Kan man nu få ett högkvalitativt företag till ett mycket lågt pris?
Här är en analys av Fortum gjord av Juha, som tillhör de bästa analytikerna i världen.
The Q4 result was disappointing, with smaller parts of the Generation segment, such as district heating, making losses. There were no surprises in the company’s outlook, but electricity futures have fallen again, weighing on earnings forecasts for the coming years by 10-15%. Nevertheless, we think the valuation is attractive (2024e P/E 11x) and the dividend yield of almost 10% supports the expected return well. Both the share price and related expectations are now at very low levels.