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Elisa Oyj

ELISA.HE
55
Telecommunications Services · Communication Services
Price
€34.40
-0.00 (-0.00%)
Market Cap
€5.52B
Exchange
NASDAQ Helsinki
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Jul 25, 2026 · filings through Jun 30, 2026

Elisa Oyj, established in 1882 and headquartered in Helsinki, Finland, offers a comprehensive range of data communication and digital solutions. The company operates through two main divisions: one serving individual consumers and the other catering to corporate and institutional clients. Its extensive service portfolio encompasses diverse telecommunications offerings, including mobile and fixed-line subscriptions, various digital platforms, cable television, entertainment content, e-reading services, and video conferencing facilities. Furthermore, Elisa provides specialized solutions such as industrial Internet of Things (IoT) for manufacturers, remote patient monitoring and healthcare systems, and dedicated business-to-business (B2B) customer support, alongside a variety of online services. Elisa serves an expansive client base of approximately 2.8 million consumers, businesses, and public administration organizations across Finland, wider Europe, and international markets.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-1.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$38M/ year

1.7% of revenue

Below sector average (12%)

Research and development spending

Cash Position

Cash flow positive

$115M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Elisa Oyj's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 160.2M (2021) → 160.7M (2025)

Score breakdown

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Quality

Gross Margin
66.4%
Premium pricing power — 66.4% gross margin
Operating Margin
21.4%
Excellent — 21.4% operating margin
ROCE
4.2%
Weak — 4.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+1.1%
Nearly flat sales (1.1% YoY)
EPS YoY
-5.8%
Earnings shrinking (-5.8% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
191%
Turns 191% of profit into real cash
FCF Margin
16.9%
Converts sales into free cash efficiently (16.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
1.09
Elevated debt (1.09)
Interest Cover
9.30x
Comfortably covers interest (9.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
16.2x
Fair value — P/E 16.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
+2.9
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield
10.38%
Healthy income — 10.38% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth
-32.4%
Dividend cut (-32.4% YoY) — warning sign

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