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 5,871 - -
Change - -8.57% -15.28% -0.15% -9.65% -3.09% - -
Enterprise Value (EV) 1 9,888 9,202 8,020 8,178 7,566 7,382 7,389 7,401
Change - -6.94% -12.85% 1.97% -7.48% -2.44% 0.1% 0.16%
P/E 25.2x 21.2x 17.9x 18.7x 17.7x 15.4x 14.8x 14.2x
PBR 7.24x 6.36x 5.2x 5.22x 4.84x 4.67x 4.67x 4.67x
PEG - 2.53x 41.71x -3.98x -3.95x 1.3x 3.64x 3.63x
Capitalization / Revenue 4.34x 3.72x 3.08x 3.06x 2.68x 2.6x 2.54x 2.49x
EV / Revenue 4.95x 4.32x 3.68x 3.73x 3.35x 3.27x 3.2x 3.14x
EV / EBITDA 14x 12.5x 10.6x 10.4x 9.36x 8.95x 8.71x 8.47x
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 18.3x 17.8x 17.3x
FCF Yield 3.41% 3.49% 4.28% 4.21% 5.41% 5.45% 5.63% 5.79%
Dividend per Share 2 2.05 2.05 2.15 2.25 2.35 2.461 2.534 2.603
Rate of return 3.79% 4.14% 5.13% 5.38% 6.23% 6.73% 6.93% 7.12%
EPS 2 2.15 2.33 2.34 2.23 2.13 2.374 2.47 2.567
Distribution rate 95.3% 88% 91.9% 101% 110% 104% 103% 101%
Net sales 1 1,998 2,130 2,180 2,192 2,257 2,261 2,308 2,359
EBITDA 1 706 735 756 783 808 824.6 848 874.1
EBIT 1 439 472 487 504 512 520.2 542.1 563.7
Net income 1 343.6 374.1 375.2 358.4 342 376.8 390.4 404.8
Net Debt 1 1,219 1,276 1,304 1,473 1,508 1,511 1,518 1,530
Reference price 2 54.12 49.46 41.87 41.80 37.74 36.56 36.56 36.56
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.($)
15.4x3.27x8.95x6.73% 6.61B
11x1.3x4.13x7.03% 222B
10.15x2.47x6.53x6.14% 191B
12.78x2.14x5.49x4.24% 143B
13.3x1.84x8.01x3.15% 87.71B
11.68x0.9x3.36x6.54% 80.58B
11.49x1.77x4.48x2.85% 63.93B
14.82x2.64x8.24x5.17% 56.84B
22.87x5.28x19.27x4.78% 54.26B
14.49x2.69x6.01x4.48% 50.15B
Average 13.80x 2.43x 7.45x 5.11% 95.6B
Weighted average by Cap. 12.51x 2.10x 6.36x 5.38%

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