Today I bought 70 shares of Fortum Corporation for 13,36 EUR per share. Minor addition to existing position with seemingly reasonable valuation. In reality this is a piece of a cash pile standing on two legs made of political risk. It remains to be seen which – Russian or domestic – will proof to be worse.
I had much faith in former CEO who still stays in the company and high hopes for the new CEO. They have plenty of cash to invest which should proof to be very effective in the current market environment. Then again majority of the company is owned by Finland which has a lengthy history of killing cash cows.
Fortum Investors Page: https://www.fortum.fi/en/investors/pages/default.aspx