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    FORTUM   FI0009007132

FORTUM OYJ

(FORTUM)
  Report
Delayed Nasdaq Helsinki  -  11:29 2022-09-23 am EDT
13.85 EUR   -3.15%
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S&P Global Ratings affirms Fortum's long-term rating of BBB following Uniper support package, outlook negative

08/05/2022 | 08:40am EDT

S&P Global Ratings (S&P) has resolved Fortum's Credit Watch Negative placement by affirming the current BBB long-term credit rating with negative outlook.

On 5 July 2022, S&P placed Fortum's and its subsidiary Uniper's credit rating on CreditWatch Negative.

The resolution on the rating by S&P follows the announcement made on 22 July 2022 that Fortum, Uniper and the German government have agreed on a comprehensive stabilisation package for Uniper. To address the impacts of the Russian gas curtailment on Uniper, the agreement includes various financially supportive and legal measures, including the German state taking a 30% equity stake in Uniper.

S&P assesses that the support package for Uniper will prevent further incremental costs for Fortum and considers Fortum's financial exposure as capped. According to S&P, the negative outlook reflects Fortum's exposure to Uniper until the European Commission has approved the support package and the longer-term uncertainties about the company's strategy.

On 29 July 2022, S&P affirmed Uniper's long-term rating of BBB- with negative outlook following German government support.

Fortum's objective is to have a solid investment grade rating of at least BBB to preserve financial flexibility and good access to capital markets.

Link to S&P's rating report on Fortum: Finland-Based Power Company Fortum 'BBBA-2'Ratings Affirmed Following Uniper Support Package; Outlook Negative

Contact:

Rauno Tiihonen

Tel: +358 10 453 6150

(C) 2022 Electronic News Publishing, source ENP Newswire

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Analyst Recommendations on FORTUM OYJ
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Financials
Sales 2022 125 B 122 B 122 B
Net income 2022 -3 900 M -3 792 M -3 792 M
Net Debt 2022 6 021 M 5 855 M 5 855 M
P/E ratio 2022 -3,15x
Yield 2022 6,93%
Capitalization 12 303 M 11 962 M 11 962 M
EV / Sales 2022 0,15x
EV / Sales 2023 0,19x
Nbr of Employees 18 961
Free-Float 47,1%
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Technical analysis trends FORTUM OYJ
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 13,85 €
Average target price 16,51 €
Spread / Average Target 19,2%
EPS Revisions
Managers and Directors
Markus Heikki Erdem Rauramo President & Chief Executive Officer
Bernhard Günther Chief Financial Officer
Veli-Matti Reinikkala Chairman
Anja McAlister Deputy Chairman
Essimari Kairisto Independent Director
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