Fortum missed our expectations and consensus estimates for the 9M 21 results, while the yoy figures remained very strong: comparable EBITDA is up by 102% and comparable EBIT multiplied by 3.5x to €1.47bn. The company particularly struggled to manage a very volatile gas market environment and surging power prices, impacting its funding requirements.
However, the full-year outlook was reaffirmed and the dividend policy is intact.
Cautious view confirmed.
12 Nov 2021
9M 21: a slight miss on a highly volatile environment
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9M 21: a slight miss on a highly volatile environment
Fortum missed our expectations and consensus estimates for the 9M 21 results, while the yoy figures remained very strong: comparable EBITDA is up by 102% and comparable EBIT multiplied by 3.5x to €1.47bn. The company particularly struggled to manage a very volatile gas market environment and surging power prices, impacting its funding requirements.
However, the full-year outlook was reaffirmed and the dividend policy is intact.
Cautious view confirmed.