Scatec (Sell, TP: NOK65.00) - Philippines set to dampen Q2
We expect Q2 proportionate EBITDA of NOK1,028m (1% below consensus of NOK1,036m), reflecting a lacklustre quarter in the Philippines (weak hydrology and no capacity payments) and severance payments related to the cost-cutting programme, but also NOK313m non-cash gains from the Upington sale. We have cut our 2023e proportionate EBITDA by 8% to reflect our expectation of the Philippines remaining weak in Q3 and lower gains from asset sales. We reiterate our SELL, but have raised our target price to NOK65 (56) on a higher Release valuation and favourable FX movements.
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