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ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Adrian Gilani
ELTEL-SE ELTEL

EBITA margin +0.6pp after divestment

Q1e a seasonally small quarter. Divests loss-making business, EBITA margin +0.6pp. Share now trading at 10-8x '24e-'25e EV/EBITA.

04/22/24 April 22, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Adrian Gilani
ELTEL-SE ELTEL

Margin lift highlights operational improvements

Earnings lift on better contract terms and cost savings. 5% margin-driven EBITA upgrades for '24e-'25e. Renegotiating contracts the main margin driver ahead.

02/14/24 February 14, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Adrian Gilani
ELTEL-SE ELTEL

Price hikes and cost cuts to continue

Q4e: Cost cuts and price hikes lift earnings. Minor estimate changes, EBITA +1% on FX. Trading at 11x '24e EV/EBITA.

01/17/24 January 17, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Adrian Gilani
ELTEL-SE ELTEL

Price hikes and cost savings bear fruit

3.5pp q-o-q margin expansion a strong statement. Adj. EBITA estimates raised by EUR 6-9m on higher margins. Price hikes and cost cuts taking effect.

11/06/23 November 6, 2023 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Adrian Gilani
ELTEL-SE ELTEL

We expect positive EBITA on cost cuts

Q3 report due on Thursday, 2 November. Cost reduction taking effect. Margins on new contracts crucial.

10/03/23 October 3, 2023 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Adrian Gilani
ELTEL-SE ELTEL

Slight improvement, but more is needed

Solid growth, but high costs still hurting margins. More benefits from savings program in Q3e. 16x 25e EV/EBITA on ABGSCe, company's target implies 5.5x.

08/01/23 August 1, 2023 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Adrian Gilani
ELTEL-SE ELTEL

Likely no quick fix to cost inflation

Q2 report due on Thursday, 27 July. Some but not full effect from cost savings programme. Trading at 17x '24e-'25e EV/EBITA.

07/17/23 July 17, 2023 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Adrian Gilani
ELTEL-SE ELTEL

Waiting for the cost savings effect

Restructuring burdens Q1, waiting for cost savings to take effect. EBITA downgrades driven by higher group costs. Trading at 19-17x '24e-'25e EV/EBITA.

05/08/23 May 8, 2023 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Adrian Gilani
ELTEL-SE ELTEL

Restructuring to hurt Q1, the fruits come later

We expect Eltel's Q1 to reflect its usual seasonal weakness, with the cost savings programme to show effect from Q2 onwards.

04/03/23 April 3, 2023 1 EN
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