New Street Research - Elisa (ELISA) New Street: Elisa (Neutral, TP: €55, +19%) Q3 22: Better operational gearing, but with lower revenue growth - Quick Take

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New Street Research

Russell Waller

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New Street: Elisa (Neutral, TP: €55, +19%) Q3 22: Better operational gearing, but with lower revenue growth - Quick Take

The concern at Elisa for the past year or so has been operational leverage (the lag between revenue growth and EBITDA growth). This quarter, the operational leverage is better, thanks to unchanged EBITDA growth, and slightly slower revenue growth (revenue and OpEx have come in ahead of expectations again, with EBITDA in-line).

19/10/2022 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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Russell Waller

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New Street: Elisa (Neutral, TP: €55, +19%) Q3 22: Better operational gearing, but with lower revenue growth - 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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