Här är en ny analys av det intressanta Fortum 
We reiterate our Reduce recommendation for Fortum and revise our target price to EUR 14.0 (was EUR 14.5). The Q3 result was largely in line with our expectations, but the earnings forecasts for the coming years remained under mild pressure as electricity prices stayed depressed. After an exceptionally strong cash flow in the second half of the year, Fortum will soon have net cash, so a generous dividend stream is secured, and the valuation is low anyway. However, given that earnings growth will remain negative in the coming years, we believe that without a positive development in electricity prices, the return potential is limited.