Pia interviewed Elisa CEO Topi Manner regarding the Q4 results 
Topics:
00:00 Introduction
00:09 Q4 performance
01:27 Transformation program
02:54 Headcount development
04:30 Consumer mobile market
06:46 New players in the market
07:13 Sales of value-added services
09:02 International software business
10:49 Guidance
12:03 Dividend is rising, but where are we investing?
13:45 European Crime Prevention Award
15:11 Subsea cable damage
Joni has published a new company report following Elisa’s Q4 results.
We upgrade our recommendation for Elisa to Buy (prev. Accumulate) and lower our target price to EUR 44.0 (prev. EUR 46.0). Competition remained intense, but Elisa performed relatively well and Q4 was well in line with our expectations in terms of figures. The company’s guidance was in line with expectations, and the dividend continued to grow as expected. The most positive aspect was in the comments, which provided signs of easing competition, which would be very positive. However, earnings performance for the current year is driven by the extensive cost-saving program implemented in Q4. The successful execution of the company’s long-term and consistent strategy provides confidence in the continuation of good and sector-beating earnings growth. In our view, the valuation is very attractive following the decreased risk level of the operator market (2026e P/E 15x, EV/EBIT 14x, dividend yield 7%, and expected return >15%).
Quoted from the report:
Elisa’s market position is strong, and its risk level is among the lowest in the sector and the stock exchange. The low risk is also illustrated by the low 2.5% average interest rate of the company’s debt portfolio (Q4’25). With increased geopolitical uncertainty following Trump’s presidential term, we believe the low-risk profile Elisa can be considered one of the good safe havens among Finnish stocks. This is due to very stable earnings growth and significantly lower-than-average risk, as well as the burden of direct and indirect effects of tariffs on the business. Furthermore, the competition in the operator market that tightened last year has shown signals of calming down in early 2026, which would be a relatively significant positive factor.
Joni and Miksu talked about Telia & Elisa right after the Q4 results
Topics:
00:00 Intro
00:19 Share price performance has diverged
01:23 Telia’s negative recommendation
02:05 Intensified competition in Finland
03:32 Increased churn rates
05:29 Q4 results
08:50 Elisa’s international software services
10:22 Telia’s strong performance in Sweden
12:28 Telia’s valuation picture
13:34 Is Elisa’s stock a “screaming Buy”?
Thanks, I thought it was an exceptionally well-made video in terms of the conciseness/informativeness ratio.
Apparently Elisa’s “equity-linked bond” is now available for sale through Alexandria: Elisa 5x Booster . At first glance, I didn’t quite grasp how the final interest rate is determined, other than that it is tied to the stock’s dividend-adjusted price performance. Quite interesting, as I haven’t really come across these corporate bond offerings before.