In the press release, Eltel states it is looking to adjust the organisation to the current situation, which we believe means a reduction in the workforce. The company does not disclose how much the cost base can be slimmed down, but as with price increases we expect roughly one quarter lag on this as well, since Nordic countries tend to have a standard 3-month notice period on employee agreements.
Trading at 14-10x '23e-'24e EV/EBITA on current estimates
On our current estimates, the share is trading at 14-10x '23e-'24e EV/EBITA. Our estimates include a margin improvement to 1.9% in '23e, followed by 2.5% in '24e, putting it notably below the company's YE'25 target of reaching 5%.
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