Uniper - an uneventful Q3 Uniper''s Q3 results were exactly in line with our expectations as the reversal of the frontloaded gas midstream gains, the weakness of the Russian currency and lower nuclear volumes more than offset improvements in the Russian market and the Datteln 4 commissioning. FY guidance reiterated Uniper continues to expect EUR800-1,000m FY20 EBIT and EUR600-800m FY20 adjusted net income, with the CFO suggesting that the midpoint of the guidance would require ~EUR500m Q4 EBIT which is ''not unreasonable'' given recent performance. We have lowered our FY20 EBIT and net income to reflect higher negative consolidation effects and weaker Russian FX, but increase our FY21 onwards EPS on lower minorities and financial expenses. Limited growth dynamics The Wilhelmshaven project needs to be reconfigured and participation in Russian plant upgrade auctions has been paused whilst the hydrogen economy is still years away. Absent a structural upswing in power prices, which we do not foresee, Uniper appears to us to have no organic growth outlets. As such, the joint strategy presentation with Fortum on December 3rd is crucial in determining what the Uniper equity story will be from here on. Increased volatility in Fortum''s results The inherent volatility and seasonality of Uniper''s global commodities division adds an extra element of volatility to Fortum''s results now that Uniper is fully consolidated. We are forecasting EUR151m Comparable Operating Loss and EUR155m comparable net loss for Fortum in Q3 with results due on November 17th, although the December 3rd CMD is of larger significance. Stay cautious on both Fortum and Uniper We roll forward Uniper valuation to 2021 and our TP remains EUR22/share, ~20% downside from current levels. We trim our Fortum EPS on weaker FX but maintain our TP at EUR15.7/share.