Fortum : Patience and resilience pending a brightening of the outlook
>Nuclear replaces hydro at a slightly higher-than-expected cost - Fortum's 9M 2024 results released yesterday undershot our expectations and the consensus estimates. Like-for-like EBITDA totalled € 254m, (-20% y-o-y), a shade below our forecasts € 262m. EBIT came in at € 158m (-30%) vs ODDO BHF € 170m and net profit stood at € 117m (-43%) vs our forecast of € 125m. By division, the Generation business recorded an EBIT of € 176m (vs ODDO BHF’s estimate of€ 190m), impa...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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