contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Juha Kinnunen

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.

The paywalled article reiterates that an AI effect has been observed in Fortum’s stock price. An increasing number of foreign analysts see the company as a producer of the AI revolution’s most important raw material: electricity. In a long-term perspective, F’s share price is above the average, but on the other hand, it remains undervalued compared to, for example, US energy companies. In addition to the AI element, Fortum can now be viewed as a stable and secure investment that regularly delivers a solid load of dividends into the owner’s pocket. The dividend paid for last year remains lean, but times are improving.                   Tärkeimmät talousuutiset | Kauppalehti – 19 Jan 26              ”Mikään muu ei ulkomaalaisia analyytikkoja tuntunut kiinnostavan” –...    Fortumin osake on ollut nosteessa jo jonkin aikaa ja sijoittajat hinnoittelevat ja odottavat Fortumista jonkinlaista tekoäly-yhtiötä, mutta onko se sitä?

News Powered by Cision              Fortum syventää yhteistyötään kaukolämpöreaktoria kehittävän Steady Energyn...    FORTUM OYJ LEHDISTÖTIEDOTE 13.01.2026   Fortum ja suomalainen teknologiayhtiö Steady Energy                             Fortum and the Finnish technology company Steady Energy have signed a framework agreement under which Fortum will provide a wide range of nuclear expert services for the development of Steady Energy’s district heating reactor. In particular, Fortum will support the design of the operating and maintenance model for the small modular reactor (SMR) and the development of related operational functions. The agreement enables Fortum to potentially provide the operation and maintenance services required by Steady Energy’s SMRs in Finland and Sweden in the future. In addition to the cooperation, Fortum has decided to fund the development of Steady Energy’s LDR-50 district heating reactor with a 2.1 million euro equity investment. The investment is part of Fortum’s Innovation and Venturing activities, through which Fortum seeks to identify and support startups and technologies that promote a lower-emission future. Fortum has already participated in the development of Steady Energy’s district heating reactor by providing its process simulation expertise for reactor modeling as an expert service.

Unlike 2025, which is turning out to be a so-called transition year, Fortum’s 2026 has started promisingly, as there is demand for electricity, prices are good, and there are hardly any power plant outages. Additionally:                   Fortum – 5 Jan 26              Loviisan ydinvoimalaitoksella valmistaudutaan merkittäviin...                              Based on a gut feeling, this billion-euro investment fits within the maintenance and other similar projects planned by the company, meaning the budget won’t need to be overhauled because of this.                   mint – 29 Dec 25              JBM Group signs exclusivity pact to buy Fortum’s EV charging business in India...    JBM Group is drawn to GLIDA's 850 charging points across 29 cities and 25 highways in 17 states amid India’s green-mobility push that depends on the expansion of an effective EV charging network. JBM Group’s flagship firm JBM Auto Ltd is one of...                             The deal hasn’t been closed yet, and it’s even less clear when exactly the funds will be recognized in Fortum’s coffers. Still, according to rumors, Fortum would pocket 300 million USD from the India exit, which the majority owner will likely order to be channeled directly into dividends.

A total of €427M has been granted for renewable energy storage. If I read it correctly, this is only 20% of the total investment (€2.1 billion). I wonder if detailed descriptions of the projects can be found anywhere? With a little AI prompting, that money could potentially yield 10 GWh of storage capacity and 4 GW of power. That would already have a very significant impact on the electricity market.

Talouselämä – 22 Dec 25              Nyt tuli arvio: Sähkön hinta jouluna poikkeuksellinen    Sähkön hinta pysyy joulunpyhinä poikkeuksellisen matalana. Sähkön kuluttajalle tämä tarkoittaa, että kinkun voi laittaa uuniin ja saunan lämmittää ilman tarvetta kytätä hintapiikkejä.                             Electricity has been dirt cheap for a long time. It feels relaxed being a spot-priced electricity customer. I think there is reason to be concerned about Fortum’s Q4. Mild winds are blowing during the Christmas holidays (source: Pekka Pouta). I don’t think the stock price level will withstand any major disappointments, even if a couple of data centers were to be fired up. I’ll buy at the €15 level!

