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Eltel AB (ELTEL) Fair Value & Analysis

Communication Services · SE · Market cap 1.9B SEK (≈ $198M) · ISIN SE0006509949

What is Eltel AB really worth?

EA Eltel AB ELTEL · ST
Pricekr 14.00
Fair Valuekr 11.92
Upside−14.9%
Quality59/100

A solid business, but trading 17% above our fair value of kr 11.92.

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Strengths

Moderate debt · generates free cash flow

Risks

!Weak Growth (revenue 5y −2.3 %/yr)
!Thin margins · 0.4% net margin
!Trails peers (5/15)
!Narrow moat 27/100
!Weak on valuation: 13 out of 100
!Weak on past: 9 out of 100
!Weak on dividend: 25 out of 100
Evidence: High Range kr 7.41 – kr 19.50

Fair value as of: Aug 30, 2026

From 24 valuation models · updated 3 days ago

Fair value updated Aug 30, 2026, revised from kr 11.82 to kr 11.92 (+0.8%) since Aug 13, 2026. Share price +6.9% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The model range is unusually wide (kr 7.41 to kr 19.50). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

kr 24.25 kr 6.06 Fair Value kr 11.92 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.

How to read this chart

60‑month range kr 6.06 – kr 24.25 · fair‑value band kr 7.41 – kr 19.50 · the kr 14.00 price screens above the kr 11.92 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 30, 2026.

Full chart & analysis →

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Analysis

Eltel AB (ELTEL) currently trades at kr 14.00, while our model-based Fair Value estimate is kr 11.92, implying the stock looks roughly 17.5% overvalued today. The Quality Score stands at 59/100 (solid quality), in the Communication Services sector. How firm this estimate is: it rests on 22 models at a data quality of 93/100, which puts the evidence level at high.

Over the trailing twelve months, Eltel AB generated revenue of 840M SEK at a net margin of 0.4%. Revenue grew 12.8% year over year. It earns a return on equity of 2.3%. Net debt stands at 175M SEK. Fundamentals as of Aug 30, 2026

Our scenario range runs from kr 7.41 (bear case) to kr 19.50 (bull case); at kr 14.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 75% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at −15%, ELTEL screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 0.0738 per share, which is 0.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (kr 0.1200 to kr 3.63). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF kr 0.7100 kr 1.09 kr 1.72 79
Growth DCF kr 0.7500 kr 1.11 kr 1.66 78
Owner Earnings kr 0.8800 kr 1.31 kr 2.03 76
All 24 models by family
DCF Models
FCF DCF kr 0.7100 kr 1.09 kr 1.72 79
Owner Earnings kr 0.8800 kr 1.31 kr 2.03 76
5Y Revenue Exit kr 0.6100 kr 1.08 kr 1.77 71
5Y EBITDA Exit kr 1.51 kr 2.65 kr 4.15 74
5Y P/E Exit kr 0.1200 kr 0.2400 kr 0.3800 69
10Y Revenue Exit kr 0.6200 kr 0.9500 kr 1.30 67
10Y EBITDA Exit kr 1.15 kr 1.84 kr 2.58 68
10Y P/E Exit kr 0.3700 kr 0.4700 kr 0.5600 65
Earnings-Based
Graham-Dodd kr 0.1000 kr 0.1200 kr 0.1300 67
EPV kr 0.3700 kr 0.5000 kr 0.6000 74
Dividend Discount
Gordon GGM kr 1.15 kr 1.24 kr 1.37 69
DDM Multi-Stage kr 1.15 kr 1.37 kr 1.65 67
Multiples
P/E Multiple kr 0.2300 kr 0.3000 kr 0.3800 63
P/S Multiple kr 0.1800 kr 0.2400 kr 0.3000 58
P/B Multiple kr 0.1800 kr 0.2400 kr 0.3000 55
EV/EBIT kr 1.09 kr 1.63 kr 2.17 65
EV/EBITDA kr 2.59 kr 3.63 kr 4.67 67
EV/Revenue kr 0.6200 kr 1.12 kr 1.62 52
Asset-Based
NCAV (Graham) kr 0.5100 kr 0.6800 kr 1.02 54
Growth DCF
Growth DCF kr 0.7500 kr 1.11 kr 1.66 78
Rev-Margin DCF kr 0.6100 kr 1.11 kr 1.74 71
Economic Profit
Residual Income kr 0.6700 kr 0.6300 kr 0.4400 76
ROIC Compounder kr 0.3700 kr 0.5000 kr 0.6000 72
Growth Earnings
Growth-Adj P/E kr 0.1600 kr 0.2300 kr 0.3000 67

