Fortum: Uniper’s performance did not inspire confidence
Fortum's subsidiary Uniper reported its Q2 result yesterday. We were aware that Uniper's gas business was in disarray following the disruption of gas supplies from Russia, but more problems seem to be piling up all the time. In addition to the weak operational performance, concerns were raised by the lack of clarity on how Uniper's stabilization package will ultimately stop gas losses at the EUR 7 billion threshold, which is now being rapidly approached. Management's talk of "negotiations" doesn’t inspire confidence in the situation. There is still value at the core of Fortum, but it is currently buried under the clutter of Uniper.
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 Figures18.08.2022
2021 | 22e | 23e |
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2021 | 22e | 23e | |
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Revenue | 112,400.0 | 176,189.0 | 159,859.0 |
growth-% | 129.3 % | 56.8 % | -9.3 % |
EBIT (adj.) | 2,536.0 | -6,821.3 | 561.6 |
EBIT-% (adj.) | 2.3 % | -3.9 % | 0.4 % |
EPS (adj.) | 2.00 | -0.97 | 0.24 |
Dividend | 1.14 | 0.00 | 0.00 |
Dividend % | 4.2 % | ||
P/E (adj.) | 13.49 | - | 60.36 |
EV/EBITDA | 47.15 | - | 18.25 |