• (PLX AI) – Scatec shares had their worst day ever on Friday, but that was an overreaction and the stock remains a buy, analysts at Kepler Cheuvreux said.
  • • Scatec was the worst performer in Stoxx 600 on Friday after earnings missed expectations, with Q2 proportionate EBITDA at NOK 601 million, below consensus of NOK 676 million
  • • Proportionate EBITDA was particularly affected by performance in the Philippines, where the company's hydro operations did much worse than expected
  • • But the loss of earnings in the Philippines should mean a share price adjustment of only NOK 4, Kepler Cheuvreux said
  • • While a significant number of projects need to reach completion before the end of the year, Scatec needs only 250-300 MW to get to its 4.5 GW target: Kepler
  • • The current share price implies that the company won't grow after 2024, which is unlikely, Kepler said
  • • The broker reiterated a buy rating, with the price target cut to NOK 372 from NOK 376

Quelle: PLX AI