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Research

Fortum: Risks related to Russian gas on the rise

By Juha KinnunenAnalyst
Fortum
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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 in many respects at present, but with the increased risks we do not consider Fortum’s risk/return ratio reasonable. We will update our view when the situation becomes clearer or at the latest after Fortum’s result.

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 Figures2022-04-27

202122e23e
Revenue112,400.0101,975.092,106.9
growth-%129.3 %-9.3 %-9.7 %
EBIT (adj.)2,536.02,147.81,850.2
EBIT-% (adj.)2.3 %2.1 %2.0 %
EPS (adj.)2.001.591.33
Dividend1.141.141.14
Dividend %4.2 %6.4 %6.4 %
P/E (adj.)13.511.313.5
EV/EBITDA47.26.77.2

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