SCATEC : Value creation potential much greater than the sector
We initiate coverage of Scatec on Outperform with a target price of NOK 105. Based on a strategic plan aimed at increasing installed capacity by 50% and refocusing on four countries, the company should generate EBITDA growth of 11% per year out to 2028. With an average ROCE-WACC of 280bp over 2024-2028, its value creation potential is greater than that of the sector whereas the share trades at a discount of over 15%.Scatec Solar ASA is a Norway-based integrated independent solar power producer. It develops, builds, owns, operates and maintains solar power plants, and has several projects under development in Africa, the United States, Japan, Brazil the Middle East and Europe. The Company has three operating business segments: Power Production (PP), Operation & Maintenance (O&M), and Development & Construction (D&C). The PP segment comprises the Kalkbult and Linde plants in South Africa, the ASYV plant in Rwanda and four plants in the Czech Republic. The O&M includes services provided to solar power plants in which Scatec Solar participates or to third party plants constructed by the Company. The D&C comprises development activities as well as construction of solar power plants developed by Scatec Solar.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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