Scatec (Buy, TP: NOK92.00) - Benefiting from scale in growth
We forecast Q1 proportionate EBITDA 17% above consensus, which we believe likely does not fully reflect announced divestment gains. We see the company benefiting from scale in growth in the coming years and have raised our 2025–2026e proportionate EBITDA by 9% on a higher D&C contribution. With Scatec trading at a discount to underlying values, and delivering on growth and its divestment programme, we find it offers a solid investment case. We reiterate our BUY and have raised our target price to NOK92 (90) on higher growth.
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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