Fortum : Operating performance in line but still waiting for strategic direction
>9M 2020 results slightly better than expected - Fortum's 9M 2020 results, reported yesterday, slightly beat our expectations. Comparable EBITDA came in 2% lower y-o-y at € 1.187bn vs € 1.162bn forecast. Comparable EBIT also came in lower at € 424m (-47% y-o-y) vs our forecast of € 395m and € 447m for the consensus. This weaker performance can mainly be attributed to the loss posted by Uniper in Q3 2020, with comparable EBIT of -€ 307m in Q3. EBIT (including the item...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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