Fortum: Revisions following the Uniper exit
Our update relates to the restated comparison figures that exclude Uniper published by Fortum, based on which we revised the figures. At the same time, we made minor updates to our estimates, mainly related to electricity price developments. Although there were structural changes to the figures, the big picture hasn’t changed substantially. Fortum is a very cheap stock with the results of the next few years (2023e P/E 7x), which however aren’t sustainable. The most significant risks relate to the Russian business and the completion of the Uniper transaction. However, even before that there’s pressure on collateral requirements and liquidity.
