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 re
