Fortum

14,035EUR +3,01 %
23 503 investerare följer bolaget.

Fortum är verksamma inom energisektorn. Utöver tillhandahållandet av el till allmänheten erbjuds ett flertal tekniska lösningar inom värmeoptimering och appar som används för att hålla koll på energiförbrukningen, samt laddningsstationer för elbilar. Störst verksamhet återfinns runtom den nordiska marknaden. Bolaget grundades under 1998 och har sitt huvudkontor i Esbo.

P/E (23e)
11,77
EV/EBIT (23e)
6,43
P/B (23e)
1,55
Direktavkastnings- % (23e)
6,8 %
Riktkurs
16.50 EUR
Rekommendation
Öka
Uppdaterad
3.3.2023
NASDAQ Helsinki
FORTUM
Dagens lägsta / högsta pris
13,68 / 14,09 EUR
Börsvärde
12,59 md EUR
Omsättning
4,74 mn EUR
Volym
340 tn
Risk och rekommendation
HögRiskLåg
SäljRekommendationKöp

Income statement

20192020202120222023e2024e2025e2026e
Revenue5 447,0049 015,006 422,008 804,008 679,338 699,518 641,348 732,79
growth-%3,91 %799,85 %−86,90 %37,09 %−1,42 %0,23 %−0,67 %1,06 %
EBITDA1 693,002 689,004 913,001 843,002 738,782 533,852 363,962 356,04
EBIT (adj.)1 190,001 344,001 429,001 871,001 970,051 759,011 593,871 589,89
EBIT1 118,001 599,004 326,001 277,002 162,781 950,051 783,051 777,04
Profit before taxes1 727,602 199,004 333,00455,001 907,781 783,241 670,661 691,54
Net income1 481,601 823,00739,00−2 416,001 263,031 392,581 303,261 319,35
EPS (adj.)1,751,67−2,43−2,031,191,341,241,26
growth-%120,26 %−4,23 %−245,04 %12,26 %−7,28 %1,63 %
Dividend1,101,121,140,910,951,001,001,25
Dividend ratio65,95 %54,58 %137,03 %−33,80 %67,79 %64,71 %69,15 %85,00 %

Profitability and return on capital

20192020202120222023e2024e2025e2026e
EBITDA-%31,08 %5,49 %76,50 %20,93 %31,56 %29,13 %27,36 %26,98 %
EBIT-% (adj.)21,85 %2,74 %22,25 %21,25 %22,70 %20,22 %18,44 %18,21 %
EBIT-%20,53 %3,26 %67,36 %14,50 %24,92 %22,42 %20,63 %20,35 %
ROE11,94 %14,06 %5,89 %−24,40 %16,00 %16,61 %14,72 %14,24 %
ROI9,92 %10,25 %15,82 %2,79 %15,18 %15,12 %14,17 %13,74 %

Valuation

20192020202120222023e2024e2025e2026e
Share price (EUR)22,0019,7026,9915,5414,0414,0414,0414,04
Shares888,29888,37888,29897,26897,26897,26897,26897,26
Market cap19 542,4717 500,8323 975,0613 943,4812 593,1012 593,1012 593,1012 593,10
Enterprise value18 665,4725 566,8332 676,0616 660,9813 917,2713 068,3212 338,4011 710,63
EV/S3,430,525,091,891,601,501,431,34
EV/EBITDA11,039,516,659,045,085,165,224,97
EV/EBIT (adj.)15,6919,0222,878,907,067,437,747,37
EV/EBIT16,7015,997,5513,056,436,706,926,59
P/E (adj.)12,5811,76--11,7710,4811,3011,12
P/E13,199,6032,44-9,979,049,669,54
P/B1,511,351,981,821,551,461,391,33
P/S3,590,363,731,581,451,451,461,44
Dividend yield5,00 %5,69 %4,22 %5,86 %6,80 %7,16 %7,16 %8,91 %
Equity ratio56,65 %26,95 %9,13 %32,73 %38,42 %43,97 %45,11 %46,37 %
Gearing ratio39,71 %53,63 %70,46 %49,97 %30,22 %18,62 %9,80 %2,79 %

Quarter data

Q1/22Q2/22Q3/22Q4/222022Q1/23eQ2/23eQ3/23eQ4/23e
Revenue2 162,001 754,002 152,002 736,008 804,002 434,871 893,031 946,482 404,95
EBITDA386,00901,001 058,00−502,001 843,00765,63618,92495,58858,65
EBIT246,00767,00917,00−653,001 277,00620,63476,92353,58711,65
Profit before taxes90,001 187,00737,00−1 559,00455,00553,63419,92283,58650,65
Net income−2 222,00−5 686,006 099,00−607,00−2 416,00365,83284,09190,04423,07
Publisher
Aktieanalys

Fortum: The prodigal son returns home with the new strategy

The company's Q4 operating profit was well above our expectations thanks to the Generation segment. The outlook for the segment (hedging prices) was also slightly higher than we had anticipated, supporting a slight positive change in our estimates for the coming years.

2023-03-03 av Juha Kinnunen
Publisher
Video

Fortum Q4'22 – Thursday, Mar. 2 at 11:00 am EET

Follow Fortum's Q4'22 info on Thursday, March 2 at 11:00 am EET on inderesTV.

