Scatec (Sell, TP: NOK56.00) - Near-term positives
Although we retain our negative view on Scatec, we expect a couple of tailwinds near-term. We expect Q1 to benefit from FX trends and favourable spot prices in the Philippines, and have raised our full-year EBITDA estimate by 7% based on a higher contribution from Upington before the announced sale closes, and FX movements, and expect similar revisions by consensus. We reiterate our SELL and NOK56 target price.
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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