Company Overview
Elisa Corporation is a Finnish telecommunications and technology company that provides a wide range of services and solutions to individuals, businesses, and governments. With a rich history dating back to 1989, Elisa has established itself as a leading player in the Nordic region, offering innovative products and services that cater to the evolving needs of its customers.
Elisa's primary mission is to provide high-quality communication and technology solutions that enable people to connect, create, and thrive. The company's core values are built around innovation, customer-centricity, and sustainability, which guide its strategic decisions and operational practices.
Key Products/Services
Elisa offers a diverse range of products and services that cater to various aspects of life, including:
- Telecommunications: Elisa provides mobile, fixed-line, and internet services to individuals and businesses, offering competitive pricing, reliable connectivity, and innovative features.
- IT Services: The company offers a range of IT solutions, including cloud computing, cybersecurity, and data analytics, to help businesses and organizations manage their digital transformation.
- Energy Solutions: Elisa has developed a range of energy-efficient products and services, including smart home solutions, renewable energy systems, and energy management platforms.
- Healthcare Services: The company provides healthcare services, including telemedicine, health monitoring, and medical billing, to support the well-being of individuals and communities.
These products and services are designed to benefit customers in various ways, such as:
- Improved connectivity and communication
- Increased efficiency and productivity
- Enhanced energy management and sustainability
- Better healthcare outcomes and access to medical care
Benefits and Competitive Advantage
Elisa's products and services offer several benefits, including:
- Competitive pricing and reliable connectivity
- Innovative features and cutting-edge technology
- Personalized customer support and service
- Energy-efficient solutions and sustainable practices
- Access to advanced healthcare services and medical care
The company's competitive advantage lies in its ability to innovate, provide high-quality products and services, and offer personalized customer experiences. Elisa's strong brand reputation, extensive network, and commitment to sustainability also contribute to its success in the market.
Financial Performance and Outlook
Elisa's financial performance has been strong in recent years, with steady revenue growth and increasing profitability. The company's revenue for 2025 is expected to be driven by its expanding telecommunications, IT services, and energy solutions businesses.
The outlook for Elisa is positive, with the company poised to capitalize on emerging trends and technologies in the Nordic region. However, the company faces intense competition from established players and new entrants in the market, which may impact its growth prospects.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 167.3 | 167.3 | 167.3 | 167.3 | 167.3 | 167.3 | 167.3 |
