The operating result of the "old Fortum" was in line with expectations and the company said it would withdraw in a controlled manner from Russia, which is difficult in the current situation. There is plenty of commotion around Russian gas, but in addition to the accelerating bans, we also received news from Germany that diluted the risks around Uniper. Fortum's valuation on paper is very low (2023e P/E 10x) and this can be a great place to buy for those who can stand uncertainty. However, the valuation is neutral in relation to peers. For us, there is still too much uncertainty about the development of Uniper when Europe alienates itself from Russian gas.