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
    }
  }
}


eltel-long-term-margin-potential-evli-research

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

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.

Hello everyone! Jesper from the Swedish community here. Today, we recorded an interview with analyst @christoffer.jennel about our updated analysis on Eltel after the Q3 report. So feel free to check it out, though it’s in Swedish.  If you have any questions you’d like Christoffer to answer, feel free to write them here!                   Inderes              Eltel Q3´25: Fokus på marginalen - Inderes    Time: 2025-11-03 13:16 Även om Eltels Q3-omsättning kom in något under vårt estimat, låg marginalerna i linje med våra förväntningar. I intervjun berättar analytiker Christoffer mer om hur han ser på resultatet, marginalutvecklingen och bakgrunden...

Christoffer Jennel has published a new company report following Q3.   Although Eltel’s Q3 revenue fell below our forecast, profitability was well in line with our expectations. We consider Q3 profitability, despite lower revenue, a sign of higher resilience and further evidence that Eltel’s operational and commercial efficiency measures are yielding results. The continued strong development of new business areas (24% of Q3 contract value) also supports, in our opinion, future profitability improvement. In a turnaround company like Eltel, profitability development remains central to our investment case, as it is the most important driver of sustainable value creation. In our view, the company has taken clear and consistent steps in the right direction and is now better positioned to maintain and continue improving its profitability. In light of the Q3 report, however, we have revised our revenue forecasts downwards, but have largely kept margins unchanged. Following the post-earnings share price decline, we believe the current valuation offers good risk-adjusted return potential over the next 12 months. We therefore reiterate our Add recommendation and raise our target price to SEK 9.9 (previously SEK 9.7).                   Inderes              Eltel Q3'25: Kannattavuuskehitys jatkuu ennallaan - Inderes    Pidämme Q3-kannattavuutta, laskeneesta liikevaihdosta huolimatta, merkkinä korkeammasta resilienttiydestä ja lisätodisteena siitä, että Eltelin operatiiviset ja kaupalliset tehostamistoimenpiteet tuottavat tulosta.

@christoffer.jennel has provided his preliminary comments as Eltel publishes its Q3 results on Thursday.  We expect public infrastructure projects in Sweden to continue their good development and the Finnish Power segment to grow steadily. Combined with the absence of negative impacts from the divested Polish business and currency tailwinds, we expect these factors to support strong revenue growth in Q3. Alongside continuous strategy execution and focus on profitability, we forecast another year-on-year improvement in EBITA profitability. As always, management’s comments on market outlook and strategy execution will be key areas of interest in the report.                   Inderes              Eltel Q3'25 -ennakko: Vahvaa tuloskasvua odotettu - Inderes    Odotamme Ruotsin julkisten infrahankkeiden jatkavan hyvää kehitystä ja Suomen Voima-segmentin jatkavan vakaata kasvua.

Hello everyone! My name is Christoffer Jennel and I am responsible for analysis monitoring at Eltel. Since our forum has now switched to multilingual mode, you can ask me questions and I will participate in the discussion here.

Christoffer Jennel has prepared a new comprehensive report on Eltel.  As usual, this comprehensive report is also available for everyone to read, with no paywalls.  Eltel has continued its gradual turnaround, demonstrating concrete profitability improvements while maintaining a strong position in its core areas and expanding into new market segments. After years of restructuring and weakened profitability, the business is now more streamlined, operationally disciplined, and increasingly exposed to growth areas such as renewable energy, e-mobility, and data centers. While the turnaround is still ongoing, recent developments support improved visibility for stable cash flows and a recovery in profitability. We reiterate our target price of SEK 9.70 but upgrade our recommendation to Add (previously Reduce), as we see the recent weakness in the share price improving the risk/reward ratio.                   Inderes              Eltel laaja raportti: Käännetarina vahvistuu - Inderes    Eltel on jatkanut asteittaista käännettään osoittaen konkreettisia kannattavuusparannuksia säilyttäen samalla vahvan aseman ydinalueilla ja laajentuen uusille markkinasegmenteille                             Quoted from the report:

