New Street: Elisa Q4 19: Growth slows, multiple looks stretched
Elisa has reported a mixed set of Q4 results. The key metric of Finnish MSR growth slowed to +0.1% y/y from +1.0% y/y (with total Finish MSR growth slowing by 1.4pp to +0.5% y/y), but group EBITDA growth accelerated to +3.2% y/y from +2.8% y/y in Q3 19.
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