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Investing.com - Berenberg reinstated coverage on Finnish telecom operator Elisa Oyj (HE:ELISA) (OTC:ELMUF) with a Buy rating and a price target of EUR54.00 on Thursday.
The research firm cited Elisa’s high-quality cash returns as a key factor in its positive outlook, despite the company trading at premium valuation multiples compared to sector peers.
Berenberg noted that Elisa currently trades at a fiscal year 2026 estimated EV/EBITDA of 10.8x, significantly higher than the sector average of 7.1x.
Despite this premium valuation, Berenberg’s analysis using its preferred EV/BIC (Enterprise Value to Book Invested Capital) methodology ranks Elisa as one of the highest-quality stocks in its coverage universe.
The firm highlighted that Elisa offers cash returns substantially above its cost of capital and is expected to deliver improving returns over the 2025-2030 period based on Berenberg’s forecasts.
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