Report
Louis Boujard, CFA ...
  • Philippe Ourpatian

Fortum : Short-term uncertainties. Neutral vs Buy, target price of € 17.0 vs € 18.0

>Q2 results miss forecasts - Fortum's Q2 2020 results, reported yesterday morning, fell short of our expectations and those of the consensus. Comparable EBITDA came in at € 512m vs our forecast of € 577m and the consensus of € 574m. Comparable operating profit came in at € 207m vs € 242m in our expectations and those of the consensus. Reported net income came to € 314m, including € 178m of exceptional items. Recurring net income came in at € 136m vs our estimate of €...
Underlying
Fortum Oyj

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Louis Boujard, CFA

Philippe Ourpatian

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