Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 (56% of sales in '22), Norway (38%) and Finland and Baltic (5%).

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 2023 2024e 2025e
Sales 5831 6190 6441
Sales growth (%) 21,2 6,2 4,1
EBITDA 739 838 888
EBITDA margin (%) 12,7 13,5 13,8
EBIT adj. 404 450 475
EBIT adj. margin (%) 6,9 7,3 7,4
Pretax profit 292 321 380
EPS 3,78 4,29 5,09
EPS growth (%) 11,2 13,4 18,7
EPS adj. 5,45 5,83 6,7
DPS 0 0 0
EV/EBITDA (x) 8,9 7,6 6,8
EV/EBIT adj. (x) 16,3 14,2 12,6
P/E (x) 20,6 18,2 15,3
P/E adj. (x) 14,3 13,4 11,6
EV/sales (x) 1,13 1,03 0,93
FCF yield (%) 2,3 8,1 12,6
Le. adj. FCF yld. (%) -2 3,5 7,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,9 2,3 1,7
Le. adj. ND/EBITDA (x) 2,7 2,1 1,4
SEKm 2023 2024e 2025e
Sales 5831 6190 6441
COGS -2624 -2610 -2749
Gross profit 3208 3580 3692
Other operating items -2469 -2742 -2804
EBITDA 739 838 888
Depreciation and amortisation -228 -277 -293
of which leasing depreciation -161 -179 -191
EBITA 511 561 595
EO Items -10 -2 0
Impairment and PPA amortisation -117 -113 -120
EBIT 394 448 475
Net financial items -102 -127 -95
Pretax profit 292 321 380
Tax -76 -78 -91
Net profit 216 243 289
Minority interest -2 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 215 243 289
EPS 3,78 4,29 5,09
EPS adj. 5,45 5,83 6,7
Total extraordinary items after tax -7 -2 0
Leasing payments -161 -179 -191
Tax rate (%) 25,9 24,2 24
Gross margin (%) 55 57,8 57,3
EBITDA margin (%) 12,7 13,5 13,8
EBITA margin (%) 8,8 9,1 9,2
EBIT margin (%) 6,8 7,2 7,4
Pre-tax margin (%) 5 5,2 5,9
Net margin (%) 3,7 3,9 4,5
Sales growth (%) 21,2 6,2 4,1
EBITDA growth (%) 29,9 13,4 6
EBITA growth (%) 25,2 9,8 6
EBIT growth (%) 27,6 13,8 6
Net profit growth (%) 17,8 12,6 18,7
EPS growth (%) 11,2 13,4 18,7
Profitability N/A N/A N/A
ROE (%) 15,4 15,2 15,5
ROE adj. (%) 24,4 22,3 21,9
ROCE (%) 10 11,1 12
ROCE adj. (%) 13,3 14 15
ROIC (%) 10,9 11,6 12,4
ROIC adj. (%) 11,1 11,7 12,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 749 840 888
EBITDA adj. margin (%) 12,8 13,6 13,8
EBITDA lease adj. 588 661 697
EBITDA lease adj. margin (%) 10,1 10,7 10,8
EBITA adj. 521 563 595
EBITA adj. margin (%) 8,9 9,1 9,2
EBIT adj. 404 450 475
EBIT adj. margin (%) 6,9 7,3 7,4
Pretax profit Adj. 419 436 500
Net profit Adj. 341 358 409
Net profit to shareholders adj. 339 358 409
Net adj. margin (%) 5,8 5,8 6,3
SEKm 2023 2024e 2025e
EBITDA 739 838 888
Goodwill 1888 1942 1942
Net financial items -102 -127 -95
Other intangible assets 538 449 336
Paid tax -102 -78 -91
Tangible fixed assets 368 478 492
Non-cash items -13 0 0
Right-of-use asset 653 674 693
Cash flow before change in WC 522 633 702
Total other fixed assets 0 0 0
Change in working capital -143 69 2
Fixed assets 3447 3542 3462
Operating cash flow 379 702 704
Inventories 80 93 97
Capex tangible fixed assets -59 -99 -116
Receivables 1202 1114 1127
Capex intangible fixed assets -1 -6 -7
Other current assets 220 260 271
Acquisitions and Disposals -220 -240 -26
Cash and liquid assets 416 323 343
