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 (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 6282 6676
Sales growth (%) 9 -1,1 6,3
EBITDA 801 756 875
EBITDA margin (%) 12,6 12 13,1
EBIT adj. 440 380 431
EBIT adj. margin (%) 6,9 6 6,5
Pretax profit 271 204 350
EPS 3,44 2,73 4,62
EPS growth (%) -9,1 -20,5 69
EPS adj. 5,09 4,64 6,36
DPS 0 0 0
EV/EBITDA (x) 6,1 6,5 5,2
EV/EBIT adj. (x) 11,2 12,9 10,6
P/E (x) 12,5 15,7 9,3
P/E adj. (x) 8,4 9,2 6,7
EV/sales (x) 0,77 0,78 0,68
FCF yield (%) 8,5 8,5 22
Le. adj. FCF yld. (%) 0 -0,1 12,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,1 3,2 2,4
Le. adj. ND/EBITDA (x) 2,8 2,9 2,1
SEKm 2024 2025e 2026e
Sales 6353 6282 6676
COGS -2829 -2676 -2930
Gross profit 3524 3606 3746
Other operating items -2723 -2850 -2871
EBITDA 801 756 875
Depreciation and amortisation -274 -296 -312
of which leasing depreciation -161 -164 -176
EBITA 527 460 563
EO Items -21 -31 0
Impairment and PPA amortisation -108 -111 -132
EBIT 419 349 431
Net financial items -148 -145 -81
Pretax profit 271 204 350
Tax -75 -48 -88
Net profit 197 155 263
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 196 155 263
EPS 3,44 2,73 4,62
EPS adj. 5,09 4,64 6,36
Total extraordinary items after tax -15 -24 0
Leasing payments -161 -164 -176
Tax rate (%) 27,5 23,8 25
Gross margin (%) 55,5 57,4 56,1
EBITDA margin (%) 12,6 12 13,1
EBITA margin (%) 8,3 7,3 8,4
EBIT margin (%) 6,6 5,6 6,5
Pre-tax margin (%) 4,3 3,2 5,2
Net margin (%) 3,1 2,5 3,9
Sales growth (%) 9 -1,1 6,3
EBITDA growth (%) 8,4 -5,7 15,8
EBITA growth (%) 3,2 -12,8 22,5
EBIT growth (%) 6,5 -16,8 23,6
Net profit growth (%) -9 -20,9 69
EPS growth (%) -9,1 -20,5 69
Profitability N/A N/A N/A
ROE (%) 12,4 8,9 13,5
ROE adj. (%) 20,3 16,6 20,2
ROCE (%) 9,4 7,1 8,8
ROCE adj. (%) 12,3 10 11,5
ROIC (%) 9,8 8,3 10
ROIC adj. (%) 10,2 8,9 10
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 822 787 875
EBITDA adj. margin (%) 12,9 12,5 13,1
EBITDA lease adj. 661 623 699
EBITDA lease adj. margin (%) 10,4 9,9 10,5
EBITA adj. 548 491 563
EBITA adj. margin (%) 8,6 7,8 8,4
EBIT adj. 440 380 431
EBIT adj. margin (%) 6,9 6 6,5
Pretax profit Adj. 400 346 482
Net profit Adj. 320 290 395
Net profit to shareholders adj. 319 290 395
Net adj. margin (%) 5 4,6 5,9
SEKm 2024 2025e 2026e
EBITDA 801 756 875
Goodwill 2192 2330 2330
Net financial items -148 -145 -81
Other intangible assets 564 483 359
Paid tax -94 -48 -88
Tangible fixed assets 469 519 509
Non-cash items -15 0 0
Right-of-use asset 722 768 812
Cash flow before change in WC 544 563 707
Total other fixed assets 0 0 0
Change in working capital 57 21 -10
Fixed assets 3947 4100 4010
Operating cash flow 601 583 696
Inventories 87 86 91
Capex tangible fixed assets -67 -113 -127
Receivables 1083 1143 1168
Capex intangible fixed assets -1 -7 -8
Other current assets 235 283 267
Acquisitions and Disposals -327 -256 -26
Cash and liquid assets 688 685 601
Free cash flow 206 207 536
Total assets 6041 6297 6138
Dividend paid -6 0 0
Shareholders equity 1664 1819 2082
Share issues and buybacks -58 0 0
Minority 19 19 19
Leasing liability amortisation -206 -210 -220
Total equity 1683 1838 2101
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 314 433 427
Other current liabilities 434 441 452
Total liabilities and equity 6041 6297 6138
Net IB debt 2460 2436 2095
Net IB debt excl. pension debt 2460 2436 2095
Net IB debt excl. leasing 1825 1801 1460
Capital employed 4831 4960 4796
Capital invested 4143 4275 4196
Working capital 658 637 648
Market cap. diluted (m) 2437 2437 2437
Net IB debt adj. 2460 2436 2095
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 4916 4892 4551
Total assets turnover (%) 111,4 101,8 107,4
Working capital/sales (%) 9,6 10,3 9,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 146,2 132,5 99,7
Net debt / market cap (%) 101 100 86
Equity ratio (%) 27,9 29,2 34,2
Net IB debt adj. / equity (%) 146,2 132,5 99,7
Current ratio 1,88 1,81 1,79
EBITDA/net interest 5,4 5,2 10,8
Net IB debt/EBITDA (x) 3,1 3,2 2,4
Net IB debt/EBITDA lease adj. (x) 2,8 2,9 2,1
Interest coverage 3,6 3,2 7
SEKm 2024 2025e 2026e
Shares outstanding adj. 57 57 57
Diluted shares adj. 57 57 57
EPS 3,44 2,73 4,62
Dividend per share 0 0 0
EPS adj. 5,09 4,64 6,36
BVPS 29,3 32,03 36,65
BVPS adj. -19,23 -17,49 -10,69
Net IB debt/share 43,31 42,9 36,88
Share price 42,9 42,9 42,9
Market cap. (m) 2437 2437 2437
P/E (x) 12,5 15,7 9,3
EV/sales (x) 0,8 0,8 0,7
EV/EBITDA (x) 6,1 6,5 5,2
EV/EBITA (x) 9,3 10,6 8,1
EV/EBIT (x) 11,7 14 10,6
Dividend yield (%) 0 0 0
FCF yield (%) 8,5 8,5 22
Le. adj. FCF yld. (%) 0 -0,1 12,9
P/BVPS (x) 1,46 1,34 1,17
P/BVPS adj. (x) -2,23 -2,45 -4,01
P/E adj. (x) 8,4 9,2 6,7
EV/EBITDA adj. (x) 6 6,2 5,2
EV/EBITA adj. (x) 9 10 8,1
EV/EBIT adj. (x) 11,2 12,9 10,6
EV/CE (x) 1 1 0,9
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 21,8 24,9
Capex intangibles / definite intangibles 0,2 1,5 2,2
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 24,1 25,5 26,8

Equity research

Read earlier research

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 17.9 % 17.9 % 24 Oct 2025
Byggmästare Anders J Ahlström Holding AB 17.0 % 17.0 % 23 Oct 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