Eltel: Further improvement, but slower pace - ABG
Tämä on kolmannen osapuolen analyysi, eikä välttämättä vastaa Inderesin näkemystä tai arvoja
Q2 EBITA EUR 2.5m (ABGSCe EUR 6.9m)
We cut '25e-'27e adj. EBITA by EUR 10m-5m
Trading at 11-9x '26e-'27e EV/EBITA
All segments better year-on-year
Eltel reported Q2 net sales of EUR 201m, down 7% y-o-y, of which -5% was organic growth. Adj. EBITA was EUR 2.5m (ABGSCe EUR 6.9m), for an adj. EBITA margin of 1.2% (0.2%). This excludes EUR -0.5m for restructuring costs in Norway, where management says it is done adjusting the cost base. Although EBITA was lower than we expected, all segments improved profitability y-o-y. Moreover, Q2 marked the eighth consecutive quarter with group-level adj. EBITA improvement y-o-y, and as such we conclude that the trend is positive even though the pace of improvement was slower than we expected.
We cut '25e-'27e adj. EBITA by EUR 10m-5m
Trading at 11-9x '26e-'27e EV/EBITA
All segments better year-on-year
Eltel reported Q2 net sales of EUR 201m, down 7% y-o-y, of which -5% was organic growth. Adj. EBITA was EUR 2.5m (ABGSCe EUR 6.9m), for an adj. EBITA margin of 1.2% (0.2%). This excludes EUR -0.5m for restructuring costs in Norway, where management says it is done adjusting the cost base. Although EBITA was lower than we expected, all segments improved profitability y-o-y. Moreover, Q2 marked the eighth consecutive quarter with group-level adj. EBITA improvement y-o-y, and as such we conclude that the trend is positive even though the pace of improvement was slower than we expected.