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 6,092 - -
Change - -8.57% -15.28% -0.15% -9.65% 0.57% - -
Enterprise Value (EV) 1 9,888 9,202 8,020 8,178 7,566 7,601 7,606 7,617
Change - -6.94% -12.85% 1.97% -7.48% 0.46% 0.07% 0.15%
P/E 25.2x 21.2x 17.9x 18.7x 17.7x 15.9x 15.3x 14.8x
PBR 7.24x 6.36x 5.2x 5.22x 4.84x 4.85x 4.84x 4.84x
PEG - 2.53x 41.71x -3.98x -3.95x 1.3x 4.25x 3.79x
Capitalization / Revenue 4.34x 3.72x 3.08x 3.06x 2.68x 2.69x 2.64x 2.58x
EV / Revenue 4.95x 4.32x 3.68x 3.73x 3.35x 3.36x 3.3x 3.23x
EV / EBITDA 14x 12.5x 10.6x 10.4x 9.36x 9.21x 8.96x 8.7x
EV / EBIT 22.5x 19.5x 16.5x 16.2x 14.8x 14.6x 14x 13.5x
EV / FCF 29.4x 28.7x 23.4x 23.8x 18.5x 19x 18.3x 17.8x
FCF Yield 3.41% 3.49% 4.28% 4.21% 5.41% 5.27% 5.47% 5.61%
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% 6.51% 6.7% 6.89%
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 2,261 2,308 2,360
EBITDA 1 706 735 756 783 808 825.1 849.2 875.6
EBIT 1 439 472 487 504 512 520.8 543.5 565.3
Net income 1 343.6 374.1 375.2 358.4 342 376.8 390.7 405
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 37.94 37.94 37.94
Nbr of stocks (in thousands) 160,187 160,260 160,388 160,409 160,514 160,575 - -
Announcement Date 27/01/22 27/01/23 26/01/24 31/01/25 30/01/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.88x3.36x9.25x6.51% 7.03B
11.05x1.31x4.15x7.02% 223B
11.33x2.63x6.95x5.49% 214B
14.06x2.19x5.65x3.9% 160B
13.99x1.87x8.16x3% 93.49B
11.77x0.89x3.33x6.56% 80.55B
11.82x1.81x4.56x2.77% 69.71B
15.28x2.68x8.37x5.06% 57.95B
23.97x5.41x19.76x4.55% 57.07B
15.2x2.81x6.29x4.33% 51.85B
Average 14.44x 2.50x 7.65x 4.92% 101.41B
Weighted average by Cap. 13.18x 2.18x 6.57x 5.11%

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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