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


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Fortum's new CEO sees natural gas, hydrogen helping green transition

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06/24/2020 | 06:19am EDT
FILE PHOTO: Markus Rauramo, CFO of Finnish utility company Fortum, poses after a news conference in Duesseldorf

The new chief executive of Fortum said on Wednesday natural gas and hydrogen could help Europe shift to clean energy and promised to present a strategy for the Finnish utility and its newly acquired German rival Uniper by the end of 2020.

The state-controlled group named Chief Financial Officer Markus Rauramo as its new chief executive on Wednesday as it seeks to integrate Uniper, now 73.4% owned by Fortum after a two-year struggle to overcome resistance from Uniper managers.

Rauramo, who replaces Pekka Lundmark, said he would develop a strategy by the end of the year for the group that is phasing out coal-fired energy production and shifting to renewables.

He said natural gas could assist the transition to cleaner energy and said he saw momentum in the use of hydrogen, a clean fuel although making it from fossil fuels generates greenhouse gases while making it from water via electrolysis is expensive.

Rauramo said the group needed to be flexible.

Fortum is reviewing its district heating businesses and has to decide what to do about Uniper's Russian subsidiary Unipro, which runs several heating power plants in Russia.

"What you can expect from us is that we continuously evaluate our positions ... and currently our focus is on the renewables programme," he said of its Russian operations.

Rauramo, who joined the Finnish firm eight years ago, repeated Fortum's position that it would not squeeze out Uniper's minority stakeholders until the end of 2021.

Fortum Chairman Matti Lievonen said Rauramo "will develop and execute a joint strategy for Fortum and Uniper on their journey towards becoming a European energy transition champion."

Rauramo has been the vice chairman of Uniper's supervisory board for two years. Prior to joining Fortum, he worked for the Finnish forest industry company Stora Enso.

(This story was refiled to add full name of new CEO in paragraph 2)

(Reporting by Anne Kauranen; Editing by Edmund Blair)

Stocks mentioned in the article
ChangeLast1st jan.
FORTUM OYJ -0.06% 17.385 Delayed Quote.-20.98%
LBS (LBS) - CMG (ELECTRONIC)/C1 -3.35% 513.6 End-of-day quote.31.11%
SSAB 0.21% 28.9 Delayed Quote.-12.02%
STORA ENSO OYJ -1.77% 13.075 Delayed Quote.0.85%
UNIPER SE 1.50% 27.04 Delayed Quote.-8.37%
UNIPRO -0.89% 2.658 End-of-day quote.-4.39%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.00% 76.101 Delayed Quote.23.70%
WÄRTSILÄ OYJ 0.76% 7.438 Delayed Quote.-24.49%
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Sales 2020 51 040 M 60 538 M 60 538 M
Net income 2020 1 747 M 2 072 M 2 072 M
Net Debt 2020 7 849 M 9 310 M 9 310 M
P/E ratio 2020 8,47x
Yield 2020 6,30%
Capitalization 15 443 M 18 280 M 18 317 M
EV / Sales 2020 0,46x
EV / Sales 2021 0,33x
Nbr of Employees 20 179
Free-Float 47,2%
Duration : Period :
Fortum Oyj Technical Analysis Chart | MarketScreener
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Technical analysis trends FORTUM OYJ
Short TermMid-TermLong Term
Income Statement Evolution
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%
EPS Revisions
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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