New Street Research - Elisa (ELISA) Elisa (Neutral, TP: €46, +5%) Q1 25: Weaker SR y/y, but better EBITDA y/y – stock needs both better

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New Street Research

Russell Waller

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Elisa (Neutral, TP: €46, +5%) Q1 25: Weaker SR y/y, but better EBITDA y/y – stock needs both better

Elisa has reported a slightly mixed set of results – SR has missed by -1.6%, but EBITDA is +0.9% ahead. LFL y/y EBITDA trends are better, but LFL y/y SR trends are slower, and that’s the rub: Elisa can’t seemingly grow EBITDA and SR at the same time, or more importantly EBITDA at faster rate than SR, but with good SR growth. Until that changes, or it beats expectations, it is unlikely to materially re-rate in our view, hence the Neutral rating.

17/04/2025 1 EN

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Elisa

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Analysts

Russell Waller

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Elisa (Neutral, TP: €46, +5%) Q1 25: Weaker SR y/y, but better EBITDA y/y – stock needs both better

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

CHTR 1Q25 Quick Take: Net adds a little soft; EBITDA beat

NSR Policy Implications of Hegseth’s Woes on Key Spectrum Battle

Megacable (Neutral, TP: MXN55, +21%) Q1 25: Slightly slower but solid overall

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