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Research

Electrification is taking a break

By Juha KinnunenAnalyst
Fortum
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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 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 page

Key Estimate Figures25.04.2024

202324e25e
Revenue6,711.06,104.06,118.7
growth-%-13.7 %-9.0 %0.2 %
EBIT (adj.)1,544.01,114.81,115.0
EBIT-% (adj.)23.0 %18.3 %18.2 %
EPS (adj.)1.280.930.91
Dividend1.150.820.80
Dividend %8.8 %4.5 %4.4 %
P/E (adj.)10.219.720.1
EV/EBITDA6.311.811.8

Forum discussions

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12/9/2025, 10:47 AM
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He was elected CEO of Enento about a week ago. Hopefully, he intends to transfer the Fortum money into his new employer’s shares (irresponsible...
12/4/2025, 5:27 PM
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34
Teppo ran out of faith in Fortum, or perhaps just had a kitchen renovation Fortum Oyj: Management Transactions - Teppo Paavola - Inderes Board...
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12/3/2025, 3:50 PM
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It’s mostly just talk. It will overflow even if the gates are closed. Natural waters cannot be held back for long…
12/3/2025, 1:56 PM
by sebeteus
5
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