Fortum: Turbulence continued in Q1
Fortum's estimates are depressed by the continued drop in electricity prices, which is reflected in the Generation segment’s earnings. Fortum’s situation is muddled by the Russian business being moved to the “temporary care” of the Russian State. This did not affect our view much, because we have not given the business value in the past either. We expect that Forum’s Q1 result released on Thursday to be good, but Russia is likely to grab the attention again.
