Key messages from Fingrid below. The direction is the same in Sweden. This doesn’t look so bad through F’s lenses.
The Franco-German investment bank Oddo BFH raised Fortum’s target price to EUR 28 today. @Pauli_Lohi put it at EUR 22 as an opening sample. Which one is right? Especially if you stretch the timeline, possibly both. In the short term, hedges and such will eat into earnings, but at this rate, over a multi-year horizon, juicy data center deals and the like will likely start to show. Fingrid’s reference to the crying need for balancing power will also fatten Fortum’s wallet.
“more concrete signs of rapid growth have emerged”
“towards the end of the 2020s, the adequacy of electricity capacity threatens to weaken significantly”
“The forecasted growth in electricity generation requires a significant amount of new generation investments already in the 2020s”