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Elisa (ELIAV; Baa2/BBB+) Q2 Results In Line With Consensus; Leverage Improves QoQ

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  • Q2 revenue was +1.6% YoY (+0.8% vs. consensus) driven by mobile service revenue +4.7% (-0.5% vs. consensus).
  • EBITDA was +4% (flat to consensus) which fed through to an EPS of 0.57 (vs. consensus of 0.58) so this shouldn’t be a driver of any equity vol.
  • Credit metrics look stable; comparable cash flow of EUR 94mn was slightly down from EUR 108mn in Q223 on a WC change and slightly higher CapEx (EUR 84mn vs. EUR 70mn in Q223) but was in line with consensus while EBITDA leverage fell from 2x to 1.8x, helped by a 5% reduction in net debt.
  • Guidance unchanged.

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