FORTUM

J.P. Morgan and Goldman Sachs upgraded Fortum to “Neutral” after signing a 22‑year power purchase agreement (PPA) with Google. The PPA secures Google 50% of the capacity of the Loviisa nuclear plant (500 MW) until 2050 and was reportedly signed at a substantial premium to Nordic prices (about €80–90/MWh, roughly a €32/MWh premium). Both banks raised their price targets (J.P. Morgan to €24.30, Goldman Sachs to €25.50) and see positive effects on RoNA and EPS (Goldman Sachs: RoNA +1.4 percentage points; EPS upward revision to 2030 of about 30%). Material risks remain: power price volatility, variability in flexible generation sources, and potential use of capital for investments or acquisitions. » More on de.investing.com

Fortum's share rose about 10% after the announcement of a 22-year power purchase agreement with Google that covers up to 50% of the capacity of the Loviisa nuclear power plant. The contract secures revenues for the plant, supports a modernization and lifetime-extension program through 2050, and is likely to raise the group's return on net assets by roughly 1.4 percentage points once half the output is contractually committed. In addition, the two companies signed a memorandum of understanding to explore new nuclear, renewable and flexible capacity in Finland; Google also plans investments of at least €13 billion in Finnish digital infrastructure and €31 million for local initiatives. » More on de.investing.com

Elmera's stock rose to 46.8 NOK, marking a 52-week high, after Fortum made a recommended cash offer of 47 NOK per share. The bid values Elmera at about 5.1 billion NOK and was unanimously recommended for acceptance by the board. The price gains are mainly due to takeover dynamics, while the broader market environment remained neutral. » More on de.investing.com