Scatec (Sell, TP: NOK56.00) - Take profit
As Scatec’s solid Q1 report was due to FX and higher than expected power production (that tends to fluctuate YOY), we have not changed our view on the stock and have made only small estimate changes. Hence, we consider the 13% share price rise on Friday an overreaction and believe investors should take profit. We reiterate our SELL and NOK56 target price and note the stock is trading 34% above our SOTP, which reflects operating assets and the growth the company has the balance sheet to fund.
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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