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Eltel

Eltel

Eltel is a leading Nordic field service provider for critical power and communication networks – infranets. The company builds, maintains and upgrades these essential lifelines for national network operators and owners. For example, Eltel provides infrastructure that allows renewable energy generation, electric vehicle charging and high-capacity communication networks. Eltel has divided its business operations into two business areas: Power and Communication. Meanwhile, the company has divided its business segments into four different geographical areas: Finland, Sweden, Norway and Denmark.

Sustainability information

There are many competitors but few customers in Eltel’s markets. Thus the company is exposed to fierce price competition and substantial customer dependency. In 2020, the two largest customers accounted for 37% of sales. If one or several customers were to reduce their investment levels, the impact on Eltel would be notable. Furthermore, the business model is highly seasonal and weather-sensitive, meaning that abnormal weather conditions may affect the company’s results.

EURm 2024 2025e 2026e
Sales 829 837 866
Sales growth (%) -2,5 1 3,5
EBITDA 17 56 61
EBITDA margin (%) 2 6,7 7,1
EBIT adj. 11 26 31
EBIT adj. margin (%) 1,3 3,1 3,5
Pretax profit -31 11 16
EPS -0,19 0,05 0,08
EPS growth (%) N/A -124,2 69,2
EPS adj. -0,02 0,05 0,08
DPS 0 0 0
EV/EBITDA (x) 14,7 4 3,5
EV/EBIT adj. (x) 23,2 8,7 7,1
P/E (x) N/A 16,2 9,6
P/E adj. (x) N/A 14,4 9,1
EV/sales (x) 0,3 0,27 0,25
FCF yield (%) 17,9 35,9 34,7
Le. adj. FCF yld. (%) -3,7 12,2 8,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 7,2 1,8 1,5
Le. adj. ND/EBITDA (x) 3,9 1,3 1
EURm 2024 2025e 2026e
Sales 829 837 866
COGS -737 -730 -758
Gross profit 92 107 107
Other operating items -75 -51 -46
EBITDA 17 56 61
Depreciation and amortisation -35 -30 -30
of which leasing depreciation -29 -26 -26
EBITA -18 26 32
EO Items -29 -1 0
Impairment and PPA amortisation 0 -1 -1
EBIT -18 25 31
Net financial items -13 -14 -15
Pretax profit -31 11 16
Tax 2 -3 -3
Net profit -29 8 13
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -30 7 12
EPS -0,19 0,05 0,08
EPS adj. -0,02 0,05 0,08
Total extraordinary items after tax -27 0 0
Leasing payments -29 -26 -26
Tax rate (%) 5,2 29,5 20
Gross margin (%) 11,1 12,8 12,4
EBITDA margin (%) 2 6,7 7,1
EBITA margin (%) -2,2 3,1 3,6
EBIT margin (%) -2,2 3 3,5
Pre-tax margin (%) -3,7 1,3 1,8
Net margin (%) -3,5 0,9 1,5
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -2,5 1 3,5
EBITDA growth (%) -33,1 237,9 9,3
EBITA growth (%) 239,6 -243,5 22,2
EBIT growth (%) N/A -239,8 22
Net profit growth (%) 280,9 -126,1 65,5
EPS growth (%) N/A -124,2 69,2
Profitability N/A N/A N/A
ROE (%) -14,9 3,9 6,2
ROE adj. (%) -1,3 4,5 6,7
ROCE (%) -5 7,7 9,1
ROCE adj. (%) 3,4 8 9,4
ROIC (%) -5,3 6 8,5
ROIC adj. (%) 3,1 6,2 8,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 45 57 61
EBITDA adj. margin (%) 5,4 6,8 7,1
EBITDA lease adj. 16 31 36
EBITDA lease adj. margin (%) 1,9 3,7 4,1
EBITA adj. 11 26 32
EBITA adj. margin (%) 1,3 3,2 3,6
EBIT adj. 11 26 31
EBIT adj. margin (%) 1,3 3,1 3,5
Pretax profit Adj. -2 12 17
Net profit Adj. -2 9 13
Net profit to shareholders adj. -3 8 13
Net adj. margin (%) -0,2 1 1,6
EURm 2024 2025e 2026e
EBITDA 17 56 61
Goodwill 249 249 249
Net financial items -13 -14 -15
Other intangible assets 30 30 29
Paid tax -1 -3 -3
