Company Valuation: Elisa Oyj

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,669 7,926 6,715 6,705 6,058 5,912 - -
Change - -8.57% -15.28% -0.15% -9.65% -2.4% - -
Enterprise Value (EV) 1 9,888 9,202 8,020 8,178 7,566 7,421 7,426 7,438
Change - -6.94% -12.85% 1.97% -7.48% -1.92% 0.07% 0.15%
P/E 25.2x 21.2x 17.9x 18.7x 17.7x 15.4x 14.9x 14.3x
PBR 7.24x 6.36x 5.2x 5.22x 4.84x 4.7x 4.7x 4.7x
PEG - 2.53x 41.71x -3.98x -3.95x 1.3x 4.13x 3.66x
Capitalization / Revenue 4.34x 3.72x 3.08x 3.06x 2.68x 2.61x 2.56x 2.5x
EV / Revenue 4.95x 4.32x 3.68x 3.73x 3.35x 3.28x 3.21x 3.14x
EV / EBITDA 14x 12.5x 10.6x 10.4x 9.36x 9.03x 8.79x 8.55x
EV / EBIT 22.5x 19.5x 16.5x 16.2x 14.8x 14.2x 13.6x 13.1x
EV / FCF 29.4x 28.7x 23.4x 23.8x 18.5x 18.5x 17.8x 17.4x
FCF Yield 3.41% 3.49% 4.28% 4.21% 5.41% 5.39% 5.6% 5.75%
Dividend per Share 2 2.05 2.05 2.15 2.25 2.35 2.47 2.542 2.615
Rate of return 3.79% 4.14% 5.13% 5.38% 6.23% 6.71% 6.91% 7.1%
EPS 2 2.15 2.33 2.34 2.23 2.13 2.389 2.475 2.572
Distribution rate 95.3% 88% 91.9% 101% 110% 103% 103% 102%
Net sales 1 1,998 2,130 2,180 2,192 2,257 2,265 2,314 2,367
EBITDA 1 706 735 756 783 808 821.8 845.2 870
EBIT 1 439 472 487 504 512 521.6 545.2 568.7
Net income 1 343.6 374.1 375.2 358.4 342 377.8 392.7 407.2
Net Debt 1 1,219 1,276 1,304 1,473 1,508 1,509 1,514 1,525
Reference price 2 54.12 49.46 41.87 41.80 37.74 36.82 36.82 36.82
Nbr of stocks (in thousands) 160,187 160,260 160,388 160,409 160,514 160,575 - -
Announcement Date 1/27/22 1/27/23 1/26/24 1/31/25 1/30/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.41x3.28x9.03x6.71% 6.86B
11.02x1.31x4.14x7.04% 222B
11.14x2.6x6.88x5.58% 210B
13.9x2.18x5.62x3.94% 159B
13.81x1.86x8.11x3.04% 93.15B
11.83x0.89x3.34x6.53% 80.78B
11.48x1.77x4.47x2.85% 68.4B
15.37x2.7x8.42x5.03% 58.31B
24.24x5.47x19.96x4.5% 57.98B
15.13x2.8x6.27x4.35% 51.61B
Average 14.33x 2.48x 7.62x 4.96% 100.88B
Weighted average by Cap. 13.11x 2.17x 6.57x 5.15%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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