Fortum : Results in line. Neutral rating and € 21 target price reiterated
>Q2 results broadly in line with expectations - Yesterday morning Fortum released Q2 results that were broadly in line with expectations. EBITDA came to € 282m (+29%) vs € 286m expected, while comparable operating profit reached € 153m (+40%) vs € 160m expected (Oddo BHF and the consensus). A breakdown by division shows that the group’s earnings were better than expected in the Generation division (+94%) at € 153m vs € 123m expected, but this performance was adjusted...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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