Canlı Haberler • May 08
Elisa Expands 10G Fiber Rollout in Estonia With Multi-Standard PON Deployment Elisa is expanding deployment of Vecima’s Entra EXS1610 All-PON Shelf to support 10G fiber-to-the-home services in Estonia.
The EXS1610 platform supports multiple PON standards including GPON, XGS-PON and 10G-EPON, giving Elisa flexibility across different fiber access technologies.
Elisa plans to install the EXS1610 across its Estonian footprint, building on its existing use of Vecima PON equipment.
For investors, this move indicates ongoing investment in fixed network capacity and service quality in Estonia. By using a compact All-PON shelf that supports several standards, Elisa can serve current GPON customers while also offering higher-speed XGS-PON and 10G-EPON where there is demand, without committing to a single technology path.
This type of multi-standard platform can support management of operating costs and simplify upgrades as customer requirements change. It also underscores the role of fiber in Elisa’s access network mix, which can be relevant for service differentiation, customer retention and potential upselling of higher-bandwidth tiers over time. Board Change • May 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Rene Lindell was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • Apr 22
Elisa Oyj Provides Earnings Guidance for the Fiscal Year 2026 Elisa Oyj provided earnings guidance for the fiscal year 2026. For the period, Full-year revenue is estimated to be at the same level as or slightly higher than in 2025. Reported Earnings • Apr 21
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: €0.57 (up from €0.56 in 1Q 2025). Revenue: €548.4m (down 1.3% from 1Q 2025). Net income: €91.4m (up 1.6% from 1Q 2025). Profit margin: 17% (in line with 1Q 2025). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 4.7%. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Duyuru • Apr 02
Elisa Oyj Announces Dividend in Four Installments, Payable on April 15, 2026, July 29,2026 , November 4, 2026 and February 17, 2027 Respectively Elisa Oyj announced that Annual General Meeting decided to pay a maximum dividend of EUR 2.40 per share based on the adopted balance sheet of 31 December 2025. The dividend will be paid in four instalments as follows. The first instalment of the dividend of EUR 0.60 per share will be paid to a shareholder registered in the shareholders' register of the Company held by Euroclear Finland Oy on the dividend payment record date of the first instalment of 7 April 2026. The first instalment of the dividend will be paid on 15 April 2026. In addition, the AGM authorised the Board of Directors to later decide, at its discretion, on the distribution of a maximum dividend of EUR 1.80 per share in total. The authorisation is valid until the opening of the next AGM. The preliminary dividend schedule indicates that shareholders on record as of 20 July 2026 are expected to receive a payment on 29 July 2026 in the amount of EUR 0.60 per share. A second distribution is planned for shareholders on record as of 26 October 2026, with payment scheduled for 4 November 2026, also at EUR 0.60 per share. Finally, shareholders recorded on 10 February 2027 are expected to receive a payment on 17 February 2027, again amounting to EUR 0.60 per share. Upcoming Dividend • Mar 26
Upcoming dividend of €0.60 per share Eligible shareholders must have bought the stock before 02 April 2026. Payment date: 15 April 2026. The company is paying out more than 100% of its profits and is paying out 94% of its cash flow. Trailing yield: 5.5%. Within top quartile of Finnish dividend payers (5.5%). Higher than average of industry peers (4.2%). Duyuru • Mar 13
Elisa Industriq Releases Cornerstone Version 8.2 Elisa Industriq released Cornerstone version 8.2 and the release of Cornerstone version 8.2 introduces significant enhancements designed to support professionals in quality engineering, manufacturing, and process improvement with more robust statistical and analytical capabilities. A key focus of the version 8.2 is the new Measurement System Analysis (MSA) functionality. The new release now supports Type 1 gage studies, gage bias and linearity studies, attribute gage studies, and gage R&R analysis, enabling organizations to systematically assess and improve the capability of their measurement systems. In addition, version 8.2 introduces Logistic Regression, allowing users to analyze binary quality outcomes such as pass/fail decisions and defect occurrence. This capability supports deeper root-cause analysis and more data-driven quality improvement initiatives. The release also expands the range of available hypothesis tests, including standard deviation tests, mean rates tests, proportion tests, and frequencies (goodness-of-fit) tests. These tools support statistically sound comparisons of processes, defect rates, and variation. To improve data preparation, Cornerstone 8.2 adds flexible dataset join options, including inner joins, left and right outer joins, and full outer joins. In addition, the new variables editor for derived datasets and summary statistics lets you now get back into the variable selection dialog to edit input variables and subset selection, making the analysis workflow even more flexible and easier to edit. Probability plotting has also been enhanced with support for lognormal, and Weibull distributions, next to Normal distributions, commonly used in capability, reliability, and lifetime analysis. Finally, a new computed column function enables the generation of linearly spaced values for engineering calculations, simulations, and analytical studies. With version 8.2, Cornerstone continues to support organizations in achieving reliable measurements, compliant analyses, and confident quality decisions. Reported Earnings • Mar 06
