Elisa Oyj（ELISA.HE）：模型更新

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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