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Scatec Share Drop Is Buying Opportunity, SEB Says

1/10 10:26

  • (PLX AI) – Scatec's share drop is a buying opportunity, as the bad news is now out of the way, SEB analysts said.
  • • Scatec shares are down 15% after the company said it wouldn't reach its 2021 growth target as a South Africa project of 540 MW is delayed and projects in Brazil and Ukraine of 166 MW were dropped
  • • Scatec expects total impairment of NOK 40-50 million of development cost related to the two projects
  • • Scatec will not reach the target of 5.9 GW in operation or under construction by the end of 2021, but the target to reach 15 GW in operation or under construction by the end of 2025 remains in place
  • • It's disappointing that the target for this year won't be reached, but this has been the talk on the street since early 2020, SEB said
  • • A negative reaction is expected, but our initial take is to use that as a buying opportunity, SEB said
  • • It's difficult to quantify, but consensus will come down on revenue and margin estimates from Scatec's development and construction division, Carnegie said
  • • But Scatec is showing that it is not willing to budge on its equity IRR target of 12-16%: Carnegie