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: €2.13 (down from €2.23 in FY 2024). Revenue: €2.26b (up 3.0% from FY 2024). Net income: €342.0m (down 4.6% from FY 2024). Profit margin: 15% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.6%. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 6% per year. Duyuru • Feb 10
Elisa Oyj Announces Changes in Corporate Executive Board Elisa Oyj announced that Henri Korpi (52), LLM, has been appointed as Executive Vice President of Consumer Customer business effective from 10 February 2026, and Mikko Soirola (56), MA, as a member of Elisa's Corporate Executive Board from 30 March 2026. The current EVP of Elisa's Consumer Customer business, Vesa-Pekka Nikula, will leave the company's Corporate Executive Board on 10 February 2026 and will end his employment with the company in August 2026. Declared Dividend • Feb 02
Final dividend of €0.60 announced Shareholders will receive a dividend of €0.60. Ex-date: 2nd April 2026 Payment date: 15th April 2026 Dividend yield will be 4.8%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (113% earnings payout ratio) nor is it adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 5.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 25% to bring the payout ratio under control. EPS is expected to grow by 22% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Feb 01
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: €2.13 (down from €2.23 in FY 2024). Revenue: €2.26b (up 3.0% from FY 2024). Net income: €342.0m (down 4.6% from FY 2024). Profit margin: 15% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.6%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Duyuru • Jan 08
Elisa Oyj Announces Maher Chebbo Will Not Be Available for Re-Election At 2026 Annual General Meeting Elisa Oyj announced that current member of Board, Mr. Maher Chebbo has announced that he will not be available for re-election in the 2026 Annual General Meeting. Reported Earnings • Oct 24
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: €0.64 (up from €0.63 in 3Q 2024). Revenue: €560.6m (up 4.6% from 3Q 2024). Net income: €103.2m (up 2.3% from 3Q 2024). Profit margin: 18% (in line with 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 7% per year, which means it is performing significantly worse than earnings. Duyuru • Oct 23
Elisa Oyj Provides Earnings Guidance for the Year 2025 Elisa Oyj provided earnings guidance for the year 2025. Full-year revenue is estimated to be at the same level as or slightly higher than in 2024. Long-term revenue growth and profitability improvement will derive from growth in the mobile data market, as well as domestic digital and international software services. Upcoming Dividend • Oct 09
Upcoming dividend of €1.17 per share Eligible shareholders must have bought the stock before 16 October 2025. Payment date: 24 October 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.3%. Lower than top quartile of Finnish dividend payers (6.0%). Higher than average of industry peers (4.3%). Duyuru • Sep 24
Elisa Introduces a Feature Allowing Customers to Block Incoming Calls from Foreign Number At the end of August, Elisa introduced a feature allowing customers to block incoming calls from foreign numbers if they are not expecting such calls (link in Finnish), which helps to eliminate scam calls from foreign numbers. Over 10,000 customers have already activated this call blocking, and it is already making scammers' methods less effective. Call blocking does not affect calls made from Finnish numbers, which will continue to work normally even when the user is in a foreign country.riminals areered, as their attempted scam calls to Finland from foreign numbers to Finland are no longer getting through as easily. Elisa's network data shows that customers who enable foreign call blocking may receive as many as 55 call attempts in a short period from a variety of country codes. This behaviour is straight from the scammers' playbook: The majority of unwanted calls from abroad occur on weekdays during office hours, with weekends being quieter. There are also often signs of " campaigns" on some days, thousands of calls are made to Finland, while on other days, there are hardly any. In recent days, the new solution has blocked over 800 unwanted foreign calls per day, on average, with the number rising rapidly as the user base expands. It will be interesting to see how long scammers continue trying to make calls to Finland. Blocking foreign numbers is not something that has happened much in other countries, and scammers have rarely encountered it elsewhere. Finland is once again taking the lead internationally in blocking scam calls. Blocking foreign numbers is one of the features of Elisa's "Liittymaturva" subscriptions and is easy to enable in OmaElisa. The feature is ideal for young people, senior citizens and others who don't generally expect calls from abroad. Calls from Finnish numbers are not affected, so a call from a family member travelling abroad will connect normally if the caller is calling from a Finnish phone number. Duyuru • Sep 03
