New Street Research - Elisa (ELISA) New Street: Elisa Q1 21: Weaker sequential y/y after strong Q4 20

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New Street Research

Russell Waller

New Street: Elisa Q1 21: Weaker sequential y/y after strong Q4 20

Elisa has reported a slightly soft set of Q1 results relative to consensus expectations.

21/04/2021 9 EN

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Elisa

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Analysts

Russell Waller

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Elisa (Neutral, TP: €46, +5%) Q1 25: Weaker SR y/y, but better EBITDA y/y – stock needs both better

Elisa has reported a slightly mixed set of results – SR has missed by -1.6%, but EBITDA is +0.9% ahead. LFL y/y EBITDA trends are better, but LFL y/y SR trends are slower, and that’s the rub: Elisa can’t seemingly grow EBITDA and SR at the same time, or more importantly EBITDA at faster rate than SR, but with good SR growth. Until that changes, or it beats expectations, it is unlikely to materially re-rate in our view, hence the Neutral rating.

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New Street: Elisa Q1 21: Weaker sequential y/y after strong Q4 20

Elisa (Neutral, TP: €46, +5%) Q1 25: Weaker SR y/y, but better EBITDA y/y – stock needs both better

Elisa (Neutral, TP: €49, +9%) Elisa CMD – continued good revenue growth but a lack of EBITDA conversion

Elisa (Neutral, TP: €50, +17%) Q4 24: Better SR y/y, but weaker EBITDA y/y; still a lack of operational leverage

Microsoft vs. OpenAI: Implications for investors?

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

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