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Research

Fortum: Russia, Russia, Russia

By Juha KinnunenAnalyst
Fortum
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Russia's extensive attack on Ukraine dramatically changed Fortum’s operating environment and previously extremely unlikely scenarios have become possible. Our ability to assess the likelihood of various risks is weak and uncertainty is extremely high. However, in the current situation, Fortum’s high Russia risk is not attractive, and Russia's counter-sanctions in particular can be very harmful. A lot of negatives are already priced into the share at the current level, but we remain cautious before the company's financial report.

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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 Figures28.02.2022

202021e22e
Revenue49,015.0130,226.0132,222.0
growth-%799.9 %165.7 %1.5 %
EBIT (adj.)1,344.02,435.02,078.6
EBIT-% (adj.)2.7 %1.9 %1.6 %
EPS (adj.)1.671.481.55
Dividend1.121.141.14
Dividend %5.7 %5.0 %5.0 %
P/E (adj.)11.815.414.6
EV/EBITDA9.542.28.4

Forum discussions

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13 hours ago
by PörssiPatruuna
16
News Powered by Cision Fortum tukee globaalia tekoälyinfrastruktuuriyhtiö Nscalea datakeskuksen... FORTUM OYJ LEHDISTÖTIEDOTE 2.4.2026 Eurooppalainen...
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by Cadel
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3/31/2026, 7:53 AM
by VahvaRupla
10
The EIA for the Forssa data center is currently underway, and today, March 31st, is the last day to submit comments. Forssan datakeskus
3/31/2026, 5:59 AM
by NMP...
8
Satakunnan Kansa – 28 Jan 26 Kaavoitus | Datakeskuksen tuleva operaattori astuu esiin lähiaikoina Fortum käy neuvotteluja tulevan toimijan kanssa...
3/30/2026, 5:44 PM
by VahvaRupla
3
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
5
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
8
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