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

EUR 9212.00 For Business Accounts Only

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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Russell Waller

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

Elisa (Neutral, TP: €54, +27%) Q1 24: EBITDA growth better than SR growth, but B2B EBITDA still negative y/y

Elisa (Neutral, TP: €54, +26%) Q4 23: B2B performance remains a concern

IQ 1Q24 Results: Driving Efficiency Remains a Key Focus in FY24

BIDU 1Q24 Results: Baidu Core Ads Could Remain Challenging in the Near Term

JD 1Q24 Results: Potential Upside in Margins for FY24

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