Scatec (Buy, TP: NOK90.00) - Few surprises in Q4
With the Q4 results largely in line with expectations and the mid-point of the 2025 EBITDA guidance 4% below consensus likely due to assumptions about the timing of asset sales and proceeds, we consider Scatec’s Q4 report neutral. We have made limited estimate revisions following the results; we reiterate BUY and have raised our target price to NOK90 (86) based on a higher contribution from ancillary services in the Philippines.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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