4
EBIT growth (%) 6,5 -6,9 16,2
Net profit growth (%) -9 0,6 41,3
EPS growth (%) -9,1 1,1 41,3
Profitability N/A N/A N/A
ROE (%) 12,4 11,2 13,9
ROE adj. (%) 20,3 18,2 20,5
ROCE (%) 9,4 7,9 9,2
ROCE adj. (%) 12,3 10,5 11,9
ROIC (%) 9,8 9,1 10,4
ROIC adj. (%) 10,2 9,2 10,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 822 814 900
EBITDA adj. margin (%) 12,9 13 13,5
EBITDA lease adj. 661 647 721
EBITDA lease adj. margin (%) 10,4 10,4 10,9
EBITA adj. 548 515 585
EBITA adj. margin (%) 8,6 8,2 8,8
EBIT adj. 440 398 453
EBIT adj. margin (%) 6,9 6,4 6,8
Pretax profit Adj. 400 387 504
Net profit Adj. 320 321 411
Net profit to shareholders adj. 319 321 411
Net adj. margin (%) 5 5,1 6,2
SEKm 2024 2025e 2026e
EBITDA 801 806 900
Goodwill 2192 2330 2330
Net financial items -148 -128 -81
Other intangible assets 564 477 353
Paid tax -94 -65 -93
Tangible fixed assets 469 519 509
Non-cash items -15 0 0
Right-of-use asset 722 765 806
Cash flow before change in WC 544 613 726
Total other fixed assets 0 0 0
Change in working capital 57 26 -10
Fixed assets 3947 4091 3998
Operating cash flow 601 639 715
Inventories 87 86 91
Capex tangible fixed assets -67 -112 -126
Receivables 1083 1137 1162
Capex intangible fixed assets -1 -7 -8
Other current assets 235 281 266
Acquisitions and Disposals -327 -256 -26
Cash and liquid assets 688 742 677
Free cash flow 206 264 555
Total assets 6041 6336 6194
Dividend paid -6 0 0
Shareholders equity 1664 1862 2141
Share issues and buybacks -58 0 0
Minority 19 19 19
Leasing liability amortisation -206 -210 -220
Total equity 1683 1881 2160
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 314 431 425
Other current liabilities 434 441 452
Total liabilities and equity 6041 6336 6194
Net IB debt 2460 2380 2019
Net IB debt excl. pension debt 2460 2380 2019
Net IB debt excl. leasing 1825 1745 1384
Capital employed 4831 5002 4855
Capital invested 4143 4260 4178
Working capital 658 632 642
Market cap. diluted (m) 2718 2718 2718
Net IB debt adj. 2460 2380 2019
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 5197 5117 4755
Total assets turnover (%) 111,4 100,9 106
Working capital/sales (%) 9,6 10,3 9,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 146,2 126,5 93,5
Net debt / market cap (%) 90,5 87,6 74,3
Equity ratio (%) 27,9 29,7 34,9
Net IB debt adj. / equity (%) 146,2 126,5 93,5
Current ratio 1,88 1,86 1,85
EBITDA/net interest 5,4 6,3 11,1
Net IB debt/EBITDA (x) 3,1 3 2,2
Net IB debt/EBITDA lease adj. (x) 2,8 2,7 1,9
Interest coverage 3,6 4 7,2
SEKm 2024 2025e 2026e
Shares outstanding adj. 57 57 57
Diluted shares adj. 57 57 57
EPS 3,44 3,48 4,91
Dividend per share 0 0 0
EPS adj. 5,09 5,14 6,66
BVPS 29,3 32,78 37,69
BVPS adj. -19,23 -16,64 -9,55
Net IB debt/share 43,31 41,9 35,54
Share price 47,85 47,85 47,85
Market cap. (m) 2718 2718 2718
P/E (x) 13,9 13,8 9,7
EV/sales (x) 0,8 0,8 0,7
EV/EBITDA (x) 6,5 6,4 5,3
EV/EBITA (x) 9,9 10,1 8,1
EV/EBIT (x) 12,4 13,1 10,5
Dividend yield (%) 0 0 0
FCF yield (%) 7,6 9,7 20,4
Le. adj. FCF yld. (%) 0 2 12,3
P/BVPS (x) 1,63 1,46 1,27
P/BVPS adj. (x) -2,49 -2,87 -5,01
P/E adj. (x) 9,4 9,3 7,2
EV/EBITDA adj. (x) 6,3 6,3 5,3
EV/EBITA adj. (x) 9,5 9,9 8,1
EV/EBIT adj. (x) 11,8 12,9 10,5
EV/CE (x) 1,1 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 21,7 24,8
Capex intangibles / definite intangibles 0,2 1,5 2,3
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 24,1 25,3 26,6

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
Byggmästare Anders J Ahlström Holding AB 17.0 % 17.0 % 23 Oct 2025
Salén Group 17.0 % 17.0 % 26 Sep 2025
Johan Nordström 6.3 % 6.3 % 26 Sep 2025
Andra AP-fonden 5.9 % 5.9 % 26 Sep 2025
Handelsbanken Fonder 5.0 % 5.0 % 23 Oct 2025
Nordnet Pensionsförsäkring 4.5 % 4.5 % 26 Sep 2025
AFA Försäkring 4.0 % 4.0 % 26 Sep 2025
Peter Lindell 2.4 % 2.4 % 26 Sep 2025
ODIN Fonder 2.4 % 2.4 % 30 Sep 2025
Avanza Pension 2.0 % 2.0 % 26 Sep 2025
Source: Holdings by Modular Finance AB