Elisa (Neutral, TP: €53, +26%) Q2 24: Better SR trends, but MSR growth slower and EBITDA in-line only
Elisa has reported a slightly mixed set of results; service revenue growth is better (+3.9% y/y from +1.0% y/y), but MSR growth is slightly slower, as is EBITDA growth. The better SR growth is thanks to fixed, which is thanks to Digital Services (DS) – but as per previous quarters, DS revenue is not really filtering through to EBITDA (which was only in-line vs consensus despite a SR beat), albeit B2B EBITDA growth was positive y/y.
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