Germany’s stabilization package prevents Uniper from going bankrupt, but apparently only enables Uniper’s price increases from October 1. Before that, Uniper will generate huge losses if Gazprom's gas streams remain shut and gas prices extremely high. Fortum's valuation is already reasonable also without Uniper if the financing provided to the company is secure. However, we still urge investors to be extremely cautious in the uncertain situation, the outcome of which is still very difficult to assess.