Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ELISA OYJ. We currently have 4 research reports from 1 professional analysts.
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Still expensive for a no-growth story
18 Jul 16
Q2 revenues increased by 1% yoy while EBITDA grew by 2% thanks to continued efficiency improvements. A quarter perfectly in line with expectations after a slightly better than expected Q1 (revenues were up by 2% yoy but EBITDA had grown in parallel by 6%). Elisa has raised slightly its outlook for 2016: full-year revenue and EBITDA are now estimated to be slightly higher than in 2015 (vs at the same level before). Full-year capex is still expected to be a maximum of 12% of revenue (quite logical given that Elisa’s 4G LTE network is already covering 98% of Finland).
Ahead of schedule after solid EBITDA growth in Q1
15 Apr 16
A slightly better than expected Q1 for Elisa with revenues up by 2% yoy (to €390m), a number in line with expectations but EBITDA grew in parallel by 6% yoy (to €137m) thanks to continued efficiency improvements. The outlook for 2016 is unchanged: full-year revenue and EBITDA are estimated to be at the same level as in 2015. Full-year capex is expected to be a maximum of 12% of revenue (quite logical given that Elisa’s 4G LTE network is already covering 98% of Finland).
A good Q4 but a no growth story for 2016
02 Feb 16
A slightly better than expected Q4 for Elisa with revenues up by 5% yoy (to €404m) while the EBITDA, excluding non-recurring items, also grew by 5% yoy (to €131m) thanks to continued efficiency improvements. Note an exceptional charge of €3m which relates to personnel reductions. The outlook for 2016 is quite similar to the one given last year: full-year revenue and EBITDA are estimated to be at the same level as in 2015. Full-year capex is expected to be a maximum of 12% of revenue (quite logical given that Elisa’s 4G LTE network is already covering 98% of Finland).
Slight growth in Q2
16 Jul 15
An as expected Q2 for Elisa with revenues up by 2% yoy (to €390m) while the EBITDA grew by 3% yoy (to €131m) thanks to continued efficiency improvements. Remember that three months ago Elisa had kicked off the telcos' Q1 release season with stable revenues and a slight 2% increase in the EBITDA. The outlook for 2015 is unchanged: full-year revenue and EBITDA are estimated to be at the same level as in 2014. Full-year capex is expected to be a maximum of 12% of revenue (quite logical given that Elisa’s 4G LTE network is already covering 97% of Finland).
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
The Cybersecurity Rebellion: “No, I’m Spartacus!”
07 Jun 16
Steve “Woz” Wozniak, infamous co-founder of Apple, was the latest culprit to send shivers across the tech world by claiming Cybersecurity is the greatest threat the world has faced since the atom bomb. Mr Wozniak was alluding to the heightened sense of fear that recent high profile breaches have caused Cybersecurity to be put at the forefront of political, corporate and now it would appear, investor agendas. As the topic gains increasing awareness, it gives rise to a number of companies claiming to be a “thought leader” in the Cybersecurity space, holding the best IP and the best routes to market. With many companies singing from the same loss making hymn sheet it is making it ever difficult to spot the true “Spartacus” from the crowd.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
29 Nov 16
CityFibre* (CITY): Business parks in the spotlight (CORP) | D4T4 Solutions* (D4T4): Data driven growth (CORP) | Sound Energy (SOU): Badile rig contract signed (BUY) | Patisserie Holdings (CAKE): A decade of revenue and profit growth (BUY) | Acal (ACL): Niche market position underpins potential (BUY) | KCOM* (KCOM): Interims highlight strategic focus (CORP)