As highlighted in its Q4 report, Green faces challenging comparison bases in Q1, so we expect a slower start to the year, due to a lack of snow removal services. As it is the seasonally smallest quarter of the year, we still see ample room to expand the EBITA margin in 2025, supported by Norway and Sweden. On top, we see earnings support from further M&A during the year. We derive a new DCF-based fair value range of SEK 78-93 (89-104).
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