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.
Trade. (Fortum)
We are a leading clean-energy company developing and offering solutions for our customers in electricity, heating, cooling, as well as solutions to improve resource efficiency. We also provide services for the power generation industry and solutions for consumers so that they can be smarter in their energy choices.