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Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

Fortum: Russia, Russia, Russia

FORTUMResearch28.02.2022, 13.33
Juha KinnunenAnalyst
Discuss
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Russia's extensive attack on Ukraine dramatically changed Fortum’s operating environment and previously extremely unlikely scenarios have become possible. Our ability to assess the likelihood of various risks is weak and uncertainty is extremely high. However, in the current situation, Fortum’s high Russia risk is not attractive, and Russia's counter-sanctions in particular can be very harmful. A lot of negatives are already priced into the share at the current level, but we remain cautious before the company's financial report.

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 Figures28.02.2022

202021e22e
Revenue49,015.0130,226.0132,222.0
growth-%799.9 %165.7 %1.5 %
EBIT (adj.)1,344.02,435.02,078.6
EBIT-% (adj.)2.7 %1.9 %1.6 %
EPS (adj.)1.671.481.55
Dividend1.121.141.14
Dividend %5.7 %5.4 %5.4 %
P/E (adj.)11.814.213.5
EV/EBITDA9.539.97.9

Forum discussions

There was nothing inherently surprising in the press release or the matter itself. Fortum was mostly just in a hurry with its application to...
8/27/2026, 9:16 AM
by Rauta
8
A plot of land in Loviisa already purchased for a new nuclear power plant, Sweden’s nuclear project announcement today, major wind power expansion...
8/27/2026, 7:35 AM
by PörssiPatruuna
9
News Powered by Cision Fortumin projektiyhtiö NuCore Energi AB aloittaa keskustelut uuden ydinvoiman... FORTUM OYJ LEHDISTÖTIEDOTE 27.8.2026...
8/27/2026, 7:07 AM
by Cadel
16
Here is Vara’s latest here https://vara-services.com/fortum/consensus-analystoverview/
8/24/2026, 6:05 PM
by VahvaRupla
2
Mm. Juha Varis tweets today about the German government’s sales letter regarding Uniper, which was sent out in early August. Fortum is noted...
8/24/2026, 4:00 PM
by PörssiPatruuna
3
Financing can start to be raised, but if there is no operator with their nuclear power licensing in order, how on earth is this going to get...
8/24/2026, 1:32 PM
by imakemoney
2
Here are Juha’s comments on Fortum’s tender offer for Elmera. Inderes – 24 Aug 26 Fortum käynnisti 450 MEUR:n ostotarjouksen Elmerasta - Inderes...
8/24/2026, 5:33 AM
by Sijoittaja-alokas
7