Added to YB: 2026-08-27
Pitch date: 2026-08-25
SCATC.OL [neutral]
Scatec ASA
-2.96%
current return
Author Info
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Company Info
Scatec ASA, together with its subsidiaries, provides renewable energy solutions. The company operates through Power Production and Development & Construction segments.
Market Cap
NOK 15.3B
Pitch Price
NOK 99.75
Price Target
N/A
Dividend
N/A
EV/EBITDA
15.12
P/E
-54.07
EV/Sales
11.76
Sector
Independent Power and Renewable Electricity Producers
Category
growth
Scatec (SCATC Norway): Obelisk demonstrates the economics of the integrated development model
SCATC.OL (earnings): Q2 IFRS rev NOK1.37bn; EBITDA NOK824m dragged by low-margin Thakadu construction; proportionate EBITDA NOK1.02bn incl. NOK160m Obelisk contingency release (underlying ~NOK856m). Production +21% to 1,135GWh. Cut 2026 production guide 50GWh to 5.05-5.35TWh but held Power Production EBITDA guide NOK3.6-3.9bn on stronger Philippine reserve pricing. Thesis: Obelisk (1,125MW solar/200MWh storage, early+under budget) proves integrated model — 24% D&C margin (~11% underlying) covered remaining 40% equity stake, making project capital-neutral; structure now replicable across Egypt Aluminium, Energy Valley, Shadwan (H2 starts). Pipeline 12.3GW/6.8GWh could 2x generation, ~5x storage in 2-3yrs. Net debt NOK28.3bn; liquidity NOK5.1bn; planned NOK1bn bond to refi SCATC 04, extend to 2031, cut costs. Risk: backlog-to-completion execution.
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