Widest divergence: Dividend Discount (kr 1.24) versus Earnings-Based (kr 0.1200). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 127.3
P/S ratio 0.34 P/E × margin
EPS (TTM) kr 0.1100 price ÷ EPS = P/E 127.3
Dividend yield 1.3% payout 161%
Net margin 0.3% FY2025
Return on equity 2.3% TTM
More key figures
Profitability
Return on assets (EBIT) −0.1% avg 5y
Operating margin 1.7% TTM
Growth
Revenue (TTM) 840M SEK TTM
Revenue growth (YoY) +12.8% 3y avg +0.4%
EPS growth (YoY) +13.8%
Balance sheet & cash flow
Free cash flow 24.0M SEK FY2025
Net debt 175M SEK FY2025 · ≈ 7.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 57 · Market factors (momentum, volatility) 71

Profitability 36
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 57
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 97
Disciplined investing over empire-building
Low Volatility 33
Calm price path (market factor)
Momentum 87
Price trend over the last 3–12 months (market factor)
52W Momentum 85
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Eltel AB (publ) operates as an infrastructure and service provider for critical communication and power networks in Finland, Sweden, Norway, Denmark, Lithuania, Germany, and Poland.

Full company description

Eltel AB (publ) operates as an infrastructure and service provider for critical communication and power networks in Finland, Sweden, Norway, Denmark, Lithuania, Germany, and Poland. The company designs, builds, maintains, and upgrades power distribution and transmission infrastructure, including turnkey high-voltage projects and network construction; and provides turnkey solutions for smart grids, electric vehicle charging infrastructure, wind farms and solar parks, battery energy storage systems, and data centers. It also designs, installs, upgrades, and services mobile and fixed communication networks, fixed wireless access, 5G, public and private mobile indoor, and data centers infrastructure. In addition, the company provides Turvatikas safety ladders; rollouts, upgrade, and corrective maintenance services; and fiber-to-the-home rollouts. It serves telecom operators and network owners, industrial customers, public sector, and utility companies, as well as national transmission system operators and owners of power distribution grids. Eltel AB (publ) was founded in 2001 is headquartered in Bromma, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Eltel AB reported revenue of €833M in FY2025 versus €813M in FY2021, a compound +0.6%/yr. Reported net income was €2.2M in FY2025, compounding −15.0%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
833M SEK
Latest YoY
+0.5%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.4%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.3%
Avg. revenue growth/yr (14Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.4%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−11.7% (−13.0 + 1.3)
Revenue +0.6%/yr
FY21 €813M
FY22 €824M
FY23 €850M
FY24 €829M
FY25 €833M
Net income −15.0%/yr
FY21 €4.3M
FY22 −€14.9M
FY23 −€7.9M
FY24 −€29.7M
FY25 €2.2M

ELTEL screens 17% overvalued. Compare with China Mobile Limited →

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Cite: Fair Value Calculator (2026). "Eltel AB Fair Value". https://www.fairvalue-calculator.com/stock/ELTEL

Peer Group

Telecom Services · 258 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 59 · Above median
Fair Value upside −15% · Below median
Return on equity (TTM) 2% · Below median
Return on assets 2% · Below median
Net margin (TTM) 0% · Below median
Operating margin (TTM) 2% · Bottom 25%
Revenue growth 13% · Top 25%
Dividend yield (TTM) 1.3% · Bottom 25%
Debt / equity 0.80× · Higher than median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 127.3× · Pricier than 75% of peers
P/B 1.24× · Cheaper than median
P/S (TTM) 0.24× · Cheaper than 75% of peers
P/FCF 8.2× · Pricier than median
EV/EBITDA 10.4× · Pricier than median
PEG 0.20× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE13 · sector 30
FUTURE64 · sector 16
PAST9 · sector 27
HEALTH60 · sector 89
DIVIDEND25 · sector 76

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
T-Mobile US, Inc TMUS $177.75 $172.67 −3%
Verizon Communications Inc VZ $49.43 $64.43 +30%
AT&T Inc T $26.01 $43.97 +69%
Bharti Airtel Limited BHARTIARTL ₹1,935 ₹941.48 −51%
Comcast Corporation CMCSA $26.41 $95.42 +261%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMX $23.50 $39.45 +68%
Singapore Telecommunications Limited Z77 4.29 SGD 3.03 SGD −29%
Swisscom AG SCMN CHF 627.50 CHF 463.92 −26%

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Frequently asked questions

Is Eltel AB (ELTEL) overvalued or undervalued?
As of Aug 30, 2026, our model estimates a fair value of kr 11.92 versus a price of kr 14.00, about −15% upside (overvalued).
What is the fair value of ELTEL?
Our model-based fair value for Eltel AB is kr 11.92 (as of Aug 30, 2026), built from audited fundamentals. The current price: kr 14.00.
What is the quality score of ELTEL?
Eltel AB has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Eltel AB (ELTEL)?
Eltel AB reported trailing-twelve-month revenue of about 840M SEK (latest available figure, as of Aug 30, 2026).
What is the net profit margin of ELTEL?
The net profit margin of Eltel AB is about 0.4%, meaning it keeps roughly 0.4% of revenue as net income. Based on the latest reported figures.
Does Eltel AB pay a dividend?
Eltel AB currently shows a dividend yield of about 1.27% relative to its recent price (as of Aug 30, 2026).
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