New Street Research - Elisa (ELISA) Elisa (Neutral, TP: €53, +24%) Q3 23: Miss vs consensus, B2B EBITDA a concern

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New Street Research

Russell Waller

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Elisa (Neutral, TP: €53, +24%) Q3 23: Miss vs consensus, B2B EBITDA a concern

Growth has slowed slightly, and numbers have missed slightly. For a stock that trades at a 32% premium to the sector on EV/FCF that is not a good look. The miss and slowdown is small, but that is not the point, especially when there are also concerns around B2B EBITDA and International Digital Service growth outlook (growth outlook downgraded this quarter).

19/10/2023 1 EN

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Elisa

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Pan European Telecom Services and Cable

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Russell Waller

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Elisa (Neutral, TP: €53, +24%) Q3 23: Miss vs consensus, B2B EBITDA a concern

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

EU TELECOMS REFRESH: Can the outperformance continue?

Elisa (Neutral, TP: €53, +26%) Q2 24: Better SR trends, but MSR growth slower and EBITDA in-line only

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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