Elisa (Neutral, TP: €56, +17%) Q2 23: In-line vs consensus, but B2B EBITDA negative y/y
MSR growth remains good at Elisa, but this quarter, fixed revenue has slowed materially, and Digital Services has actually reported negative revenue y/y. B2B EBITDA is also negative y/y. Group EBITDA is in-line (-0.3% light), but within that, B2C is +2.4% ahead and B2B is -7.5% light.
Elisa is a telecommunications, ICT and online service company that served 2.3 million consumer, corporate and public administration organisation customers as of Dec 31 2014. Co. engages in telecommunications activities and provides ICT and online services in Finland and in selected international market areas. Co. and its subsidiaries' reportable operating segments are Consumer Customers and Corporate Customers. The Consumer Customer segment provides consumers and households with telecommunications services, such as voice and data services. The Corporate Customers segment provides to the corporate and community customers voice and data services, ICT solutions and contact center services.
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