Fortum : Results in line. Neutral recommendation and target price of € 21 reiterated.
>Results broadly in line with forecasts - Fortum published last Friday, 1 February, results in line with operational expectations. Comparable EBITDA amounted to €1,523m (Oddo-BHF’s estimate at €1,481m and the consensus at € 1,505m), incl. a € 26m gain on the sale of 54% of the Fortum solar power plants in India. Underlying operating profit totalled € 987m (Oddo-BHF’s estimate: € 1,029m and the consensus at € 972m) compared to € 811m in 2017. Adjusted 2018 EPS undersh...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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