Scatec (Hold, TP: NOK86.00) - Setting its priorities straight
We like the sharpened investment strategy up to 2027 with keener focus on core technologies and markets, and we welcome the attention on deleveraging, but we believe more than the low end of divestment proceeds is needed to fix the balance sheet. With more EPC scope from core technologies and an outlook for higher margins, we believe the market could start to assign a higher value to D&C. We reiterate our HOLD, but have raised our target price to NOK86 (80) on increased D&C estimates.
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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