Scatec (Hold, TP: NOK80.00) - HOLDing on for divestments
We are 1% below company-compiled consensus on Q3e proportional EBITDA from underlying operations, and expect focus with the report to be on Scatec’s divestment programme, where we believe there is much more to come. We reiterate our NOK80 target price, but have upgraded to HOLD (SELL) as the stock is now trading in line with our SOTP; we believe prices secured for asset sales will be key for the near-term share price performance.
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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