Elisa Oyj, Annual General Meeting, Apr 01, 2026 Elisa Oyj, Annual General Meeting, Apr 01, 2026. New Risk • Jul 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish stocks, typically moving 2.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 104% Cash payout ratio: 105% Minor Risks High level of debt (128% net debt to equity). Share price has been volatile over the past 3 months (2.4% average weekly change). Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €55.00, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the Telecom industry in Europe. Total returns to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €69.00 per share. Reported Earnings • Jul 16
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: €0.56 (down from €0.57 in 2Q 2024). Revenue: €552.4m (up 2.0% from 2Q 2024). Net income: €90.2m (down 1.8% from 2Q 2024). Profit margin: 16% (in line with 2Q 2024). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 3.9%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Duyuru • May 15
Elisa Corporation Announces CFO Changes Elisa Corporation announced that Mr. Jari Kinnunen, who has served as CFO and a member of the Executive Board since 2005, will leave the company. Kinnunen will continue in his position until October 31, 2025, and work as a senior adviser at Elisa until the end of 2025 to ensure an orderly transition. Mr. Kristian Pullola (1973) and holding an M.Sc. (Econ), has been appointed as the new Chief Financial Officer. Pullola will join Elisa on October 1, 2025, and assume the duties of CFO on November 1, 2025, reporting to CEO Topi Manner. Pullola has previously held CFO roles at Nokia and Finnair, with a proven track record in driving strategy and extensive experience in telecommunications and technology industries, as well as various finance domains such as Planning & Control, Treasury, Investor Relations, and M&A. Reported Earnings • Apr 17
First quarter 2025 earnings: Revenues and EPS in line with analyst expectations First quarter 2025 results: EPS: €0.56 (up from €0.52 in 1Q 2024). Revenue: €555.8m (up 4.0% from 1Q 2024). Net income: €90.0m (up 8.6% from 1Q 2024). Profit margin: 16% (in line with 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Duyuru • Apr 17
Elisa Corporation Provides Earnings Guidance for the Full Year 2025 Elisa Corporation provided earnings guidance for the full year 2025. The company expects double-digit organic revenue growth. Full-year revenue is estimated to be at the same level as or slightly higher than in 2024. Declared Dividend • Apr 13
Dividend of €1.17 announced Shareholders will receive a dividend of €1.17. Ex-date: 16th October 2025 Payment date: 24th October 2025 Dividend yield will be 5.3%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (105% earnings payout ratio) nor is it covered by cash flows (110% cash payout ratio). The dividend has increased by an average of 5.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 17% to bring the payout ratio under control. EPS is expected to grow by 21% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Buy Or Sell Opportunity • Apr 07
Now 21% undervalued Over the last 90 days, the stock has risen 3.7% to €43.58. The fair value is estimated to be €54.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 5.6% per annum over the same time period. Upcoming Dividend • Mar 27
Upcoming dividend of €1.18 per share Eligible shareholders must have bought the stock before 03 April 2025. Payment date: 11 April 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.3%. Lower than top quartile of Finnish dividend payers (5.9%). Higher than average of industry peers (4.0%). Declared Dividend • Feb 06
Final dividend of €1.18 announced Shareholders will receive a dividend of €1.18. Ex-date: 3rd April 2025 Payment date: 11th April 2025 Dividend yield will be 5.4%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (105% earnings payout ratio) nor is it covered by cash flows (110% cash payout ratio). The dividend has increased by an average of 6.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 17% to bring the payout ratio under control. EPS is expected to grow by 21% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. Independent Director Christoph Vitzthum was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Jan 31
Elisa Oyj Proposes Dividend in Two Instalments, Payable on 11 April 2025; October 24 October 2025 Elisa Oyj at its AGM meeting to be held on April 2, 2025 proposed dividend will be paid in two instalments. The first instalment of the dividend EUR 1.18 per share is proposed to be paid to a shareholder registered in the shareholders' register of the Company held by Euroclear Finland Oy on the dividend payment record date of the first instalment of 4 April 2025. The Board of Directors proposes that the first instalment of the dividend be paid on 11 April 2025. The second instalment of the dividend EUR 1.17 per share is proposed to be paid to a shareholder registered in the shareholders' register of the Company held by Euroclear Finland Oy on the dividend payment record date of the second instalment of 17 October 2025. The Board of Directors proposes that the second instalment of the dividend be paid on 24 October 2025. If the payment of dividend is prevented due to applicable law, regulations or unexpected circumstances, the Board of Directors will decide on a new record date and payment date as soon as possible. Duyuru • Dec 13
