Rankings Software, cloud & internet Elisa
Elisa
70
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Quality of growth−4
- Competition in Finland−4
- ROIC−2
Strengths
- Stabilisation of the mobile market+1
- Stable cash flow and dividend growth+1
How the score is built
From 100 to 70, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 33.48 EUR
- Median analyst target
- 38.00 EUR
- Upside to median
- +13.5%
- Analysts
- 19
- Target range
- 26.50 – 50.00 EUR
- 52-week change
- −14%
- P/E (trailing)
- 16.3
- Forward P/E
- 13.4
- PEG
- 4.21
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−9 of −30
- −4Quality of growthEPS has fallen three years in a row from EUR 2.34 (2023) to 2.13 TTM, and revenue grew only 1.1% TTM (EUR 2.25bn); consensus expects just 0-2% revenue growth in 2026-2027.
- −2ROICROIC 13.2% TTM vs 15.5% (2022) and 15.2% (2023) – still solid, but declining every year; ROCE from 19.9% to 15.7%.
- −1MarginOperating margin is 20.5% TTM vs 22.1–22.2% in 2022–2024 and net margin 15.2% vs 17.6%.
- −2Capital allocationThe dividend (EUR 2.40) exceeded profit in 2024 (100%) and 2025 (112%), and gross debt has risen from EUR 1.33bn to 1.60bn since 2021, while acquisitions in International Software Services are to create the growth.
Price
Today's multiples against the company's own history and its peers. · 3 findings−3 of −35
- −1Multiples vs own historyForward P/E 14.1 vs 14.8–23.7 and EV/EBITDA 9.4 vs 10.5–14.8 in 2021–2025 – the lowest level in the period, but it reflects falling earnings. P/B 4.2.
- −1PeersForward P/E 14.1 vs Telia 16.9 and Telenor 13.8; EV/EBITDA 9.4 vs 7.2–8.5 for the two – more expensive than peers on EV/EBITDA.
- −1Absolute price levelEarnings yield 6.1% and FCF yield 6.8% for a company with almost zero growth; the dividend yield of 6.8% is essentially the entire return.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−8 of −35
- −4Competition in FinlandPrice war on Finnish mobile subscriptions: telecom revenue fell 0.7% in Q2, and the company itself writes that last year's hard competition still weighs on service revenue. The stock is down 20% over a year.
- −2Execution and cutbacksRepeated disappointments: the stock fell about 8% on Q3 2025 after an earnings miss, and Q2 2026 EPS (EUR 0.55) was below expectations; savings of EUR 40m with up to 450 layoffs must protect the margin.
- −2Concentration in a small marketConsumer customers (1.35 bn EUR) and business customers (0.74 bn EUR) are almost entirely in Finland and Estonia; only International Software Services (158 m EUR, 7%) is international.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Stabilisation of the mobile marketPostpaid ARPU in Finland rose to 24.0 EUR, churn fell from 17.2% to 16.7%, and prices on new consumer subscriptions were above last year; guidance (comparable EBITDA 815–845m EUR) confirmed.
- +1Stable cash flow and dividend growthFCF has been stable at EUR 321-410m a year since 2021 (FCF margin 15-18%), and the dividend has been raised every year from EUR 2.05 to 2.40; FCF covers the dividend (76%).
Caveats
What the score does not capture, or where the data is weak.
Telecom company placed under 'Software, cloud & internet' like the other telecom companies in the model (no telecom category). Reported EPS includes restructuring costs (up to 450 positions); comparable EBITDA grows weakly (+1% in Q2). Q3 report comes in October.
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