January 31, 2025 07:51 GMT
COMMUNICATIONS: Elisa Q4 Results
COMMUNICATIONS
ELIAV Baa2/BBB+
Slight negative on higher leverage, weaker cash flows albeit not a spread mover. FY25 guidance seems modest though they typically upgrade throughout.
- Q4 revs +2.9% YoY (+1.1% vs. cons) with mobile service revs +4.1% (-0.6% vs. cons)
- Q4 EBITDA flat with comparable EBITDA +3.3% (-0.5% vs. cons).
- Q4 CFO EUR 143mn vs. EUR 163mn in Q423. Q4 CapEx EUR 80mn vs. EUR 91mn.
- Q4 comp cash flow EUR 66mn vs. EUR 73mn in Q423. FY: EUR 357mn vs. EUR 361mn.
- EBITDA leverage 1.9x from 1.7x at Q3 and FY23 w/ net debt EUR 1.5bn vs. EUR 1.3bn in Q3.
- Div declared at upper end of 80-100% net income range. 5mn share buybacks proposed.
- FY25 revs, comp EBITDA seen same or slightly higher (vs. consensus of +3.6%, +3.7%).
- FY25 CapEx/Sales seen at a max 12% (13% in FY24 vs. 12-13% guidance).
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