New Street Research - Elisa (ELISA) Elisa (Neutral, TP: €54, +26%) Q4 23: B2B performance remains a concern

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New Street Research

Russell Waller

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

Elisa results continue to be characterised by a good B2C performance but a poor B2B performance (Revenue -1.4% y/y, EBITDA -3.4% y/y) . The bull case for the B2B division is that is that there are upfront losses and investments that will reverse, and when that happens, EBITDA growth will become positive.

26/01/2024 1 EN

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Elisa

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Pan European Telecom Services and Cable

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Analysts

Russell Waller

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