Fortum : Lacklustre H1 2023 results publication and lingering questions on financial strategy
>A publication in line with our expectations and a shade below the consensus - Fortum published on Friday, 4 August its H1 2023 results, which were inline with our expectations but below those of the consensus. Comparable EBITDA was € 1,125m (+41% y-o-y), in line with ODDO BHF and the consensus estimates of € 1,115m and € 1,145m respectively. Comparable operating profit was € 960m, vs € 588m in H1 2022 and our forecast of € 922m (consensus: € 978m). By division, the p...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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