“Don’t count your chickens before they hatch,” but it’s worth noting a couple of things in Business Finland’s brand-new support decision. In practice, this is about state subsidies for potential new investors.   Generally, the list includes a whole bunch of energy-intensive industrial projects.   When cherry-picking, one stands out above the rest. Fortum is the energy partner in the planning of Arctial’s low-carbon aluminum plant in Kokkola. If the plant sees the light of day, its electricity consumption would be over 10% of Finland’s current consumption.   There’s reason to remain cautious about the realization of all these projects, but this support is a nudge forward in any case. And in any case, it’s worth rooting for the Kokkola plant with both hands                     businessfinland.fi – 19 Dec 25              Suurten puhtaan siirtymän investointien verohyvitykset myönnetty 37 yritykselle    Verohyvityksiä myönnettiin 37 puhtaan siirtymän investoinnille, yhteensä 2 miljardin euron edestä.

News Powered by Cision              Vedyntuotanto alkanut Fortumin Kallan koelaitoksella Loviisassa    FORTUM OYJ LEHDISTÖTIEDOTE 18.12.2026  Fortum on aloittanut Kallan koelaitoksella                             Fortum has started the commissioning of the first phase of the electrolysis equipment at the Kalla pilot plant and produced hydrogen for the first time. The pilot plant, located in Loviisa, is expected to be fully operational in spring 2026. Fortum is committed to promoting the electrification of the Nordic countries, and the Kalla pilot plant contributes to this development. Fortum is investigating the prerequisites for hydrogen production in phases. Kalla will pilot the technical capabilities and commercial viability of hydrogen production, which will serve as lessons for potential larger projects serving industrial customers. Two electrolyser technologies under test In Kalla, hydrogen is produced by electrolysis, where water is split into hydrogen and oxygen using fossil-free electricity. Hydrogen acts as an energy carrier, enabling energy storage and transfer without carbon dioxide emissions. This makes it a valuable solution in sectors where direct electrification is not possible. Two electrolyser technologies are being tested at the pilot plant, which will be commissioned in phases:  1 MW alkaline electrolyser from Stargate Hydrogen 0.75 MW PEM electrolyser from Hystar  Operating both systems under real operating conditions will provide valuable information on their efficiency, flexibility, safety, and scalability. Hydrogen to be delivered to an industrial customer The Kalla pilot plant will operate until 2028 as a learning and development project, through which we will gain experience in the project planning and implementation of hydrogen plants before committing to potential larger-scale commercial projects. The lessons learned from Kalla will also influence the development of future customer solutions. The hydrogen produced in Kalla will be delivered to P2X Solutions Oy in accordance with the sales agreement signed in June. Some of the hydrogen will also be utilised in research and development activities and at Fortum’s Loviisa nuclear power plant.

Fortum

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. 

<p>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. A more persistent problem is Russia, which is depressing acceptable valuation and complicating debt market activity. We still consider the risk/return ratio of the stock attractive at the current low valuation.</p> 

	2021	22e	23e
Revenue	6,422.0	8,820.0	9,542.9
growth-%	-86.9 %	37.3 %	8.2 %
EBIT (adj.)	1,429.0	1,730.0	2,682.8
EBIT-% (adj.)	22.3 %	19.6 %	28.1 %
EPS (adj.)	-2.43	-2.45	2.12
Dividend	1.14	0.38	1.14
Dividend %	4.2 %	2.0 %	6.1 %
P/E (adj.)	neg.	neg.	8.9
EV/EBITDA	6.7	6.3	5.3

Fortum: The direction is right, the valuation low

Key Estimate Figures2022-11-11

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