We initiate coverage of Green Landscaping, a leading provider within maintenance and landscaping of green areas and outdoor environments. Following a rapid expansion, Green has become the undisputed local market leader and is now turning its focus towards the broader Nordic market. We see ample room for Green to continue to leverage on its size, while maintaining local anchoring, which has proven to be key for success in the past.
A steadily growing underlying market
Driven by mega trends such as urbanization and increased environmental awareness, we believe that Green can deliver solid growth in a market characterized by stability and counter-cyclicality. Through increased spending in major metropolitan areas and support from recent acquisitions, we estimate a revenue CAGR of 7.1% between 2019 and 2022.
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