Elisa slumps on unexpected Q3 revenue fall, churn rate increase
** Elisa ELISA.HE shares fall almost 6% as the Finnish telecom's Q3 revenue misses expectations, while the churn rate increase in Finland worries
** Elisa's Q3 net sales fell 1.6% to EUR 536 mln and missed consensus cited by J.P.Morgan by 3.2%
** Kepler Cheuvreux analyst Kristoffer Carleskar says the revenue miss is the key driver for the share fall today, but that the revenue drop also goes hand in hand with slow EBITDA growth
** The market expected an uptick on EBITDA growth sequentially, Carleskar adds
** Inderes analyst Joni Gronqvist says the fall in turnover is unexpected, in otherwise in-line earnings
** Another worrying factor, Carleskar says, is the churn rate increase in Finland, as it is back at levels not seen in 2 years - the mobile post-paid churn increased to 16.8% in Q3
** Elisa revised its FY EBITDA guidance to "slightly higher than in 2023" from "same level or slightly higher", which the Inderes and JPM analysts say was expected and priced into the consensus
** If losses hold, the shares are on track for their worst day in a year
Reporting by Agata Rybska
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