New Street Research - Elisa (ELISA) New Street: Elisa (Neutral, TP: €55.0, +2%) Q2 22: Excellent service revenue growth, EBITDA growth though still lagging - Quick Take

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New Street Research

Russell Waller

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New Street: Elisa (Neutral, TP: €55.0, +2%) Q2 22: Excellent service revenue growth, EBITDA growth though still lagging - Quick Take

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

15/07/2022 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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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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New Street: Elisa (Neutral, TP: €55.0, +2%) Q2 22: Excellent service revenue growth, EBITDA growth though still lagging - 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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