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The Q3 result exceeded our expectations and the rapid increase in hedging prices for 2023 supported our earnings estimates. In the big picture, the report confirmed that the company's liquidity position and balance sheet structure are in order after the finalization of the Uniper arrangement. A more persistent problem is Russia, which is depressing acceptable valuation and complicating debt market activity. We still consider the risk/return ratio of the stock attractive at the current low valuation.

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Trade. (Fortum)

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