Fortum : Attractiveness is waning. Downgrade to Neutral (vs Outperform)
>FY 2023 Preview: our forecast for 2023 EPS lowered by 3% - Electricity consumption in the Finnish and Swedish markets served by Fortum (SE2 and SE3) have risen sharply over the first two months of Q4 to 14.5TWh for Finland (+10% l-f-l) and 18TWh for SE2/SE3 (+14% l-f-l). That said, despite rising after 7 October, prices remained well below those in mainland Europe benefiting from a well-supplied market and comfortable hydropower reservoir levels. In November, prices...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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