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MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Fortum Oyj    FORTUM   FI0009007132

FORTUM OYJ

(FORTUM)
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Fortum Oyj : sells district heating business in south Finland

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07/03/2020 | 03:41am EDT
FILE PHOTO: Finnish energy company Fortum sign is seen at their headquarters in Espoo

Finnish utility Fortum said on Friday it had signed an agreement to sell its district heating business in the Jarvenpaa-Tuusula area in southern Finland to a local consortium of companies for 375 million euros ($421 million).

The plant produced approximately 330 gigawatt hours of heat and approximately 90 GWh of power in 2019, Fortum said.

The company expects to book a capital gain of about 290 million euros in its third quarter results.

The consortium of buyers includes local utility Vantaa Energy, infrastructure investment firm Infranode and pension firm Keva.

Fortum has been reviewing options for several of its district heating businesses. It sold a business in Joensuu in eastern Finland in January.

"The strategic review for the district heating businesses in Poland and the Baltics is still ongoing and proceeding according to plan," Fortum said.

(Reporting by Tarmo Virki in Tallinn; editing by Edmund Blair and Jason Neely)


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Financials
Sales 2020 52 505 M 61 142 M 61 142 M
Net income 2020 1 771 M 2 062 M 2 062 M
Net Debt 2020 7 971 M 9 282 M 9 282 M
P/E ratio 2020 7,80x
Yield 2020 6,78%
Capitalization 14 346 M 16 718 M 16 706 M
EV / Sales 2020 0,43x
EV / Sales 2021 0,31x
Nbr of Employees 20 179
Free-Float 47,2%
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Mean consensus HOLD
Number of Analysts 20
Average target price 18,64 €
Last Close Price 16,15 €
Spread / Highest target 61,6%
Spread / Average Target 15,4%
Spread / Lowest Target -20,7%
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Managers
NameTitle
Markus Heikki Erdem Rauramo President & Chief Executive Officer
Matti Juhani Lievonen Chairman
Timo Tapani Karttinen Chief Financial Officer
Kim Juhani Ignatius Independent Non-Executive Director
Tiina Marjukka Tuomela Director & Executive VP-Generation Division
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