REAL-TIME GLOBAL RESEARCH
Elisa Oyj (ELISA.HE): Model Update
Research evidence excerpt
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18 Aug 2026 11:25:46 ET │ 13 pages
Elisa Oyj (ELISA.HE)
Model Update
CITI'S TAKE
We update our model to reflect the Q2 26 results. Our changes to
estimates are minimal, with FY26 revenue and adjusted EBITDA
forecasted -0.1% and flat against our previous estimates respectively.
Beyond FY26, we see slight upgrades in our revenue forecasts up 0.3%
and 0.8% for FY27 and FY28 respectively, driven by increased mobile
service revenues. Our Target Price moves to €38.0 (from €39.0) based on
changes in our WACC estimates (up to 8.0% from 7.2% reflecting modestly
higher yield assumptions). We maintain our Neutral rating.
Neutral
Price (17 Aug 26 18:30)
Target price
from €39.00
Expected share price return
Expected dividend yield
Expected total return
Market Cap
Pavan Daswani, CFAAC
Elisa Oyj (EUR)
Year to 31 Dec
2024A
2025A
2026E
2027E
2028E
Sales (€M)
2,191.5
2,257.1
2,257.7
2,317.0
2,386.9
Net Income (€M)
371.6
475.8
394.5
449.7
483.1
Diluted EPS (€)
2.32
2.96
2.46
2.80
3.01
Diluted EPS (Old) (€)
2.32
2.96
2.45
2.76
2.91
PE (x)
15.3
11.9
14.4
12.6
11.8
EV/EBITDA (x)
9.2
9.0
8.7
8.1
7.7
DPS (€)
2.35
2.40
2.50
2.60
2.70
Net Div Yield (%)
6.6
6.8
7.1
7.3
7.6
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