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Research

Fortum: Russia, Russia, Russia

By Juha KinnunenAnalyst
Fortum
Download report (PDF)

Russia's extensive attack on Ukraine dramatically changed Fortum’s operating environment and previously extremely unlikely scenarios have become possible. Our ability to assess the likelihood of various risks is weak and uncertainty is extremely high. However, in the current situation, Fortum’s high Russia risk is not attractive, and Russia's counter-sanctions in particular can be very harmful. A lot of negatives are already priced into the share at the current level, but we remain cautious before the company's financial report.

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 Figures2022-02-28

202021e22e
Revenue49,015.0130,226.0132,222.0
growth-%799.9 %165.7 %1.5 %
EBIT (adj.)1,344.02,435.02,078.6
EBIT-% (adj.)2.7 %1.9 %1.6 %
EPS (adj.)1.671.481.55
Dividend1.121.141.14
Dividend %5.7 %6.2 %6.2 %
P/E (adj.)11.812.411.8
EV/EBITDA9.536.47.2

Forum discussions

Q4 will be weak. Will this share price level hold? Yle Uutiset – 10 Dec 25 Ennuste: pörssisähkö on halpaa tänä talvena – vertaa pörssisähkön...
12/12/2025, 3:57 PM
7
Fortum thus owns over 60% of Kemijoki Oy’s hydropower shares. In total, 1250 MW of pumped-hydro power is under development in this area. These...
12/10/2025, 11:26 AM
by PörssiPatruuna
14
And the troubles continue…. Sweden’s Oskarshamn 3 nuclear reactor is out of operation from December 11-20 to check for anomalies in process ...
12/9/2025, 10:47 AM
by VahvaRupla
9
He was elected CEO of Enento about a week ago. Hopefully, he intends to transfer the Fortum money into his new employer’s shares (irresponsible...
12/4/2025, 5:27 PM
by Ilkka
34
Teppo ran out of faith in Fortum, or perhaps just had a kitchen renovation Fortum Oyj: Management Transactions - Teppo Paavola - Inderes Board...
12/4/2025, 4:35 PM
by Pappa Tunturi
12
As the workday heads towards the finish line, a glance at YLE’s news feed for the day: is the data center bottleneck truly opening up? P.S. ...
12/3/2025, 3:50 PM
by PörssiPatruuna
26
It’s mostly just talk. It will overflow even if the gates are closed. Natural waters cannot be held back for long…
12/3/2025, 1:56 PM
by sebeteus
5
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