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Research

Strong start to the year

By Juha KinnunenAnalyst
Fortum
Download report (PDF)

Q1 results clearly exceeded market expectations, with positive developments in all segments. Generation delivered an excellent optimization margin in Q1, Consumer Solutions delivered a strong performance as the market normalized, and costs under Other Operations were impacted by efficiency measures. The outlook was revised, but the positive changes were driven more by operational performance. We think the stock is undervalued, but in the short term there are few upside drivers. 

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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 Figures02.05.2024

202324e25e
Revenue6,711.06,554.06,623.0
growth-%-13.7 %-2.3 %1.1 %
EBIT (adj.)1,544.01,266.71,174.1
EBIT-% (adj.)23.0 %19.3 %17.7 %
EPS (adj.)1.281.101.00
Dividend1.150.960.88
Dividend %8.8 %5.5 %5.0 %
P/E (adj.)10.216.017.5
EV/EBITDA6.39.810.9

Forum discussions

He was elected CEO of Enento about a week ago. Hopefully, he intends to transfer the Fortum money into his new employer’s shares (irresponsible...
12/4/2025, 5:27 PM
by Ilkka
30
Teppo ran out of faith in Fortum, or perhaps just had a kitchen renovation Fortum Oyj: Management Transactions - Teppo Paavola - Inderes Board...
12/4/2025, 4:35 PM
by Pappa Tunturi
11
As the workday heads towards the finish line, a glance at YLE’s news feed for the day: is the data center bottleneck truly opening up? P.S. ...
12/3/2025, 3:50 PM
by PörssiPatruuna
25
It’s mostly just talk. It will overflow even if the gates are closed. Natural waters cannot be held back for long…
12/3/2025, 1:56 PM
by sebeteus
5
How does Russia’s activity affect those hydropower plants? Fortum seems to be the operator. Do you see a risk that Russia would retaliate and...
12/3/2025, 1:51 PM
2
News Powered by Cision Fortum sai päätökseen ABO Energyn Suomessa sijaitsevan kehitysportfolion oston FORTUM OYJ SIJOITTAJAUUTINEN 28.11.2025...
11/28/2025, 3:21 PM
by Cadel
18
Rauramo said in KL today that dozens of negotiations are underway, and most interest is in contract lengths of three to seven years, with some...
11/28/2025, 12:07 PM
by VahvaRupla
13
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