Yllä on eilinen toimarin haastis ja tässä alla on tuore yhtiörapsa tuloksen jälkeen Aapelin tapaan.
We reiterate our Reduce recommendation and SEK 7.20 target price for Eltel. The company’s Q3 report was well in line with our expectations and reflects the continued gradual improvement of the company. We made only minor estimate revisions at Group level after the report, and we expect the company’s profitability turnaround to continue in the coming years. However, we see this as priced in at the current stock price and thus the expected risk-adjusted return as weak for the next 12 months.
Rapsasta lainattua:
However, if the development continues on the path we expect, we believe there might be some upside in the 2026 multiples (EV/EBITDA 4x, EV/EBIT 9x, P/E 10x) with the profitability improvement remaining intact. Given Eltel’s volatile track record, however, it is hard to rely too much on this, due to the still uncertain profitability improvement. Hence, we believe that the current share price already reflects a profitability turnaround. Thus, we see the stock’s main return driver to be a faster and stronger profitability turnaround than our current expectations.