Free cash flow 100 357 555
Total assets 5364 5332 5299
Dividend paid 0 0 0
Shareholders equity 1479 1722 2011
Share issues and buybacks 4 0 0
Minority 34 34 34
Leasing liability amortisation -188 -200 -210
Total equity 1513 1756 2045
Other non-cash items -123 60 26
Long-term debt 1756 1506 1181
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 539 539 539
Total other long-term liabilities 361 361 361
Short-term debt 254 194 168
Accounts payable 393 402 419
Other current liabilities 548 573 586
Total liabilities and equity 5364 5332 5299
Net IB debt 2133 1917 1546
Net IB debt excl. pension debt 2133 1917 1546
Net IB debt excl. leasing 1594 1378 1007
Capital employed 4062 3996 3933
Capital invested 3646 3673 3591
Working capital 560 492 490
Market cap. diluted (m) 4420 4420 4420
Net IB debt adj. 2133 1917 1546
Market value of minority 34 34 34
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 6587 6371 6000
Total assets turnover (%) 112,3 115,7 121,2
Working capital/sales (%) 7,9 8,5 7,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 141 109,1 75,6
Net debt / market cap (%) 48,3 43,4 35
Equity ratio (%) 28,2 32,9 38,6
Net IB debt adj. / equity (%) 141 109,1 75,6
Current ratio 1,6 1,53 1,57
EBITDA/net interest 7,2 6,6 9,3
Net IB debt/EBITDA (x) 2,9 2,3 1,7
Net IB debt/EBITDA lease adj. (x) 2,7 2,1 1,4
Interest coverage 5 4,4 6,3
SEKm 2023 2024e 2025e
Shares outstanding adj. 57 57 57
Diluted shares adj. 57 57 57
EPS 3,78 4,29 5,09
Dividend per share 0 0 0
EPS adj. 5,45 5,83 6,7
BVPS 26,1 30,39 35,48
BVPS adj. -16,71 -11,8 -4,71
Net IB debt/share 37,64 33,82 27,27
Share price 78 78 78
Market cap. (m) 4420 4420 4420
P/E (x) 20,6 18,2 15,3
EV/sales (x) 1,13 1,03 0,93
EV/EBITDA (x) 8,9 7,6 6,8
EV/EBITA (x) 12,9 11,4 10,1
EV/EBIT (x) 16,7 14,2 12,6
Dividend yield (%) 0 0 0
FCF yield (%) 2,3 8,1 12,6
Le. adj. FCF yld. (%) -2 3,5 7,8
P/BVPS (x) 2,99 2,57 2,2
P/BVPS adj. (x) -4,67 -6,61 -16,55
P/E adj. (x) 14,3 13,4 11,6
EV/EBITDA adj. (x) 8,8 7,6 6,8
EV/EBITA adj. (x) 12,6 11,3 10,1
EV/EBIT adj. (x) 16,3 14,2 12,6
EV/CE (x) 1,6 1,6 1,5
Investment ratios N/A N/A N/A
Capex/sales (%) 1 1,7 1,9
Capex/depreciation 0,9 1,1 1,2
Capex tangibles / tangible fixed assets 16 20,7 23,6
Capex intangibles / definite intangibles 0,2 1,3 2,1
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 18,19 20,46 20,69

Equity research

Read earlier research

Media

Green Landscaping Group - Company presentation with Head of IR Magnus Larsson
Green Landscaping Group - Company presentation with CFO Carl-Fredrik Meijer

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Salénia 16.5 % 16.5 % 18 Jun 2024
Byggmästare Anders J Ahlström Holding AB 16.1 % 16.1 % 14 May 2024
Johan Nordström 6.3 % 6.3 % 14 May 2024
Handelsbanken Fonder 5.3 % 5.3 % 31 May 2024
AFA Försäkring 4.9 % 4.9 % 26 Apr 2024
Capital Group 4.6 % 4.6 % 31 Mar 2024
ODIN Fonder 3.5 % 3.5 % 31 May 2024
Andra AP-fonden 2.9 % 2.9 % 26 Mar 2024
Amiral Gestion 2.2 % 2.2 % 15 Apr 2024
Paul Gamme 1.9 % 1.9 % 26 Mar 2024
Source: Holdings by Modular Finance AB