Tangible fixed assets 6 6 9
Non-cash items 27 -2 0
Right-of-use asset 54 55 60
Cash flow before change in WC 30 37 43
Total other fixed assets 41 38 38
Change in working capital -2 9 2
Fixed assets 380 378 385
Operating cash flow 27 46 45
Inventories 19 18 19
Capex tangible fixed assets -2 -5 -4
Receivables 165 159 164
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals -5 0 0
Cash and liquid assets 21 32 43
Free cash flow 21 42 40
Total assets 585 588 611
Dividend paid 0 0 0
Shareholders equity 182 189 201
Share issues and buybacks 0 0 0
Minority 8 8 8
Leasing liability amortisation -25 -28 -30
Total equity 190 197 209
Other non-cash items -42 19 -3
Long-term debt 16 10 13
Pension debt 7 5 5
Convertible debt 0 0 0
Leasing liability 59 58 58
Total other long-term liabilities 47 35 35
Short-term debt 61 59 59
Accounts payable 152 155 160
Other current liabilities 55 70 72
Total liabilities and equity 585 588 611
Net IB debt 120 99 92
Net IB debt excl. pension debt 114 94 87
Net IB debt excl. leasing 62 41 34
Capital employed 331 329 344
Capital invested 310 296 301
Working capital -22 -47 -49
EV breakdown N/A N/A N/A
Market cap. diluted (m) 116 116 116
Net IB debt adj. 120 99 92
Market value of minority 8 8 8
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 245 224 217
Total assets turnover (%) 137 142,6 144,4
Working capital/sales (%) -3,9 -4,2 -5,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 63,4 50,5 44,2
Net debt / market cap (%) 103,4 85,4 79,4
Equity ratio (%) 32,4 33,5 34,2
Net IB debt adj. / equity (%) 63,4 50,5 44,2
Current ratio 0,77 0,74 0,78
EBITDA/net interest 1,3 3,9 4,1
Net IB debt/EBITDA (x) 7,2 1,8 1,5
Net IB debt/EBITDA lease adj. (x) 3,9 1,3 1
Interest coverage 1,2 1,8 2,1
EURm 2024 2025e 2026e
Shares outstanding adj. 157 157 157
Diluted shares adj. 157 157 157
EPS -0,19 0,05 0,08
Dividend per share 0 0 0
EPS adj. -0,02 0,05 0,08
BVPS 1,16 1,2 1,28
BVPS adj. -0,63 -0,58 -0,49
Net IB debt/share 0,77 0,63 0,59
Share price 8,1 8,1 8,1
Market cap. (m) 116 116 116
Valuation N/A N/A N/A
P/E (x) N/A 16,2 9,6
EV/sales (x) 0,3 0,27 0,25
EV/EBITDA (x) 14,7 4 3,5
EV/EBITA (x) -13,6 8,7 6,9
EV/EBIT (x) -13,6 8,9 7,1
Dividend yield (%) 0 0 0
FCF yield (%) 17,9 35,9 34,7
Le. adj. FCF yld. (%) -3,7 12,2 8,9
P/BVPS (x) 0,64 0,62 0,58
P/BVPS adj. (x) -1,72 -1,92 -2,41
P/E adj. (x) N/A 14,4 9,1
EV/EBITDA adj. (x) 5,4 3,9 3,5
EV/EBITA adj. (x) 23,2 8,5 6,9
EV/EBIT adj. (x) 23,2 8,7 7,1
EV/CE (x) 0,7 0,7 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 0,2 0,6 0,5
Capex/depreciation 0,4 1 1
Capex tangibles / tangible fixed assets 33,9 79,9 48,8
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 91,53 81,65 47,88

Equity research

Read earlier research

Media

Eltel - Company presentation with CFO Tarja Leikas & Communications Director Alexandra Kärnlund
Eltel - Fireside chat with President & CEO Håkan Dahlström

Main shareholders - Eltel

Main shareholders Share capital % Voting shares % Verified
Triton 16.0 % 16.3 % 28 Apr 2025
Wipunen varainhallinta Oy 14.6 % 14.9 % 28 Apr 2025
Fjärde AP-fonden 9.4 % 9.6 % 28 Apr 2025
Heikintorppa Oy 8.5 % 8.7 % 28 Apr 2025
Mariatorp Oy 6.2 % 6.4 % 28 Apr 2025
Erkki Etola 5.8 % 5.9 % 28 Apr 2025
Mandatum Life Insurance Company 5.3 % 5.4 % 28 Apr 2025
Fennia Group 4.4 % 4.5 % 28 Apr 2025
Fidelity International (FIL) 4.4 % 4.5 % 31 Mar 2025
Eltel AB 2.4 % 0.2 % 28 Apr 2025
Source: Holdings by Modular Finance AB