Fortum is a defensive utilities investment in a quality company with a strong balance sheet. The company strategy is to focus on core business with improved cost efficiency.

In the energy market Fortum is well positioned providing base-load and flexible energy capacity in the Scandinavian market. 90% of EBITDA results from 45TWh low CO2 hydro and nuclear power generation.

Fortum is valued at 10x TTM earnings, including a relative weak Q3'23 and Q2'24 (priced at €14,5). The share is fairly priced with 8% dividend yield and some upside potential (market performance).