Fortum
14.225
EUR
+1.5 %
FORTUM
NASDAQ Helsinki
Multi
Energy
27,125 following
+1.5%
+6.79%
-2.33%
-2.43%
-2.47%
+8.92%
+12.05%
-42.99%
-33.34%
+150.23%
www.fortum.com
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.
P/E (adj.) (24e)
11.21
EV/EBIT (adj.) (24e)
9.97
P/B (24e)
1.47
Dividend yield-% (24e)
8.03 %
Target price
14.00 EUR
Recommendation
Reduce
Updated
29.10.2024
NASDAQ Helsinki
FORTUM
Daily low / high price
13.995 / 14.265
EUR
Market cap
12.76B EUR
Turnover
2.63M EUR
Volume
186K
Business risk
Valuation risk
Current
Previous
Latest research
Analyst
Juha Kinnunen
Analyst
Latest videos
Financial calendar
Annual report
11.02.2025
General meeting
01.04.2025
Interim report
29.04.2025
Interim report
15.08.2025
Interim report
29.10.2025
Income statement
| 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,501.0 | 6,422.0 | 7,774.0 | 6,711.0 | 6,190.1 | 5,633.2 | 5,679.2 | 5,806.1 |
| growth-% | -17.4 % | 42.7 % | 21.1 % | -13.7 % | -7.8 % | -9.0 % | 0.8 % | 2.2 % |
| EBITDA | 2,326.0 | 4,913.0 | 2,382.0 | 2,021.0 | 1,741.6 | 1,479.1 | 1,439.0 | 1,475.8 |
| EBIT (adj.) | 981.0 | 1,429.0 | 1,611.0 | 1,544.0 | 1,251.6 | 1,146.1 | 1,115.9 | 1,143.8 |
| EBIT | 1,236.0 | 4,326.0 | 1,967.0 | 1,662.0 | 1,375.6 | 1,146.1 | 1,115.9 | 1,143.8 |
| Profit before taxes | 1,836.0 | 4,333.0 | 1,564.0 | 1,583.0 | 1,556.6 | 1,163.5 | 1,150.8 | 1,158.0 |
| Net income | 1,460.0 | 739.0 | 2,080.0 | 1,513.0 | 1,262.5 | 952.6 | 942.3 | 937.3 |
| EPS (adj.) | 1.32 | -1.78 | 1.21 | 1.28 | 1.27 | 1.06 | 1.05 | 1.04 |
| growth-% | -23.6 % | -234.2 % | 6.0 % | -1.0 % | -16.3 % | -1.1 % | -0.5 % | |
| Dividend | 1.12 | 1.14 | 0.91 | 1.15 | 1.14 | 0.96 | 0.95 | 0.94 |
| Dividend ratio | 68.1 % | 137.0 % | 39.3 % | 68.2 % | 81.2 % | 90.0 % | 90.0 % | 90.0 % |
Profitability and return on capital
| 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
|---|---|---|---|---|---|---|---|---|
| EBITDA-% | 51.7 % | 76.5 % | 30.6 % | 30.1 % | 28.1 % | 26.3 % | 25.3 % | 25.4 % |
| EBIT-% (adj.) | 21.8 % | 22.3 % | 20.7 % | 23.0 % | 20.2 % | 20.3 % | 19.6 % | 19.7 % |
| EBIT-% | 27.5 % | 67.4 % | 25.3 % | 24.8 % | 22.2 % | 20.3 % | 19.6 % | 19.7 % |
| ROE | 11.3 % | 5.9 % | 21.0 % | 18.8 % | 14.8 % | 11.0 % | 10.9 % | 10.7 % |
| ROI | 8.7 % | 15.8 % | 7.7 % | 12.6 % | 11.4 % | 10.0 % | 9.9 % | 9.9 % |
Valuation
| 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
|---|---|---|---|---|---|---|---|---|
| Share price (EUR) | 19.70 | 26.99 | 15.54 | 13.06 | 14.23 | 14.23 | 14.23 | 14.23 |
| Shares | 888.4 | 888.3 | 897.3 | 897.3 | 897.3 | 897.3 | 897.3 | 897.3 |
| Market cap | 17,500.8 | 23,975.1 | 13,943.5 | 11,718.3 | 12,763.6 | 12,763.6 | 12,763.6 | 12,763.6 |
| Enterprise value | 25,566.8 | 32,676.1 | 16,661.0 | 12,660.3 | 12,479.4 | 12,573.0 | 12,614.9 | 12,611.5 |
| EV/S | 5.7 | 5.1 | 2.1 | 1.9 | 2.0 | 2.2 | 2.2 | 2.2 |
| EV/EBITDA | 11.0 | 6.7 | 7.0 | 6.3 | 7.2 | 8.5 | 8.8 | 8.5 |
| EV/EBIT (adj.) | 26.1 | 22.9 | 10.3 | 8.2 | 10.0 | 11.0 | 11.3 | 11.0 |
| EV/EBIT | 20.7 | 7.6 | 8.5 | 7.6 | 9.1 | 11.0 | 11.3 | 11.0 |
| P/E (adj.) | 14.9 | - | 12.8 | 10.2 | 11.2 | 13.4 | 13.5 | 13.6 |
| P/E | 12.0 | 32.4 | 6.7 | 7.7 | 10.1 | 13.4 | 13.5 | 13.6 |
| P/B | 1.4 | 2.0 | 1.8 | 1.4 | 1.5 | 1.5 | 1.5 | 1.5 |
| P/S | 3.9 | 3.7 | 1.8 | 1.7 | 2.1 | 2.3 | 2.2 | 2.2 |
| Dividend yield | 5.7 % | 4.2 % | 5.9 % | 8.8 % | 8.0 % | 6.7 % | 6.6 % | 6.6 % |
| Equity ratio | 26.9 % | 9.1 % | 32.7 % | 45.3 % | 48.2 % | 49.9 % | 49.7 % | 50.5 % |
| Gearing ratio | 53.6 % | 70.5 % | 50.0 % | 20.3 % | 5.7 % | 6.9 % | 7.3 % | 7.2 % |
Quarter data
| Q4/23 | 2023 | Q1/24 | Q2/24 | Q3/24 | Q4/24e | 2024e | Q1/25e | Q2/25e | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,858.0 | 6,711.0 | 2,015.0 | 1,255.2 | 1,094.3 | 1,825.6 | 6,190.1 | 1,789.1 | 1,095.8 |
| EBITDA | 476.0 | 2,021.0 | 663.0 | 334.0 | 219.0 | 525.6 | 1,741.6 | 542.3 | 302.5 |
| EBIT | 375.0 | 1,662.0 | 571.0 | 241.0 | 123.0 | 440.6 | 1,375.6 | 459.3 | 219.5 |
| Profit before taxes | 488.0 | 1,583.0 | 579.7 | 272.0 | 160.3 | 544.6 | 1,556.6 | 462.7 | 206.5 |
| Net income | 411.0 | 1,513.0 | 471.2 | 217.5 | 133.3 | 440.5 | 1,262.5 | 375.9 | 167.6 |
ShowingAll content types
Fortum to divest its turbine and generator services to Elcoline Group Oy
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