Stock FORTUM FORTUM OYJ
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Financials Fortum Oyj

Equities

FORTUM

FI0009007132

Electric Utilities

Market Closed - Nasdaq Helsinki
Other stock markets
 11:29:42 2024-05-23 am EDT 		After market 03:59:59 pm
14.39 EUR -0.28% Intraday chart for Fortum Oyj 14.3 -0.59%
May. 22 Europe stock pickers go old-school to ride the next wave in AI RE
May. 20 Factbox-Moscow takes control over assets of Western companies RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 19,542 17,499 23,975 13,943 11,718 12,948 - -
Enterprise Value (EV) 1 24,802 24,522 33,603 15,027 12,660 13,919 14,119 14,403
P/E ratio 13.2 x 9.61 x 32.5 x -5.71 x 7.77 x 12.8 x 14.8 x 16.3 x
Yield 5% 5.69% 4.22% 5.86% 8.81% 6.75% 5.88% 5.42%
Capitalization / Revenue 3.59 x 0.36 x 0.21 x 1.58 x 1.75 x 2.14 x 2.21 x 2.27 x
EV / Revenue 4.55 x 0.5 x 0.3 x 1.71 x 1.89 x 2.3 x 2.41 x 2.53 x
EV / EBITDA 14 x 10.1 x 8.8 x 6.17 x 6.65 x 8.15 x 9.51 x 10 x
EV / FCF 18.8 x 16.9 x 8.86 x 9.57 x 11.2 x 13.5 x 19.2 x 22.6 x
FCF Yield 5.32% 5.93% 11.3% 10.4% 8.96% 7.38% 5.2% 4.42%
Price to Book 1.51 x 1.35 x 1.98 x 1.82 x 1.39 x 1.56 x 1.59 x 1.57 x
Nbr of stocks (in thousands) 888,294 888,294 888,294 897,264 897,264 897,264 - -
Reference price 2 22.00 19.70 26.99 15.54 13.06 14.43 14.43 14.43
Announcement Date 2/6/20 3/12/21 3/3/22 3/2/23 2/7/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5,447 49,015 112,400 8,804 6,711 6,062 5,865 5,696
EBITDA 1 1,766 2,434 3,817 2,436 1,903 1,707 1,484 1,437
EBIT 1 1,191 1,344 2,536 1,871 1,544 1,335 1,201 1,059
Operating Margin 21.87% 2.74% 2.26% 21.25% 23.01% 22.03% 20.48% 18.59%
Earnings before Tax (EBT) 1 1,728 2,199 -289 455 1,583 1,264 1,096 965
Net income 1 1,482 1,823 739 -2,416 1,514 1,008 872.7 786.3
Net margin 27.21% 3.72% 0.66% -27.44% 22.56% 16.62% 14.88% 13.8%
EPS 2 1.670 2.050 0.8300 -2.720 1.680 1.127 0.9765 0.8874
Free Cash Flow 1 1,320 1,454 3,792 1,570 1,134 1,027 733.6 636.1
FCF margin 24.23% 2.97% 3.37% 17.83% 16.9% 16.95% 12.51% 11.17%
FCF Conversion (EBITDA) 74.75% 59.74% 99.35% 64.45% 59.59% 60.16% 49.43% 44.27%
FCF Conversion (Net income) 89.07% 79.76% 513.13% - 74.9% 101.95% 84.06% 80.9%
Dividend per Share 2 1.100 1.120 1.140 0.9100 1.150 0.9746 0.8489 0.7816
Announcement Date 2/6/20 3/12/21 3/3/22 3/2/23 2/7/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 13,687 - 50,079 - 43,623 38,237 - 2,152 2,736 2,552 1,368 - 1,220 1,858 2,015 1,301 1,182 1,877 - -
EBITDA 1 1,055 1,827 1,416 1,990 -104 - 816 561 895 891 344 1,125 318 459 622 304 251.5 473.5 - -
EBIT 1 600 1,206 1,070 - -438 574 136 421 744 784 262 960 226 359 530 223.3 166.3 365.3 - -
Operating Margin 4.38% - 2.14% - -1% 1.5% - 19.56% 27.19% 30.72% 19.15% - 18.52% 19.32% 26.3% 17.17% 14.07% 19.46% - -
Earnings before Tax (EBT) 1 1,583 717 2,128 - -3,561 -8,659 - 737 -1,559 720 175 - 224 488 580 170 115.5 372 - -
Net income 1 1,244 618 842 - -2,222 -5,686 - 6,099 -608 565 -3,232 - 188 410 471 137 93 270.5 - -
Net margin 9.09% - 1.68% - -5.09% -14.87% - 283.41% -22.22% 22.14% -236.26% - 15.41% 22.07% 23.37% 10.53% 7.87% 14.41% - -
EPS 2 1.400 0.7000 0.9500 - -2.500 -6.400 - 6.860 -0.6800 0.6300 -3.600 - 0.2100 0.4500 0.5300 0.1700 0.1300 0.3350 - -
Dividend per Share 2 - - 1.140 - - - - - - - - - - - - 0.2528 0.2528 0.2528 0.2368 0.2368
Announcement Date 8/19/20 8/17/21 3/3/22 3/3/22 5/12/22 8/25/22 8/25/22 11/10/22 3/2/23 5/11/23 8/4/23 8/4/23 11/2/23 2/7/24 4/30/24 - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 5,260 7,023 9,628 1,084 942 971 1,171 1,455
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.978 x 2.885 x 2.522 x 0.445 x 0.495 x 0.5687 x 0.789 x 1.013 x
Free Cash Flow 1 1,320 1,454 3,792 1,570 1,134 1,027 734 636
ROE (net income / shareholders' equity) 11.9% 14.1% 5.89% 15.7% 14.3% 12% 10.3% 9.25%
ROA (Net income/ Total Assets) 6.48% 4.49% 0.71% 1.79% 5.43% 5.69% 4.94% 4.43%
Assets 1 22,887 40,587 103,734 -135,065 27,898 17,715 17,652 17,756
Book Value Per Share 2 14.60 14.60 13.70 8.550 9.400 9.260 9.090 9.220
Cash Flow per Share 2 2.270 2.880 5.580 2.370 1.910 1.890 1.360 1.250
Capex 1 695 1,101 1,178 534 576 551 565 535
Capex / Sales 12.76% 2.25% 1.05% 6.07% 8.58% 9.08% 9.63% 9.39%
Announcement Date 2/6/20 3/12/21 3/3/22 3/2/23 2/7/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Fortum Oyj

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
16
Last Close Price
14.43 EUR
Average target price
13.19 EUR
Spread / Average Target
-8.61%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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