Elisa (Neutral, TP: €53, +9%) Q3 24: Stable MSR growth, but much weaker fixed, EBITDA in-line
Elisa has reported a slightly mixed set of results; reported service revenue growth is much slower and has missed expectations badly(-0.2% y/y from +3.9% y/y), but MSR growth is unchanged at +4.8% y/y with fixed -5.8% y/y from +2.9% y/y. EBITDA though is in-line with expectations, and reported EBITDA growth is +3.7% y/y from +3.9% y/y, suggesting that [the lack of] operational leverage is now working in reverse.
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