Company Valuation: Fortum Oyj

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 23,975 13,943 11,718 12,127 16,312 21,149 - -
Change - -41.84% -15.96% 3.48% 34.52% 29.65% - -
Enterprise Value (EV) 1 33,603 15,027 12,660 12,494 17,791 22,923 22,909 22,873
Change - -55.28% -15.75% -1.32% 42.4% 28.85% -0.06% -0.16%
P/E 32.5x -5.71x 7.77x 10.4x 21.4x 22.6x 22.1x 20.2x
PBR 1.98x 1.82x 1.39x 1.34x 1.91x 2.41x 2.36x 2.3x
PEG - 0x -0x -0.5x -0.6x 1x 8.99x 2.13x
Capitalization / Revenue 0.21x 1.58x 1.75x 2.09x 3.27x 3.82x 3.5x 3.33x
EV / Revenue 0.3x 1.71x 1.89x 2.15x 3.57x 4.14x 3.79x 3.6x
EV / EBITDA 8.8x 6.17x 6.65x 8.03x 14.3x 15.3x 14.6x 13.5x
EV / EBIT 13.3x 8.03x 8.2x 10.6x 19.3x 19.5x 18.6x 16.9x
EV / FCF 8.86x 9.57x 11.2x 13.6x 52.2x 27.2x 25.2x 22.7x
FCF Yield 11.3% 10.4% 8.96% 7.36% 1.92% 3.67% 3.97% 4.4%
Dividend per Share 2 1.14 0.91 1.15 1.4 0.74 0.908 0.9444 1.012
Rate of return 4.22% 5.86% 8.81% 10.4% 4.07% 3.85% 4.01% 4.29%
EPS 2 0.83 -2.72 1.68 1.3 0.85 1.042 1.067 1.169
Distribution rate 137% -33.5% 68.5% 108% 87.1% 87.2% 88.5% 86.6%
Net sales 1 112,400 8,804 6,711 5,800 4,989 5,538 6,048 6,360
EBITDA 1 3,817 2,436 1,903 1,556 1,240 1,503 1,569 1,694
EBIT 1 2,536 1,871 1,544 1,178 924 1,178 1,232 1,350
Net income 1 739 -2,416 1,514 1,164 765 932.6 984.1 1,107
Net Debt 1 9,628 1,084 942 367 1,479 1,775 1,760 1,724
Reference price 2 26.99 15.54 13.06 13.52 18.18 23.57 23.57 23.57
Nbr of stocks (in thousands) 888,294 897,264 897,264 897,264 897,264 897,264 - -
Announcement Date 3/3/22 3/2/23 2/7/24 2/11/25 2/3/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.68x4.15x15.28x3.84% 23.85B
32.33x5.43x39.68x0.2% 263B
19.08x8.65x14.98x3.22% 160B
20.13x4.19x11.54x3.5% 152B
19.27x10.9x14.22x3.62% 104B
12.09x1.81x6.41x5.87% 98.27B
18.73x5.63x12.36x3.63% 96.31B
20.56x3.13x12.75x0.66% 91.23B
16.92x5.4x10.84x3.82% 88.99B
18.58x5.02x12.14x3.22% 65.09B
Average 20.04x 5.43x 15.02x 3.16% 114.35B
Weighted average by Cap. 21.65x 5.68x 18.53x 2.72%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield