New Street Research - Elisa (ELISA) Elisa (Neutral, TP: €49, +9%) Elisa CMD – continued good revenue growth but a lack of EBITDA conversion

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New Street Research

Russell Waller

EUR 9228.00 For Business Accounts Only

Elisa (Neutral, TP: €49, +9%) Elisa CMD – continued good revenue growth but a lack of EBITDA conversion

Elisa held their CMD in London yesterday with new guidance to 2027. Elisa has lifted revenue and EBITDA CAGRs (to 4% from 2%). Although there clearly remains a lack of operational leverage, the new higher growth outlook is a touch better than consensus expectation.

07/03/2025 1 EN

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Elisa

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Pan European Telecom Services and Cable

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Russell Waller

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Elisa (Neutral, TP: €50, +17%) Q4 24: Better SR y/y, but weaker EBITDA y/y; still a lack of operational leverage

Elisa has reported a slightly mixed set of results - reported service revenue growth has reaccelerated and is now back in the MSD range (albeit +2.5% y/y from +0.5% y/y ex M&A), but ex M&A EBITDA growth has slowed to +2.2% y/y from +2.9% y/y, and EBITDA is c1% light vs consensus expectations.

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January 31, 2025 January 31, 2025 1 EN

New Street Research

Elisa (Neutral, TP: €53, +9%) Q3 24: Stable MSR growth, but much weaker fixed, EBITDA in-line

Elisa has reported a slightly mixed set of results; reported service revenue growth is much slower and has missed expectations badly(-0.2% y/y from +3.9% y/y), but MSR growth is unchanged at +4.8% y/y with fixed -5.8% y/y from +2.9% y/y. EBITDA though is in-line with expectations, and reported EBITDA growth is +3.7% y/y from +3.9% y/y, suggesting that [the lack of] operational leverage is now working in reverse.

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October 18, 2024 October 18, 2024 1 EN

Bouygues Telecom Q4 24: Bouygues results, inc. half-time report for French Telcos & SFR look ahead

Bouygues Telecom reported slower sequential SR and EBITDAaL growth yesterday. In this report, we look at those results and include a half-time report for the French Telcos, including a look ahead as to what SFR might report (no results date has been given yet).

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March 7, 2025 March 7, 2025 1 EN

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Elisa (Neutral, TP: €49, +9%) Elisa CMD – continued good revenue growth but a lack of EBITDA conversion

Elisa (Neutral, TP: €50, +17%) Q4 24: Better SR y/y, but weaker EBITDA y/y; still a lack of operational leverage

Elisa (Neutral, TP: €53, +9%) Q3 24: Stable MSR growth, but much weaker fixed, EBITDA in-line

Bouygues Telecom Q4 24: Bouygues results, inc. half-time report for French Telcos & SFR look ahead

Broadcom 1FQ25: AI datacenter custom chips gaining traction Buy, $245 TP

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