ELISA Stock Analysis: Elisa | HE
Telecom Services | HE, Finland | Market Cap: 5.871m EUR | 12M Return: -15.5% | FI0009007884 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 17.7M
EPS Trend: -12.8%
Qual. Beats: 0
Rev. Trend: 92.5%
Qual. Beats: -2
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Elisa Oyj is a Finnish telecommunications and ICT company operating across Finland, the rest of Europe, and internationally through two main segments: Consumer Customers and Corporate Customers. Its consumer offerings include fixed and mobile subscriptions, cable TV, entertainment services, and supplementary digital services, while its corporate arm provides IT and communication solutions alongside a growing portfolio of industrial software products marketed under the Elisa IndustrIQ brand (including sedApta, camLine, CalcuQuote, TenForce, and Polystar). The company has also expanded into energy-related services such as Gridle, an AI-powered energy flexibility optimization platform, and Elisa Kotiakku, a home battery solution designed to manage electricity price volatility and store solar-generated power.
As an integrated telecommunications operator in Finlands mature and competitive market, Elisa generates the bulk of its revenue from subscription-based connectivity services (mobile, fixed-line, broadband, and TV), which are characterized by stable, recurring cash flows but limited organic growth. In recent years, the company has pursued a diversification strategy into industrial software (IndustrIQ) and distributed energy solutions, aiming to offset saturation in its core telecom business by targeting enterprise customers in manufacturing, supply chain management, and the energy transition.
- Mobile ARPU growth offsets saturated Finnish subscriber market
- 5G fiber capex pressures near-term operating margins
- IndustrIQ enterprise software revenue accelerates diversification growth
| Net Income: 342.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA 0.27 > 1.0 |
| NWC/Revenue: 9.79% < 20% (prev -16.88%; Δ 26.67% < -1%) |
| CFO/TA 0.19 > 3% & CFO 653.2m > Net Income 342.1m |
| Net Debt (1.62b) to EBITDA (772.5m): 2.10 < 3 |
| Current Ratio: 1.43 > 1.5 & < 3 |
| Outstanding Shares: last quarter (160.7m) vs 12m ago 0.04% < -2% |
| Gross Margin: 65.34% > 18% (prev 65.10%; Δ 0.24% > 0.5%) |
| Asset Turnover: 66.20% > 50% (prev 66.41%; Δ -0.21% > 0%) |
| Interest Coverage Ratio: 11.07 > 6 (EBIT TTM 468.1m / Interest Expense TTM 42.3m) |
| A: 0.06 (Total Current Assets 728.7m - Total Current Liabilities 508.6m) / Total Assets 3.44b |
| B: 0.26 (Retained Earnings 902.8m / Total Assets 3.44b) |
| C: 0.14 (EBIT TTM 468.1m / Avg Total Assets 3.40b) |
| D: 0.64 (Book Value of Equity 1.34b / Total Liabilities 2.10b) |
| Altman-Z'' = 2.87 = A |
| DSRI: 0.99 (Receivables 543.1m/541.9m, Revenue 2.25b/2.22b) |
| GMI: 1.00 (GM 65.10% / 65.34%) |
| AQI: 1.00 (AQ_t 0.49 / AQ_t-1 0.49) |
| SGI: 1.01 (Revenue 2.25b / 2.22b) |
| TATA: -0.09 (NI 342.1m - CFO 653.2m) / TA 3.44b) |
| Beneish M = -3.04 (Cap -4..+1) = AA |
As of October 09, 2026, the stock is trading at EUR 35.38 with a total of 467,941 shares traded. Over the past week, the price has changed by -1.61%, over one month by -2.21%, over three months by +1.96% and over the past year by -15.45%.
Current recommended Stop Loss: 34.10 (which is 3.6% or 1.7 ATR below the current price).
Elisa has no consensus analysts rating.
