Elisa (Neutral, TP: €57, +10%) Q4 22: Lower growth, but in-line results - Quick Take
The concern at Elisa for the past year or so has been operational leverage (the lag between revenue growth and EBITDA growth). This quarter, the operational leverage is better, but growth is much slower in both revenue and EBITDA, which does slightly beg the question: does Elisa have to spend on OpEx to generate revenue growth?Aberforth Smaller Companies Trust is a closed-ended investment trust company. Co.'s investment objective is to achieve a net asset value total return (with dividends reinvested) greater than that of the Numis Smaller Companies Index (excluding Investment Companies) (NSCI (XIC) or benchmark) over the long term. Co. is managed by Aberforth Partners LLP.
Elisa is a telecommunications, ICT and online service company that served 2.3 million consumer, corporate and public administration organisation customers as of Dec 31 2014. Co. engages in telecommunications activities and provides ICT and online services in Finland and in selected international market areas. Co. and its subsidiaries' reportable operating segments are Consumer Customers and Corporate Customers. The Consumer Customer segment provides consumers and households with telecommunications services, such as voice and data services. The Corporate Customers segment provides to the corporate and community customers voice and data services, ICT solutions and contact center services.
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