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Fortum's subsidiary Uniper reported its Q2 result yesterday. We were aware that Uniper's gas business was in disarray following the disruption of gas supplies from Russia, but more problems seem to be piling up all the time. In addition to the weak operational performance, concerns were raised by the lack of clarity on how Uniper's stabilization package will ultimately stop gas losses at the EUR 7 billion threshold, which is now being rapidly approached. Management's talk of "negotiations" doesn’t inspire confidence in the situation. There is still value at the core of Fortum, but it is currently buried under the clutter of Uniper.

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Trade. (Fortum)

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