P/E Trailing = 17.1643
P/E Forward = 13.7363
P/S = 2.6114
P/B = 4.5181
P/EG = 5.0695
Revenue TTM = 2.25b EUR
EBIT TTM = 468.1m EUR
EBITDA TTM = 772.5m EUR
Long Term Debt = 1.40b EUR (from longTermDebt, last quarter)
Short Term Debt = 97.0m EUR (from shortTermDebt, last quarter)
Debt = 1.73b EUR (from shortLongTermDebtTotal, last quarter) + Leases 136.1m
Net Debt = 1.62b EUR (calculated: Debt 1.73b - CCE 114.7m)
Enterprise Value = 7.49b EUR (5.87b + Debt 1.73b - CCE 114.7m)
Interest Coverage Ratio = 11.07 (Ebit TTM 468.1m / Interest Expense TTM 42.3m)
EV/FCF = 19.74x (Enterprise Value 7.49b / FCF TTM 379.4m)
FCF Yield = 5.07% (FCF TTM 379.4m / Enterprise Value 7.49b)
FCF Margin = 16.88% (FCF TTM 379.4m / Revenue TTM 2.25b)
Net Margin = 15.22% (Net Income TTM 342.1m / Revenue TTM 2.25b)
Gross Margin = 65.34% ((Revenue TTM 2.25b - Cost of Revenue TTM 779.1m) / Revenue TTM)
Gross Margin QoQ = 66.43% (prev 67.52%)
Tobins Q-Ratio = 2.18 (Enterprise Value 7.49b / Total Assets 3.44b)
Interest Expense / Debt = 2.44% (Interest Expense 42.3m / Debt 1.73b)
Taxrate = 19.63% (83.6m / 425.8m)
NOPAT = 376.2m (EBIT 468.1m * (1 - 19.63%))
Current Ratio = 1.43 (Total Current Assets 728.7m / Total Current Liabilities 508.6m)
Debt / Equity = 1.30 (Debt 1.73b / totalStockholderEquity, last quarter 1.34b)
Debt / EBITDA = 2.10 (Net Debt 1.62b / EBITDA 772.5m)
Debt / FCF = 4.27 (Net Debt 1.62b / FCF TTM 379.4m)
Total Stockholder Equity = 1.28b (last 4 quarters mean from totalStockholderEquity)
RoA = 10.07% (Net Income 342.1m / Total Assets 3.44b)
RoE = 26.73% (Net Income TTM 342.1m / Total Stockholder Equity 1.28b)
RoCE = 17.50% (EBIT 468.1m / Capital Employed (Equity 1.28b + L.T.Debt 1.40b))
RoIC = 12.89% (NOPAT 376.2m / Invested Capital 2.92b)
WACC = 3.83% (E(5.87b)/V(7.60b) * Re(4.38%) + D(1.73b)/V(7.60b) * Rd(2.44%) * (1-Tc(0.20)))
Discount Rate = 4.38% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 59.71 | Cagr: 0.04%
[DCF] Terminal Value 76.12% ; FCFF base≈371.7m ; Y1≈389.8m ; Y5≈450.5m
[DCF] Fair Price = 33.16 (EV 6.94b - Net Debt 1.62b = Equity 5.33b / Shares 160.6m; r=8.35% [WACC [floored]]; 5y FCF grow 5.36% → 2.50% )
EPS Correlation: -12.85 | EPS CAGR: -0.07% | SUE: -0.64 | # QB: 0
Revenue Correlation: 92.49 | Revenue CAGR: 1.55% | SUE: -0.92 | # QB: -2
EPS current Quarter (2026-09-30): EPS=0.65 | Chg30d=+0.00% | Revisions=+0% | Analysts=6
EPS current Year (2026-12-31): EPS=2.45 | Chg30d=-0.00% | Revisions=+40% | GrowthEPS=+3.9% | GrowthRev=+0.2%
EPS next Year (2027-12-31): EPS=2.52 | Chg30d=-0.08% | Revisions=+40% | GrowthEPS=+2.7% | GrowthRev=+2.1%
[Analyst] Revisions Ratio: +57% (up=4, down=0)