Here are Christoffer Jennel’s comments on Eltel’s four-year contract with Caruna.  Eltel announced on Monday that it had signed a four-year extension agreement with Caruna, Finland’s largest electricity distribution company. The contract is valued at approximately EUR 81 million and covers services related to ensuring the reliability of electricity distribution. Although the agreement is a continuation of previous cooperation rather than a new opening, it is still a positive development as it strengthens Eltel’s order book and provides long-term visibility for the Power business in Finland. Thus, the news supports our forecasts for the stability of the core business and has no direct impact on our forecasts or our view of the company.                   Inderes              Eltelille nelivuotinen puitesopimus Carunan kanssa Suomessa - Inderes    Allekirjoitettu puitesopimus tukee ennusteitamme ydinliiketoiminnan vakaudesta, eikä sillä ole suoraa vaikutusta ennusteisiimme tai näkemykseemme yhtiöstä

Christoffer Jennel and Aapeli have prepared a new company report on Eltel after Q2.  Eltel’s Q2 report was weaker than expected across the board. Although profitability continued to improve year-on-year, the decline in revenue was somewhat unexpected, and the total order backlog remained low. Management cited customers’ continued slow decision-making and fewer orders within existing framework agreements during the quarter as reasons. On the positive side, Eltel is gaining a foothold in new and adjacent markets, and revenue from new businesses has more than doubled from the previous year. However, taking the Q2 report into account, we have revised our forecasts downwards, especially regarding profitability. Nevertheless, we believe that the company’s recently improved debt structure and steady improvement in profitability have lowered the company’s risk profile and warrant a lower cost of capital. The net effect of the changes had a positive impact on our fair value for the share. Considering the recent rise in the share price, we now estimate the risk-adjusted return over the next 12 months to be insufficient. Therefore, we lower our recommendation to Reduce (previously Add), but raise the target price to SEK 9.7 (previously SEK 9.0).                   Inderes              Eltel Q2'25: Osakekurssin vahvuus on fundamentteja edellä - Inderes    Eltelin Q2-raportti oli kautta linjan odotettua heikompi. Vaikka kannattavuus jatkoi paranemistaan vuodentakaisesta, liikevaihdon lasku oli jonkin verran odottamaton, ja kokonaisurakkakanta jäi alhaiseksi. Johto mainitsi syiksi asiakkaiden edelleen...

Eltel

The 2.1% operative EBITA margin met our estimateQ2 revenue declined by 14% y/y to EUR 210m, vs the EUR 228m/223m Evli/cons. estimates. Other business made up 9% of top line, while Communication...

The 2.1% operative EBITA margin met our estimate Q2 revenue declined by 14% y/y to EUR 210m, vs the EUR 228m/223m Evli/cons. estimates. Other business made up 9% of top line, while Communication still drove growth in Finland. Revenue declined in all other countries, and Swedish EBITA didn’t improve as the comparison period had a positive EUR 0.9m one-off item. The pandemic delayed Norwegian fiber activity, and together with tough winter produced some softness in local results. Meanwhile Denmark saw a positive EUR 0.8m one-off in profitability. Q2 EBIT landed at EUR 4.3m vs the EUR 4.4m/4.1m Evli/cons. estimates. Operative EBITA margin was 2.1% vs our 2.0% estimate. Q3 tends to be the most profitable quarter and we see the respective ‘21 margin at 4.1%, up 110bps y/y. We estimate FY ’21 EBITA margin improving by 130bps to 2.5%. FI &amp; NO drive short-term, SE &amp; DK hold long-term promise We moderate our Norwegian estimates a bit but still see the business similarly important for near-term results as Finland. Denmark is for now the smallest of the four but already achieves good margins and probably has the best long-term growth prospects. In our view traffic lighting presents a solid source of business for all four (Finnish street lighting in particular). Finland, Norway and Denmark also offer fiber opportunities, while in Sweden that market is more challenging. There’s scope for M&amp;A, but we believe it probably takes many quarters before anything materializes. We expect Sweden to weigh figures at least in Q3. Eltel is however making progress there, and we see group-level growth turning positive in Q4 thanks to Finnish and Norwegian strength. We estimate Eltel’s Q3 growth to remain negative. Current valuation leaves solid upside potential Eltel is valued ca. 7.5x EV/EBITDA and 16x EV/EBIT on our FY ’22 estimates. We see the respective FY ‘23 multiples at 6.5x and 13x. These are somewhat neutral levels compared to peers, but we continue to view valuation attractive as Eltel advances towards its long-term 5% EBITA margin target (we estimate 3.9% for FY ’23). We retain our SEK 29.5 TP and BUY rating.