New Street Research - Elisa (ELISA) Elisa (Neutral, TP: €56, +2%) Q1 23: In-line vs consensus, but B2C EBITDA growth probably turned negative - inc call feedback

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New Street Research

Russell Waller

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Elisa (Neutral, TP: €56, +2%) Q1 23: In-line vs consensus, but B2C EBITDA growth probably turned negative - inc call feedback

The concern at Elisa for the past year or so has been operational leverage (the lag between revenue growth and EBITDA growth). This quarter is no different.

20/04/2023 1 EN

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Elisa

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New Street Research

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Pan European Telecom Services and Cable

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Russell Waller

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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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Elisa (Neutral, TP: €53, +26%) Q2 24: Better SR trends, but MSR growth slower and EBITDA in-line only

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Elisa (Neutral, TP: €56, +2%) Q1 23: In-line vs consensus, but B2C EBITDA growth probably turned negative - inc call feedback

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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