| Target Valuation (MEur) | 4844.2 | 5013.3 | 5084.0 | 5174.9 | 4828.0 | 4501.4 | 4501.4 |
| Target Price | 28.95 | 29.96 | 30.38 | 30.93 | 28.85 | 26.9 | 26.9 |
| Potential, % | -41.5 | -28.4 | -27.8 | -18.1 | -16.7 | -22.3 | -22.3 |
| Recommendation | Sell | Sell | Sell | Hold | Hold | Sell | Sell |
| MCAP (MEur) | 8276.4 | 7006.3 | 7041.5 | 6315.2 | 5793.1 | 5793.1 | 5793.1 |
| Price | 49.46 | 41.87 | 42.08 | 37.74 | 34.62 | 34.62 | 34.62 |
| EV | 9552.0 | 8310.0 | 8514.0 | 7823.0 | 7071.0 | 6676.0 | 6303.0 |
| P/S | 3.89 | 3.21 | 3.21 | 2.8 | 2.57 | 2.49 | 2.52 |
| EV/S | 4.49 | 3.81 | 3.89 | 3.47 | 3.14 | 2.87 | 2.74 |
| EV/EBIT | 20.33 | 17.25 | 17.46 | 15.53 | 14.08 | 12.93 | 12.35 |
| P/E | 22.2 | 18.73 | 19.76 | 16.97 | 14.91 | 14.02 | 14.19 |
| P/B | 6.64 | 5.42 | 5.45 | 5.04 | 3.75 | 2.96 | 2.45 |
| P/OCF | 13.99 | 10.82 | 10.82 | 9.17 | 8.81 | 8.28 | 8.55 |
| EV/OCF | 16.14 | 12.83 | 13.08 | 11.36 | 10.76 | 9.55 | 9.3 |
| P/FCF | 28.16 | 20.19 | 27.51 | 15.81 | 16.03 | 14.68 | 15.53 |
| EV/FCF | 32.5 | 23.95 | 33.26 | 19.58 | 19.56 | 16.92 | 16.9 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 2129.5 | 2180.4 | 2191.5 | 2257.1 | 2255.3 | 2325.6 | 2299.9 |
| Rev. Growth, % | 6.6 | 2.4 | 0.5 | 3.0 | -0.1 | 3.1 | -1.1 |
| Ebit | 469.9 | 481.8 | 487.6 | 503.9 | 502.4 | 516.4 | 510.3 |
| Ebit Growth, % | 9.0 | 2.5 | 1.2 | 3.3 | -0.3 | 2.8 | -1.2 |
| Ebit, % | 22.1 | 22.1 | 22.2 | 22.3 | 22.3 | 22.2 | 22.2 |
| Profit | 372.8 | 374.0 | 356.4 | 372.2 | 388.6 | 413.1 | 408.2 |
| EPS | 2.23 | 2.24 | 2.13 | 2.22 | 2.32 | 2.47 | 2.44 |
| Profit Growth, % | 8.5 | 0.3 | -4.7 | 4.4 | 4.4 | 6.3 | -1.2 |
| Profit, % | 17.5 | 17.2 | 16.3 | 16.5 | 17.2 | 17.8 | 17.7 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 95.5 | 77.1 | 75.6 | 47.5 | 58.7 | 56.8 | 58.7 |
| Acc. Receivable | 537.1 | 555.8 | 573.0 | 577.8 | 611.0 | 604.4 | 651.3 |
| Cash | 85.4 | 63.4 | 89.9 | 189.5 | 319.1 | 713.7 | 1086.6 |
| Equity | 1246.5 | 1293.7 | 1292.8 | 1252.5 | 1543.8 | 1956.9 | 2365.2 |
| ROE, % | 29.9 | 28.9 | 27.6 | 29.7 | 25.2 | 21.1 | 17.3 |
| ROCE, % | 18.0 | 18.1 | 17.1 | 17.1 | 16.0 | 14.5 | 12.9 |
| Net Debt | 1276.0 | 1304.0 | 1472.8 | 1508.0 | 1277.9 | 883.3 | 510.4 |
| Gearing, % | 102.4 | 100.8 | 113.9 | 120.4 | 82.8 | 45.1 | 21.6 |
| Equity ratio, % | 40.2 | 41.4 | 38.5 | 35.6 | 40.9 | 46.0 | 52.5 |
| Acc. Payable | 412.9 | 402.5 | 424.2 | 440.3 | 414.8 | 430.4 | 412.6 |
| Total Assets | 3100.8 | 3124.6 | 3356.4 | 3515.7 | 3779.1 | 4255.0 | 4501.2 |
| ROA, % | 12.0 | 12.0 | 10.6 | 10.6 | 10.3 | 9.7 | 9.1 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 591.8 | 647.8 | 650.9 | 688.6 | 657.3 | 699.4 | 677.7 |
| Investment Cash Flow | -297.9 | -300.8 | -394.9 | -289.1 | -295.8 | -304.8 | -304.8 |
| Free Cash Flow | 293.9 | 347.0 | 256.0 | 399.5 | 361.5 | 394.6 | 372.9 |
| OCF/CAPEX | 1.99 | 2.15 | 1.65 | 2.38 | 2.22 | 2.29 | 2.22 |
| Financial Cash Flow | -328.5 | -370.1 | -228.8 | -298.8 | -232.6 | 0.0 | 0.0 |
Disclaimer
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