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Research

Fortum: Electricity costs more and taxes go up

By Juha KinnunenAnalyst
Fortum
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Although the Finnish tax proposal was bad news for next year's results, the sharp rise in electricity prices compensated for this and improves the outlook for the coming years. Outside Russia, Fortum's profile is favorable following the completion of the Uniper transaction, against which the valuation (2023e P/E 9x) remains low.

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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 Figures07.12.2022

202122e23e
Revenue6,422.08,725.19,785.5
growth-%-86.9 %35.9 %12.2 %
EBIT (adj.)1,429.01,717.82,935.6
EBIT-% (adj.)22.3 %19.7 %30.0 %
EPS (adj.)-2.43-2.441.85
Dividend1.140.381.14
Dividend %4.2 %1.8 %5.4 %
P/E (adj.)neg.neg.11.5
EV/EBITDA6.77.15.7

Forum discussions

Well, that was a comprehensive package, thank you. Here’s one more center, not the smallest one: Historiallinen investointi Lappeenrantaan: ...
yesterday
by VahvaRupla
7
The EIA for the Forssa data center is currently underway, and today, March 31st, is the last day to submit comments. Forssan datakeskus
yesterday
by NMP...
5
Satakunnan Kansa – 28 Jan 26 Kaavoitus | Datakeskuksen tuleva operaattori astuu esiin lähiaikoina Fortum käy neuvotteluja tulevan toimijan kanssa...
yesterday
by VahvaRupla
1
Strong Q1 results expected https://www.marketscreener.com/news/barclays-expects-robust-q1-results-for-fortum-on-strong-spot-prices-ce7e5ed3d888f227...
3/25/2026, 11:50 AM
by VahvaRupla
4
This zoning plan was just approved. Max 560 MW power. “The municipality has developed the zoning plan in cooperation with Fortum. Fortum has...
3/24/2026, 7:34 PM
by PörssiPatruuna
7
Slowly, the target prices follow suit https://www.marketscreener.com/news/barclays-raises-fortum-price-target-to-21-50-euros-19-reiterates-equal...
3/23/2026, 8:18 AM
by VahvaRupla
4
I would imagine this is related to Fortum offering its large corporate customers some kind of service linked to, for example, electricity futures...
3/19/2026, 11:51 AM
by Kanye_Cash
3
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