ELISA.HE

Elisa Oyj

Elisa Oyj provides telecommunications, information and communication technology (ICT), and online services in Finland, rest of Europe, and internationally. It operates through two segments: Consumer Customers and Corporate Customers. The company offers consumers with telecommunications and communic… Elisa Oyj provides telecommunications, information and communication technology (ICT), and online services in Finland, rest of Europe, and internationally. It operates through two segments: Consumer Customers and Corporate Customers. The company offers consumers with telecommunications and communications services, including fixed and mobile subscriptions, supplementary digital services, cable TV subscriptions, and entertainment services, as well as IT and communication solutions. It provides sedApta, supply chain management and operational planning software; camLine, an automation, MES, and data analytics software; CalcuQuote, a integrated software for sourcing, quoting, procurement, and supplier collaboration; and TenForce, a platform to strengthen safety culture and operational oversight across complex industrial environments. It also offers Polystar, an intelligent network analytics and optimization software. The company markets its solutions under Elisa IndustrIQ brand. Further, it provides Gridle, an AI-powered energy flexibility optimization service; and Elisa Kotiakku, that smooths out spikes in electricity spot prices and stores electricity generated by solar panels. In addition, the company offers automation solutions for network management and operation for mobile operators, industrial IoT solutions and distributed energy solutions. It serves consumers, corporates, and public administration organizations. Elisa Oyj was founded in 1882 and is headquartered in Helsinki, Finland.
Market price
EUR 33.76
Within modeled range
Base value (Dividend discount model) is 3.7% below the market price
5-year outlook: 10.3% per year · forecast
Data: Price updated 06 Nov 2026 14:47; TTM through 30 Sep 2026, period ended 30 Sep 2026 from EODHD (downloaded 2 h ago). Next earnings: 29 Jan 2027 (in 84 days)
Verdict

Priced within the modelled range

PriceEUR 33.76
Fair value range25.41–44.75base 32.50
Estimate reliabilityHigh
5-year outlook10.3% / yr≈ EUR 55.14 in 5 yrs

Other models: EUR 22.21–48.02 (median 28.18). The recommended value is in line with them.

Why: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.

Details and the full model are below.

Dividend discount model

Market price within modeled range

Uses reported dividends of EUR 2.3689 per share from TTM through 30 Sep 2026, with 2.9% perpetual growth (base growth capped at the terminal rate) and 10.4% discount rates. The range varies growth and discount assumptions by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.

Assumptions: growth 3.22%, discount rate 10.40%, terminal growth 2.90% (sector defaults). See a worked example.

Blended growth assumption: 3.2% (sector default 7.0%, own revenue history 2.0%, analyst revenue consensus 2.0%).

5-year outlook: relative outlook of about 10.3% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.

Analyst consensus expects revenue growth of 2.0% a year; the growth assumption used is 3.2%.

Adjust assumptions

Why this model: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.

Compare models
  • Recommended: Dividend discount model — EUR 32.50 (-3.7%)
  • EPS-based Gordon proxy — EUR 28.18 (-16.5%)
    Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
  • DCF (trailing free cash flow) — EUR 22.65 (-32.9%)
    Not used: Not chosen: Dividend discount model ranks ahead of it for this company.
  • FCFF (steady state) — EUR 22.21 (-34.2%)
    Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
  • EV/EBITDA (12x) — EUR 48.02 (+42.2%)
    Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
  • Fade DCF (10-year growth fade) — EUR 22.63 (-33.0%)
    Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
  • EV/Sales (Rule of 40) — EUR 95.35 (+182.4%)
    Not used: Used only when cash-flow models land far below the price; here they do not.
Illustrative range / share EUR 25.41–44.75
Base scenario / share EUR 32.50
Margin of safety (share of value) Priced for base-to-bull outcomes
Bear EUR 25.41-32.9%
Base EUR 32.50-3.9%
Bull EUR 44.7524.6%

Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.

Market-implied expectations 3.2% dividend growth

At EUR 33.76 the market implies perpetual dividend growth of about this rate (discount rate 10.4%).

Compare: the market implies 3.2% a year, this model assumes 2.9%. The market expects more than this model does, which is why it reads as overvalued.

Sensitivity: base value per share

How the Dividend discount model value changes with growth (rows) and discount rate (columns). Green cells are above the current price. Dividend growth cannot exceed the long-run rate, so duplicate capped scenarios are omitted.

Growth \ Discount 8.4%9.4%10.4%11.4%12.4%
-1.1% 24.66 22.31 20.37 18.74 17.35
0.9% 31.87 28.12 25.16 22.76 20.78
2.9% 44.32 37.50 32.50 28.68 25.66

Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.

Price history and fair value

No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.

More detail: quality, peers, price history, dividends and financials

Quality score: 92 / 100

Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.

Profitability5 of 5 years profitable20 / 20
Cash generationfree cash flow positive in 5 of 5 years20 / 20
Growthrevenue +1.4% a year12 / 20
Balance sheetnet debt 2.0x EBITDA20 / 20
MarginsEBITDA margin 34%20 / 20

Peers in Communication Services

Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.

CompanyPriceMargin of safetyP/EP/BYieldQuality
ELISA.HE (this company) EUR 33.76 -3.9% 16.4 4.1 7.0% 92
VOD.L Vodafone Group Public Limited Company GBP 1.14 43.5% – 0.6 3.3% 66
PUB.PA Publicis Groupe S.A. EUR 102.40 42.1% 15.7 2.5 3.5% 90
CMCSA Comcast USD 24.23 40.8% 7.6 0.9 5.6% 82
TEF.MC Telefonica, S.A. EUR 3.34 34.2% – – 9.0% 59
INF.L Informa plc GBP 8.40 23.0% – 1.9 2.4% 66
SONY Sony Group Corporation USD 26.66 22.1% – – – 82
EMBRAC-B.ST Embracer Group AB SEK 95.20 18.7% – 1.0 – 56
GOOG Alphabet Inc. (Class C) USD 286.13 10.4% 15.0 5.2 0.3% 100
Peer median 15.0 1.5

Dividends

Paid in the last 12 months: EUR 1.80 per share · yield 5.33% at the current price.

YearDividends per share
2026 (so far)1.800
20252.350
20242.250
20232.150
20222.050
20211.950
Sector Communication Services
Exchange Nasdaq Helsinki
Currency EUR

Trailing 12-month financials

TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 12:56

RevenueEUR 2,248,400,000
EBITDAEUR 769,600,000
EBITEUR 461,800,000
Net incomeEUR 330,000,000
Free cash flowEUR 370,900,000
Capital expendituresEUR 287,100,000
DebtEUR 1,650,400,000
CashEUR 130,500,000
Working capitalEUR -142,400,000
Shares outstanding160,665,000
Reported dividends per shareEUR 2.3689