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Eltel operates in the telecommunications and electricity industries and offers services in infrastructure for networks and electricity. The company's services include installation, maintenance and project management for telecommunications and electricity networks. The business is aimed at companies and public institutions in Europe. Eltel was founded in 2001 and is headquartered in Stockholm, Sweden.
* Q3e sales +6%, with 5% organic growth * Raised EBITA driven by new contracts * Share trading at 15x '26e EV/EBITA, goes to 9x in '28e Q3 expectations Eltel has had an active few months, securing the Telenor agreement, signing the previously awarded...
With the Vattenfall agreement now signed, new contract volumes mainly lift our 2028 estimates, and we believe the risk/reward has turned positive again.
Based on the update published by Renewables Finland at the end of August 2026, a few new onshore wind power projects have been launched in Finland over the past year.
Eltel's landmark Telenor Norway win strengthens the investment case and lifts our estimates, but after an ~18% re-rating, the good news now looks largely priced in.
We estimate that data center construction is partly filling the gap left in the construction market by the decline in residential construction in recent years.
* Earnings improved materially y-o-y, but less than we estimated * We cut EBITA estimates by EUR 3m for '26e, EUR 1m for '27e-'28e * Share trading at 12-9x '26e-'27e EV/EBITA (adj.) Earnings improvement, but not as much as we hoped Eltel reported Q2 ...