Elisa Oyj Announces Board Changes Elisa Oyj announced that current Chair of the Board, Mr. Anssi Vanjoki and the current member of Board, Mr. Antti Vasara have announced that they will not be available for re-election in the 2025 Annual General Meeting. Reported Earnings • Oct 18
Third quarter 2024 earnings: EPS in line with expectations, revenues disappoint Third quarter 2024 results: EPS: €0.63 (up from €0.63 in 3Q 2023). Revenue: €535.9m (down 1.6% from 3Q 2023). Net income: €100.9m (flat on 3Q 2023). Profit margin: 19% (in line with 3Q 2023). Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Oct 15
Upcoming dividend of €1.12 per share Eligible shareholders must have bought the stock before 22 October 2024. Payment date: 30 October 2024. Payout ratio is on the higher end at 98%, however this is supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Finnish dividend payers (6.2%). Higher than average of industry peers (4.0%). Duyuru • Sep 05
Elisa Oyj, Annual General Meeting, Apr 02, 2025 Elisa Oyj, Annual General Meeting, Apr 02, 2025. Duyuru • Sep 02
Elisa Oyj Announces Composition of It's Shareholders' Nomination Board Elisa Oyj announced composition of it's shareholders' nomination board is following: Mr. Pauli Anttila, Investment Director, nominated by Solidium Oy; Mr. Jouko Pölönen, President and CEO, nominated by Ilmarinen Mutual Pension Insurance Company; Mr. Markus Aho, Chief Investment Officer, nominated by Varma Mutual Pension Insurance Company; Ms Jonna Ryhänen, Chief Investment Officer, Deputy CEO, nominated by Elo Mutual Pension Insurance Company and Mr. Anssi Vanjoki, Chair of the Board of Elisa. The Nomination Board shall elect the chair from amongst its members. Reported Earnings • Jul 17
Second quarter 2024 earnings: Revenues and EPS in line with analyst expectations Second quarter 2024 results: EPS: €0.57 (up from €0.56 in 2Q 2023). Revenue: €541.4m (up 1.6% from 2Q 2023). Net income: €91.9m (up 2.5% from 2Q 2023). Profit margin: 17% (in line with 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Duyuru • Jun 28
Elisa Appoints Eveliina Dahl as Executive Vice President, People and Culture, and a Member of the Corporate Executive Board, Effective 1 January 2025 Elisa announced that Eveliina Dahl (41), M.Sc. (Tech.), has been appointed Executive Vice President, People and Culture, and a member of the Corporate Executive Board as of 1 January 2025. Ms Dahl will report to CEO Topi Manner. Eveliina Dahl will join Elisa from Fortum, where she works as Executive Vice President, People and Procurement. Dahl has long experience in various positions in the company in the areas of human resources, procurement and strategy. Duyuru • Jun 25
Merja Ranta-Aho to Leave Elisa Corporation as Executive Vice President, Human Resources, and Member of the Executive Board, Effective December 31, 2024 Ms Merja Ranta-aho, Elisa corporation's Executive Vice President, Human Resources, and member of the Executive Board, will leave the company. Ms Ranta-aho will continue in her position until 31 December 2024. The process of selecting her successor has begun. Reported Earnings • Apr 19
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: €0.52 (down from €0.57 in 1Q 2023). Revenue: €535.2m (flat on 1Q 2023). Net income: €82.9m (down 9.5% from 1Q 2023). Profit margin: 16% (down from 17% in 1Q 2023). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 6.9%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 08
Upcoming dividend of €1.13 per share Eligible shareholders must have bought the stock before 15 April 2024. Payment date: 23 April 2024. Payout ratio is on the higher end at 96%, and the cash payout ratio is above 100%. Trailing yield: 5.2%. Lower than top quartile of Finnish dividend payers (5.5%). Higher than average of industry peers (4.5%). Reported Earnings • Mar 15
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: €2.34 (up from €2.33 in FY 2022). Revenue: €2.18b (up 2.4% from FY 2022). Net income: €375.2m (flat on FY 2022). Profit margin: 17% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Declared Dividend • Jan 31
Dividend of €1.13 announced Shareholders will receive a dividend of €1.13. Ex-date: 15th April 2024 Payment date: 23rd April 2024 Dividend yield will be 2.7%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio) nor is it covered by cash flows (105% cash payout ratio). The dividend has increased by an average of 5.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 6.9% to bring the payout ratio under control. EPS is expected to grow by 12% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Jan 27
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: €2.34 (up from €2.33 in FY 2022). Revenue: €2.19b (up 2.9% from FY 2022). Net income: €375.2m (flat on FY 2022). Profit margin: 17% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buying Opportunity • Dec 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.0%. The fair value is estimated to be €52.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 5.8%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings is also forecast to grow by 3.9% per annum over the same time period. 
