Fortum : Limited visibility prompts something of a wait-and-see stance
>Results lower than we expected, few catalysts in prospect - Comparable EBITDA for 2023 came to € 1.903bn (-6% y-o-y), in line with our forecast of € 1.891bn but short of the Vara consensus of € 2.03bn. Comparable operating profit came in at € 1.544bn (-4%), short of our forecast and the consensus of € 1.599bn and € 1.647bn respectively. By division, the decline is mainly due to the poor performance from the generation business in Q4 with EBIT of € 390m (-46%) vs € 4...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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