New Street Research - Elisa (ELISA) New Street: Elisa (Neutral, TP: €55, +1%) Q1 22: Good LFL SR trends, EBITDA catching up - Quick Take

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New Street Research

Russell Waller

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New Street: Elisa (Neutral, TP: €55, +1%) Q1 22: Good LFL SR trends, EBITDA catching up - Quick Take

The concern at Elisa for the last three quarters has been operational leverage (the lag between revenue growth and EBITDA growth). This quarter, EBITDA growth continues to lag revenue growth, and OpEx has come in ahead of expectations again.

22/04/2022 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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Pan European Telecom Services and Cable

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Analysts

Russell Waller

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New Street: Elisa (Neutral, TP: €55, +1%) Q1 22: Good LFL SR trends, EBITDA catching up - Quick Take

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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