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

FORTUM OYJ

(FORTUM)
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Fortum Sells Majority Stake in Charging Point Operator to Infracapital

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04/27/2020 | 05:12am EDT

By Dominic Chopping

 

Finnish state-controlled utility Fortum Oyj said Monday it has agreed to sell a majority stake in its public charging point operator for electrical vehicles in the Nordics to Infracapital, the infrastructure equity investment arm of M&G PLC.

After the transaction Fortum's ownership in Fortum Recharge AS, will be 37%.

The enterprise value of the whole Recharge business is approximately 140 million euros ($151.5 million), it said.

Recharge owns close to 1,300 public charging points and operates an additional 1,400 charging points in Norway, Finland, and Sweden.

"The partnership will create a shared ownership structure designed to accelerate Recharges growth plans in the public charging point operator market and reaffirm its market leading position," the company said.

"At the same time, the transaction will release capital for further growth in this partnership and in services provided to Fortum's mobility customers."

Fortum will continue to own and offer its mobility services for digital public charging, as well as home and destination charging services under its Charge&Drive and Plugsurfing brands. It will also continue to offer software as a service (SaaS) for operating electrical vehicles (EV) charging infrastructure networks and customer interfaces to other charging point operators.

The transaction is expected to close in the second quarter of 2020.

 

Write to Dominic Chopping at dominic.chopping@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
EATON VANCE CORP. 0.15% 62.06 Delayed Quote.32.92%
FORTUM OYJ -0.06% 17.385 Delayed Quote.-20.98%
M&G PLC 0.84% 168.8 Delayed Quote.-28.84%
NEXT PLC 1.80% 6328 Delayed Quote.-9.83%
THE NEW HOME COMPANY INC. 0.60% 5.06 Delayed Quote.8.58%
WTI -0.26% 39.087 Delayed Quote.-33.87%
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Financials
Sales 2020 51 040 M 60 398 M 60 398 M
Net income 2020 1 747 M 2 067 M 2 067 M
Net Debt 2020 7 849 M 9 289 M 9 289 M
P/E ratio 2020 8,47x
Yield 2020 6,30%
Capitalization 15 443 M 18 280 M 18 274 M
EV / Sales 2020 0,46x
EV / Sales 2021 0,33x
Nbr of Employees 20 179
Free-Float 47,2%
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Technical analysis trends FORTUM OYJ
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 20
Average target price 18,91 €
Last Close Price 17,39 €
Spread / Highest target 50,1%
Spread / Average Target 8,74%
Spread / Lowest Target -26,4%
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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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