Elisa (Neutral, TP: €46, -1%) Q2 25: SR and EBITDA growth converge; headline growth now at mid-term targets
Elisa has reported a solid enough set of results, but both SR and EBITDA have missed consensus expectations very slightly, and although LFL SR trends are better at +3.2% y/y from +1.6% y/y, EBITDA is a touch slower at +3.4% y/y from +3.6% y/y. Headline growth rates are now though at the level of the mid-term guidance, (>4% 24-27 CAGR) supported by M&A.
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