contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


green-landscaping-group-when-norway-plays-rough-margins-get-tough-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Green Landscaping Group is active in land and green area maintenance and fine planning in urban environments. The company applies a decentralized operational model where the group's subsidiaries have full commercial responsibility and run the business independently under their own brands. Company acquisitions are a central part of the company's strategy. Green Landscaping Group was founded in 2009 and is based in Stockholm.

Green Landscaping Group

* Q3: -3% org. sales growth, 0% adj. EBITA growth, weak cash flow'25e-'27e adj. EBITA down 5-2%; 3% CAGR '24-'27e11-7x EBITA '25e-'27e, 9-19% FCF yieldsNorway was worse than fearedGreen Landscaping...

* Q3: -3% org. sales growth, 0% adj. EBITA growth, weak cash flow'25e-'27e adj. EBITA down 5-2%; 3% CAGR '24-'27e11-7x EBITA '25e-'27e, 9-19% FCF yieldsNorway was worse than fearedGreen Landscaping delivered a soft Q3 with adj. EBITA 4% and 5% below ABGSCe/FactSet consensus. Organic sales were -3% (ABGSCe -2%, cons. -4%, Q2'25 -9%), as competition is still high in Sweden and Norway. Adj. EBITA was flat y-o-y, 5% below cons., as Norway (2.5% margin) focused on volumes rather than margin in its tough market environment. There was also a SEK 21m project write-down in Norway weighing on margins (5.9% adj. EBITA margin). Rest of Europe was strong (22.7%) with Finland and the newly acquired companies as the main drivers. As the soft market remains, we expect -2% org. growth, and declining margins in Q4. However, we expect '26 to be a turning point for Sweden. Cash flow was soft, yielding pro forma gearing of 3.0x. GLG's guidance of acquiring SEK 80m-100m in EBITA '25 remains. This is usually done at a ~10% margin, which could potentially raise '26e-'27e EBITA by 5-35%.M&amp;A to drive earningsWe lower '25e-'27e adj. EBITA by 5-2%, mainly on the low margins in Norway that we think will take some time to rebound if the market gets used to a lower level. We expect '25 to be weak for Green, but beyond that, we think gradually improving margins and M&amp;A should support 15% adj. EBITA growth in '26e (-11% '25e) and a 3% CAGR '24-'27e. We continue to believe that GLG's M&amp;A pipeline has the potential to support earnings growth above 10% p.a. over time (45% CAGR '19-'24).Good markets over timeWe believe GLG is well-placed to grow organically over time and to lift margins given its exposure to steadily growing markets and high exposure to public customers. For '24-'27e, we expect GLG to deliver sales growth, margins and adj. ROCE fairly in line with peers, while the share (11-7x EBITA '25e-'27e, 9-19% FCF yields) is trading slightly below peers on '25e-'27e EBITA.