2023-03-02
Publisher
Aktieanalys

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.

2023-02-28 av Juha Kinnunen
Publisher
Aktieanalys

Fortum: Electricity costs more and taxes go up

Although the Finnish tax proposal was bad news for next year's results, the sharp rise in electricity prices compensated for this and improves the outlook for the coming years.

2022-12-07 av Juha Kinnunen
Publisher
Aktieanalys

Fortum: The direction is right, the valuation low

The Q3 result exceeded our expectations and the rapid increase in hedging prices for 2023 supported our earnings estimates. In the big picture, the report confirmed that the company's liquidity position and balance sheet structure are in order after the finalization of the Uniper arrangement.

2022-11-11 av Juha Kinnunen
Publisher
Video

Fortum Q3'22 – Thursday, Nov. 10 at 11:00 am EET

Follow Fortum's Q3'22 on Thursday, November 10 at 11:00 am EET on inderesTV.

2022-11-10
Publisher
Aktieanalys

Fortum: Revisions following the Uniper exit

Our update relates to the restated comparison figures that exclude Uniper published by Fortum, based on which we revised the figures. At the same time, we made minor updates to our estimates, mainly related to electricity price developments.

2022-10-13 av Juha Kinnunen
Publisher
Aktieanalys

Fortum: Back to the past

Fortum announced yesterday that it had reached an agreement with the German State on the nationalization of Uniper. Fortum will recover its EUR 8 billion financing for Uniper (loan and guarantee) and gain EUR 0.5 billion from its Uniper holding. Even...

2022-09-22 av Juha Kinnunen
Publisher
Video

Fortum Press Conference – Wednesday, Sep. 21 at 10:00 am EEST

Follow Fortum's Press Conference on Wednesday, September 21 at 10:00 am EEST on InderesTV.

2022-09-21
Publisher
Aktieanalys

Fortum: At the heart of Europe's energy crisis

The company's Q2 result was good operationally and the reported figures were better than expected, but the EUR 5.7 billion loss is still nothing to celebrate.

2022-08-26 av Juha Kinnunen
Publisher
Video

Fortum Q2'22 – Thursday, Aug. 25 at 11:00 am EEST

Follow Fortum's Q2'22 info on Thursday, August 25 at 11:00 am EEST on inderesTV.

2022-08-25
Publisher
Aktieanalys

Fortum: Painful journey and a silver lining

Fortum will publish its Q2 report on Thursday at around 9.00 am. The result will be shocking due to the loss of more than EUR 9 billion reported by subsidiary Uniper in Q2, but Fortum's Nordic core business is set for record results in the coming years if electricity prices remain exceptionally high.

2022-08-23 av Juha Kinnunen
Publisher
Aktieanalys

Fortum: Uniper’s performance did not inspire confidence

Fortum's subsidiary Uniper reported its Q2 result yesterday. We were aware that Uniper's gas business was in disarray following the disruption of gas supplies from Russia, but more problems seem to be piling up all the time.

2022-08-18 av Juha Kinnunen
Publisher
Aktieanalys

Fortum: Germany causes problems for Fortum

Germany’s stabilization package prevents Uniper from going bankrupt, but apparently only enables Uniper’s price increases from October 1. Before that, Uniper will generate huge losses if Gazprom's gas streams remain shut and gas prices extremely high...

2022-07-25 av Juha Kinnunen
Publisher
Video

Fortum press conference Friday Jul. 22 at 14:00 am EEST

Fortum press conference Friday Jul. 22 at 14:00 am EEST

2022-07-22
Publisher
Aktieanalys

Fortum: Positive risks on the rise in midst of uncertainty

Fortum's situation is still confusing due to the European energy crisis resulting from Russian military action, but we believe that the likelihood of a rapid exit from Russia has improved. In addition, with Germany’s Energy Security Act, Uniper's worst...

2022-06-21 av Juha Kinnunen
Publisher
Aktieanalys

Fortum: Leaving Russia

The operating result of the "old Fortum" was in line with expectations and the company said it would withdraw in a controlled manner from Russia, which is difficult in the current situation. There is plenty of commotion around Russian gas, but in addition to the accelerating bans, we also received news from Germany that diluted the risks around Uniper.

2022-05-13 av Juha Kinnunen
Publisher
Video

Fortum Q1'22 – Thursday, May. 12 at 11:00 am EST

Follow Fortum's Q1’22 info on Thursday, May 12 at 11:00 am EST on inderesTV.

2022-05-12
Publisher
Aktieanalys

Fortum: Risks related to Russian gas on the rise

Last night, Fortum's subsidiary Uniper issued a drastic profit warning on the Q1 result and reported impairment charges related to Russia. At the same time, Uniper's risks concerning Russian gas have increased significantly. The situation is unclear ...

2022-04-27 av Juha Kinnunen
Publisher
Video

Fortum Financial Statements Bulletin 2021, Thursday, Mar. 3 at 11:00 am EET

Follow Fortum Financial Statements Bulletin 2021 on Thursday, March 3 at 11:00 EET on inderesTV.

2022-03-03