contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


elisa-oyj-elisa-announces-its-debut-green-bond-issuance-and-a-tender-offer-for-its-eurobond-maturing-2024

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Elisa is active in the telecom industry. The company offers services within communication with a focus on solutions that involve fixed telephony, mobile, and internet services. The customers are found among private individuals, corporate customers, and public organizations. The largest activity is in the Finnish and Baltic markets. In addition to the main business, the company also offers various digitization services, mainly to its larger corporate customers.

Elisa reduced its staff in Finland by nearly 7%. Elisa is not far from having more staff abroad than in Finland. In IT companies, expertise, motivation, ambition, and speed are extremely important; the cost of labor is not significant as long as other qualities are met. It must be remembered that today’s 347 lost jobs were so-called better jobs. From the perspective of the national economy, it is quite worrying that this is the overall competitiveness of Finnish IT personnel. The sectors where Finns succeed are starting to become very few.

Telia is undeniably doing okay, especially considering its share price was around 1.6x€ a couple of years ago in the summer. Now Telia is at 3.52€ and on its way to a nice 6% dividend yield on top. Compared to Elisa, Telia benefits from its low dependence on a single market. Finland accounts for about 15+% of revenue and, in my estimation, even less of operating profit (EBITDA). Of course, Sweden’s weighting is significant, but it also seems to be under 50% by both metrics. Telia also gets a nice bonus from the developing markets of Lithuania and Estonia. Compared to Elisa, which has a strong dependence even on the fickle Finnish consumer market alone, I would say Telia is now a less risky option, as its TV and other past issues are behind it.

There’s at least a minor crisis going on at Elisa. It comes to mind that they have lost market share/lost to competitors recently. Telia has been rising for a couple of years, Elisa has been falling all the time. These companies are in completely different realities now. The roles have changed; this is an inevitable conclusion.

According to Kauppalehti’s information, Elisa would be publishing the results of the co-determination negotiations tomorrow, and 400 people would have to leave. If this is true, then the outcome is as previously predicted.                   Tärkeimmät talousuutiset | Kauppalehti – 17 Dec 25              KL:n tiedot: Elisan muutosneuvottelut päättyneet, vähentää noin 400    Kauppalehden ja Tivin tietojen mukaan neuvotteluiden seurauksena noin neljäsataa työtehtävää loppuu.

A good point of wonder! I could elaborate a bit on the significance of this subscription price situation. The data presented in the accompanying graphs comes from the “operational & financial data” file published in connection with Elisa’s interim report. 1. The problem concerns approximately 30% of Elisa’s business:  Finnish consumer postpaid mobile accounts for just under 30% of Elisa’s business.  So, not even half of Elisa’s total, but since the rest includes a lot of device business, lower-margin IT, and other non-scalable operations, this is a significant part of the overall margin. It should be noted, of course, that Elisa also has other significant mobile business – for example, in the corporate sector and Estonia, but their importance is small in relation to Finnish consumer mobile.  2. Revenue is over 160M per quarter Elisa’s total revenue is over 2 billion, so that 30% is a significant sum.   Mobile revenue can be expressed as the product of ARPU (average revenue per user) and the number of subscriptions. Elisa’s ARPU has risen sharply in recent years, but the number of subscriptions is declining.    4. Recently, the competitive situation has intensified, which practically means that the churn rate of subscriptions has increased. Elisa saw approximately 124 thousand subscriptions terminated in Q3.   And now we get to why this subscription price situation is significant. To replace that churn, Elisa needs to ideally sell at least the same number of new subscriptions – or try to save more subscriptions. However, the situation now is such that if you want to sell a subscription, it must be offered at an average price of around 15 euros or less (VAT 0), and if you want to save it, then the price must be dropped to around 12 euros. In addition, sales (sales commissions) and perks must be paid at the same per-transaction prices as before – perhaps even more if we are talking about perks.  Indeed, we are still talking about a 30% share of Elisa’s revenue, but if we now assume that the average price, which was 24.3 euros, would drop to 23 euros next year as competition continues, and Elisa continues to lose subscriptions, e.g., to 2.2 million subscriptions, then the total revenue impact of this component next year would be -40M, which would be reflected quite directly in cash flow or EBITDA, as this is scalable revenue. That seems to be precisely the savings effect of that co-determination negotiation (YT-urakan) effort.

I’m trying to understand why Elisa was given a target price of 50 euros just a moment ago, and Barclays lowered its target from 62 euros to 60 euros the week before last. Looking at the income statements, only a good dividend yield supports that, along with very moderate, even small growth. Of course, it’s generally stable, even though the share price has now fallen from 45 euros to 37 euros. At this price, the dividend is quite nice, and perhaps small growth could encourage adding to the stock.

By comparing market value instead of enterprise value, one quickly makes the mistake of not taking into account the company’s debt position in any way. Elisa is, however, quite an indebted company. Elisa’s EV/EBIT seems to be somewhere around 15-16, and it describes valuation much better than market value/EBIT.

Elisa

ELISA INSIDE INFORMATION 18 SEPTEMBER 2023 AT 10:45 AMNOT FOR RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, AUSTRALIA...

<div class="abstract">ELISA INSIDE INFORMATION 18 SEPTEMBER 2023 AT 10:45 AM</div>NOT FOR RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN&nbsp;THE UNITED STATES,&nbsp;AUSTRALIA,&nbsp;CANADA, HONGKONG,&nbsp;JAPAN,&nbsp;NEW ZEALAND,&nbsp;SOUTH AFRICA&nbsp;OR&nbsp;SINGAPORE&nbsp;OR IN ANY OTHER JURISDICTION WHERE SUCH RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.&nbsp;Elisa announces its debut Green Bond issuance under the company's&nbsp;EUR 1.5 billion&nbsp;EMTN (Euro Medium Term Note) programme. The issue amount of the new Green Bond issue is expected to be&nbsp;EUR 300 million. The Joint Bookrunners for the proposed issuance are Danske Bank, Nordea, SEB and&nbsp;Svenska Handelsbanken.Elisa has also today invited holders of its existing notes maturing in 2024 to sell their notes for cash. Elisa currently proposes to accept for purchase up to EUR 150 million in aggregate nominal amount, although Elisa reserves the right, in its sole discretion, to accept significantly less or more than such amount.Whether Elisa will accept for purchase any notes validly tendered is subject to, without limitation, the issue of the new Green Bonds. The tender offer expires on 25 September 2023 at 4.00pm London time and is being made on the terms and subject to the conditions set out in the Tender Offer Memorandum dated 18 September 2023. The dealer managers for the tender offer are Nordea and SEB.Elisa will pay for Notes accepted by it for purchase pursuant to the Offer a price of 98.57 per cent. The expected settlement date of the Offer is 27 September 2023.The proceeds from the Green Bond will be earmarked specifically for Eligible Projects and Assets as set out in Elisa's Sustainability Finance Framework.Further information:&nbsp;Mr&nbsp;Jari Kinnunen, CFO tel. +358 50 324 3521Mr&nbsp;Juha Kervinen, Group Treasurer tel. +358 50 555 3625ELISA CORPORATIONVesa Sahivirta IR Director tel. +358 50&nbsp;520 5555Distribution:Nasdaq Helsinki Principal Media elisa.com&nbsp;(<a href="https://publish.ne.cision.com/l/xqkeundke/elisa.com/corporate/investors">https://publish.ne.cision.com/l/xqkeundke/elisa.com/corporate/investors</a>)