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Research

Electrification is taking a break

By Juha KinnunenAnalyst
Fortum
Download report (PDF)

The share price has recovered slightly and the first tranche of the dividend has been paid, which means that the upside potential has shrunk. At the same time, we have made negative revisions to the Q1 earnings forecast due to the Olkiluoto 3 problems and lower electricity prices, which has weakened the risk/reward of the stock. In our view, the long-term outlook is still good, but the electrification megatrend appears to be taking a pause in the downturn. 

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 page

Key Estimate Figures2024-04-25

202324e25e
Revenue6,711.06,104.06,118.7
growth-%-13.7 %-9.0 %0.2 %
EBIT (adj.)1,544.01,114.81,115.0
EBIT-% (adj.)23.0 %18.3 %18.2 %
EPS (adj.)1.280.930.91
Dividend1.150.820.80
Dividend %8.8 %4.2 %4.1 %
P/E (adj.)10.220.921.3
EV/EBITDA6.312.512.5

Forum discussions

Vara’s latest… https://vara-services.com/fortum/consensus-analystoverview/
yesterday
by VahvaRupla
2
Entertaining​, but also a very useful interview, especially for a Fortum shareholder. It breaks down the future prospects of the company’s key...
2/13/2026, 6:39 PM
by PörssiPatruuna
11
I was just about to write about the same topic. We’ve already had about a month of really high spot prices and it looks set to continue. Plus...
2/13/2026, 12:07 PM
by imakemoney
5
Trump overturned the legal basis for US climate regulation | News in brief | Yle Is this the reason for Fortum’s slump yesterday? AI companies...
2/13/2026, 4:24 AM
by Jukka
6
These share rewards are staggering! Fortum Corporation: Managers’ Transactions - Markus Rauramo 10.02.2026 at 10:00 Download release FORTUM ...
2/10/2026, 9:58 AM
by Kunhalvallasaa
16
OP’s senior analyst Henri Parkkinen has made a video about Fortum Fortum’s comparable EBITDA in Q4 was clearly below consensus. In the conference...
2/6/2026, 2:24 PM
by Sijoittaja-alokas
9
Significantly more electricity was generated via hydropower in Sweden in January 2026 compared to the previous January in 2025. This can be ...
2/4/2026, 4:41 PM
by Petter
28
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