Q4e: seasonally weaker, but an improvement y-o-y
We expect Eltel to report Q4 sales of EUR 230m, up 3% y-o-y, of which +6% organic and -3% from FX. The Norwegian business will most likely continue to struggle while Denmark and Finland are doing notably better. On earnings, we expect a sequential downturn from the strong Q3 due to seasonal effects, with particularly harsh weather this year in Q4; however, we expect a signifiicant y-o-y earnings improvement. This should be driven by two factors: positive effects from the ongoing cost savings programs and more price hikes on contracts to offset higher material costs, which had not been done in Q4'22. All in all, we estimate EBITA of EUR 4.4m (-4.0m), for a margin of 1.9% (-1.8%).
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