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 though the Uniper adventure was extremely expensive, the Fortum that hatches from the solution has a relatively attractive profile and with the current electricity market outlook the balance sheet will recover quite quickly. Of course, there are still risks: final separation from Uniper, exit from Russia, windfall taxes and the sustainability of high electricity prices.
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 Figures2022-09-22
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 112,400.0 | 8,408.8 | 9,596.0 |
growth-% | 129.32 % | -92.52 % | 14.12 % |
EBIT (adj.) | 2,536.0 | 1,571.5 | 2,479.8 |
EBIT-% (adj.) | 2.26 % | 18.69 % | 25.84 % |
EPS (adj.) | 2.00 | -3.75 | 1.94 |
Dividend | 1.14 | 0.00 | 0.00 |
Dividend % | 4.22 % | ||
P/E (adj.) | 13.49 | - | 6.30 |
EV/EBITDA | 47.15 | 7.59 | 5.23 |