Fortum: Electricity market returned to normal quickly
We have made major estimate revisions ahead of the company's Q4 report, and our estimates for the coming years were significantly lowered. Behind this is 1) the sharp fall in electricity prices (including futures) and 2) Fortum's almost one billion write-down in Russia, which weighs on the Q4'22 reported figures. The normalization of the electricity market was not a surprise in the longer term, but in the last few months we have seen a rapid fall. In connection with the Q4 report, Fortum will also announce an updated strategy, which we expect to focus on the company's traditional core areas in the Nordic region.
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Fortum
Fortum is active in the energy sector. In addition to the provision of electricity, a number of technical solutions are offered in heat optimization as well as apps that are used to keep track of energy consumption. The company also provides charging stations for electric cars. The largest activity is found around the Nordic market. The company was founded in 1998 and is headquartered in Espoo.
Read more on company pageKey Estimate Figures28.02.2023
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 6,422.0 | 8,658.9 | 8,558.9 |
growth-% | -86.90 % | 34.83 % | -1.16 % |
EBIT (adj.) | 1,429.0 | 1,678.8 | 2,076.8 |
EBIT-% (adj.) | 22.25 % | 19.39 % | 24.26 % |
EPS (adj.) | -2.43 | -2.93 | 1.32 |
Dividend | 1.14 | 0.38 | 0.57 |
Dividend % | 4.22 % | 2.87 % | 4.31 % |
P/E (adj.) | - | - | 10.01 |
EV/EBITDA | 6.65 | 6.32 | 5.28 |