Electrification is taking a break
The share price has recovered slightly and the first tranche of the dividend has been paid, which means that the upside potential has shrunk. At the same time, we have made negative revisions to the Q1 earnings forecast due to the Olkiluoto 3 problems and lower electricity prices, which has weakened the risk/reward of the stock. In our view, the long-term outlook is still good, but the electrification megatrend appears to be taking a pause in the downturn.
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 Figures25.04
2023 | 24e | 25e | |
---|---|---|---|
Omsætning | 6.711,0 | 6.104,0 | 6.118,7 |
vækst-% | -13,67 % | -9,05 % | 0,24 % |
EBIT (adj.) | 1.544,0 | 1.114,8 | 1.115,0 |
EBIT-% (adj.) | 23,01 % | 18,26 % | 18,22 % |
EPS (adj.) | 1,28 | 0,93 | 0,91 |
Udbytte | 1,15 | 0,82 | 0,80 |
Udbytte % | 8,81 % | 5,75 % | 5,64 % |
P/E (adj.) | 10,19 | 15,30 | 15,60 |
EV/EBITDA | 6,26 | 9,33 | 9,35 |