Fortum : Poor performance over the last quarter. Limited visibility
>Results below our forecast - Comparable 2023 EBITDA was € 1,903m (-6% y-o-y), in line with ODDO BHF at €1,891m but below Vara consensus estimate of € 2,030m. Comparable operating profit came in at € 1,544m (-4%) below our forecast and consensus at, respectively, € 1,599m and € 1,647m. By division, the drop was mainly attributable to the poor performance of the generation business in Q4 with EBIT of € 390m (-46%) vs € 459m expected (ODDO BHF) and € 472m (consensus). ...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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