Elisa Oyj

Factors to consider:

• Company pays dividends (annually): last record date 2025-10-17, amount 1.37$ (Y3.15%)
• Earnings for 9 months up through Q3 exceed our estimates

Stock Forecast*

* forecast is subjective and experimental, should not be used for any investment decisions

Long term estimates were made for the period from 2024-12-31 to 2026-12-31

• 2024-12-31 to 2025-12-31 estimated range: [35.77$, 51.71$]
• 2025-12-31 to 2026-12-31 estimated range: [36.12$, 52.29$]

Financial Metrics affecting the ELMUF estimates:

• Negative: with PPE of 20.3 at the end of fiscal year the price was very high
• Positive: Operating profit margin, % of 22.16 > 18.64
• Positive: Industry operating cash flow per share per price (median), % of 22.56 > 10.33
• Positive: 18.93 < Shareholder equity ratio, % of 38.30 <= 41.86
• Positive: 6.82 < Operating cash flow per share per price, % of 9.35
• Negative: Industry operating profit margin (median), % of 3.51 <= 9.92
• Positive: Inventory ratio change, % of -0.08 <= 0