Scatec (Sell, TP: NOK86.00) - Set for an inflation hit
Ahead of the Q2 results, we expect EBITDA of NOK522m and net production of 914GWh, in line with consensus and the guidance. With numerous projects set to begin construction before year-end, we see a risk of Scatec being hit by the significant inflation affecting the solar industry. Given the company’s limited organic growth in recent years, we consider the backlog progression reassuring but believe this is already priced in. We reiterate our SELL and NOK86 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.
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.