Elisa Oyj: 1 director

A director at Elisa Oyj sold 20,000 shares at 46.440EUR and the significance rating of the trade was 86/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...

Elisa (Hold, TP: EUR48.00) - sedApta acquisition neutralised Q3

The Q3 report was on the weak side, in our opinion, with revenues 3% below consensus. We have trimmed our underlying estimates, which is offset by the acquired sedApta business. We reiterate our HOLD and EUR48 target price.

Margin resilience, capex remains elevated

Solid EBITDA but higher capex

Valuation uplift has materialised - HOLD

Solid Q2 with accelerating EBITDA growth

Q2 delivered healthy MSR growth of 5% and improving IDS supporting op. leverage; EBITDA growth accelerating 4 Q's in a row. Limited changes to outlook - keep BUY.

Elisa (Hold, TP: EUR45.00) - Small top-line deviation explained by B2B...

Elisa (ELISA FH, Hold) - Small top-line deviation explained by B2B contract (23 pages)

In line, but accelerating EBITDA growth

Elisa (Hold, TP: EUR45.00) - Q2e set to improve versus Q1

We expect a slight revenue growth improvement in Q2 YOY versus Q1, driven by IDS, and further recovery in the full year. We are roughly in line with consensus, and reiterate our HOLD and EUR45 target price.

Declining premium creates good entry

Q2e solid as usual, comp. EBITDA up 3% y-o-y. Operational superiority remains, but the premium is shrinking. This is creating a great entry at 5.5% div.yield and >4% DPS CAGR.

Elisa (Hold, TP: EUR45.00) - Cost savings continue to lift EBITDA

The Q1 results showed improved mobile service revenue (MSR) growth and a return to growth in International Digital Services (IDS), and group EBITDA beat consensus on cost control. However, due to Elisa’s premium valuation to Nordic peers, we reiterate our HOLD and EUR45 target price.

Elisa (Hold, TP: EUR45.00) - First quarter for new CEO

Q2–Q4 2023 revenues were below consensus, due to weakness in International Digital Services (IDS). Ahead of the Q1 results (due at 07:30 CET on 19 April), we are in line with consensus on sales and EBITDA. We reiterate our HOLD and EUR45 target price.

Elisa (Hold, TP: EUR45.00) - IDS still below our forecast

For the third consecutive quarter, International Digital Services’s revenue growth disappointed, resulting in a miss versus consensus on revenue. We believe the trends in IDS need to turn before investors could turn more positive. We reiterate our HOLD and EUR45 target price.

Elisa (Hold, TP: EUR45.00) - Awaiting improving trends

Elisa missed our expectations and consensus in Q2 and Q3 2023. Ahead of the Q4 report (due at 07:30 CET on 26 January), we are marginally below consensus on sales and EBITDA. We reiterate our HOLD and EUR45 target price.

Elisa (Hold, TP: EUR45.00) - IDS and MSR disappoint in Q3

The Q3 results missed our forecasts, as IDS customers are delaying projects and MSR growth slowed QOQ, particularly in Estonia. This weaker growth versus key peers Telia/Tele2 limits the potential upside in our view; we reiterate our HOLD and have lowered our target price to EUR45 (47.5).

Elisa (Hold, TP: EUR47.50) - Higher interest rates taking effect

We remain cautious on Elisa due to the low FCF yield coupled with a rising interest rate market environment, which seems to have hampered the share price. We reiterate our HOLD and have lowered our target price to EUR47.5 (50). However, we see a positive risk/reward on Q3e, as we are c3% above consensus on EBITDA, likely driven by solid performance for International digital services (IDS).

Northern Lights

Elisa (Hold, TP: EUR50.00) - IDS recovery expected in H2

Due to timing issues, IDS reported -5% growth YOY. With guidance of strong double-digit growth for 2023, a solid H2 is expected for this business. Elisa also reported a re-acceleration of the MSR growth. With a strong H2e in the offing, we have upgraded to HOLD (SELL) and raised our target price to EUR50 (46).

Elisa (Neutral, TP: €56, +17%) Q2 23: In-line vs consensus, but B2B E...

MSR growth remains good at Elisa, but this quarter, fixed revenue has slowed materially, and Digital Services has actually reported negative revenue y/y. B2B EBITDA is also negative y/y. Group EBITDA is in-line (-0.3% light), but within that, B2C is +2.4% ahead and B2B is -7.5% light.

Elisa (Sell, TP: EUR46.00) - Minor revisions on neutral report

On Q1 headline numbers, Elisa beat consensus by 1% on sales and 2% on EBITDA. However, adjusting for EUR3m in other income from the sale of real estate, EBITDA was in line with consensus. We have raised our 2023–2024e sales 1–2%, but our EBITDA revisions are minor. We reiterate our SELL and EUR46 target price.