Fortum : Solid Q2 2019 results. Neutral maintained – target price lifted to € 21.5 (vs € 21.0)
>Earnings beat forecasts - Fortum reported a good set of Q2 2019 results on the morning of Friday, 19 July. Comparable EBITDA came in at € 372m (ODDO BHF’s estimate: € 320m and the consensus: € 311m) and comparable EBIT of € 232m, +52% y-o-y (ODDO BHF: € 188m and consensus: € 183m). The generation business notched up a good Q2 with prices up +€ 1.9/MWh coupled with hydro and nuclear volumes up 0.2 TWh and 0.3 TWh respectively. Q2 also benefited from a good performance...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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