Fortum : A good stand-alone performance despite a volatile environment
>9M results a shade above forecasts - Fortum published yesterday 9M 2022 stand-alone (excl. Uniper) results, which came in above our forecasts. Comparable EBITDA was € 1,541m (+15% y-o-y) vs € 1,461m forecast by ODDO BHF and € 1,514m by the Vara consensus. Comparable EBIT was € 1,126m (+24% y-o-y) vs ODDO BHF at € 1,037m and the consensus at € 1,091m. This good performance was primarily due to the generation activity (+37% y-o-y) in the context of high prices. Recur...Fortum is an energy company. Co.'s operations are organised in five divisions: Hydro Power and Technology and Nuclear and Thermal Power, which are engaged in its hydro, nuclear and thermal power generation, services, portfolio management and trading as well as technology and research and development functions; Heat, Electricity Sales and Solutions, which consists of Co.'s combined heat and power production, district heating and business-to-business heating solutions, solar business, electricity sales and related customer offering; Russia, which consists of power and heat generation as well as heat distribution in Russia; and Distribution, which focuses on distribution activities in Sweden.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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