Scatec (Sell, TP: NOK80.00) - Underlying results on the downside
Adjusted for one-offs, the underlying Q2 results fell short of consensus. The key positive was the contingency release for the Kenhardt project, with capex lower than expected, prompting us to raise our 2024e proportionate EBITDA by 4%. We have made no other material estimate changes. We reiterate our SELL and NOK80 target price, reflecting a 12% cost of equity.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.