Strong start to the year
Q1 results clearly exceeded market expectations, with positive developments in all segments. Generation delivered an excellent optimization margin in Q1, Consumer Solutions delivered a strong performance as the market normalized, and costs under Other Operations were impacted by efficiency measures. The outlook was revised, but the positive changes were driven more by operational performance. We think the stock is undervalued, but in the short term there are few upside drivers.
Fortum
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 pageKey Estimate Figures02/05
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 6,711.0 | 6,554.0 | 6,623.0 |
growth-% | -13.67 % | -2.34 % | 1.05 % |
EBIT (adj.) | 1,544.0 | 1,266.7 | 1,174.1 |
EBIT-% (adj.) | 23.01 % | 19.33 % | 17.73 % |
EPS (adj.) | 1.28 | 1.10 | 1.00 |
Dividend | 1.15 | 0.96 | 0.88 |
Dividend % | 8.81 % | 7.30 % | 6.67 % |
P/E (adj.) | 10.19 | 12.06 | 13.20 |
EV/EBITDA | 6.26 | 7.55 | 8.36 |