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Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

Fortum: Abundant dividend stream

FORTUMResearch04.01.2024 klo 10.51
Juha KinnunenAnalyst
Discuss
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We have mainly made minor adjustments to our forecasts as the financial statements approach. The price of electricity has again made an upturn, which we are considering cautiously. Fortum’s balance sheet is already over-capitalized and there are not many investment targets for now, so dividends will be abundant for the financial year 2023. We feel this combined with a low valuation (2024e P/E below 12x) gives the stock an attractive risk-adjusted expected return.

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Fortum is active in the energy sector. In addition to the provision of electricity, a number of technical solutions are offered in heat optimization as well as apps that are used to keep track of energy consumption. The company also provides charging stations for electric cars. The largest activity is found around the Nordic market. The company was founded in 1998 and is headquartered in Espoo.

Read more on company page

Key Estimate Figures04.01.2024

202223e24e
Revenue7,774.06,553.05,733.7
growth-%21.1 %-15.7 %-12.5 %
EBIT (adj.)1,611.01,640.21,349.6
EBIT-% (adj.)20.7 %25.0 %23.5 %
EPS (adj.)1.211.321.15
Dividend0.911.151.02
Dividend %5.9 %5.8 %5.1 %
P/E (adj.)12.815.117.3
EV/EBITDA7.08.610.4

Forum discussions

Here are Juha’s comments on Fortum’s tender offer for Elmera. Inderes – 24 Aug 26 Fortum käynnisti 450 MEUR:n ostotarjouksen Elmerasta - Inderes...
4 hours ago
by Sijoittaja-alokas
4
Fortum’s offer for the Norwegian power company Elmera starts today. The company’s 2026e P/E ratio is around 20, and it has just under a million...
8/21/2026, 10:37 AM
by PörssiPatruuna
10
Death cross formed for Fortum’s stock A death cross occurs when a company’s 50-day moving average falls below its 200-day moving average. The...
8/20/2026, 10:29 AM
by Index
13
SSAB (Rautaruukki) has been involved in the Olkiluoto 3 project through Pohjolan Voima, so they could very well be involved in new nuclear power...
8/19/2026, 7:48 PM
by skuuppia
6
In the energy-intensive forest industry, we are likely to see a couple of big casualties in the coming years, while data centers will be implemented...
8/19/2026, 3:04 PM
by PörssiPatruuna
5
I wonder if SSAB with its electric arc furnaces might be interested That would certainly get both the Finnish and Swedish states involved in...
8/19/2026, 11:02 AM
by Jukka
5
I don’t think this was posted (it is referenced in the editorial above). News about the real estate asset management company Trevian, which ...
8/19/2026, 10:58 AM
by Paapaa
9