Scatec rises after Q3 beat, growth goals update

Scatec ASA

02/11/2023 09:01

** Scatec  SCATC.OL  shares rise 15% after the Norwegian
renewable energy solutions provider's Q3 profit beat
expectations
    ** Q3 EBITDA of NOK 892 million ($80.10 million) was 11%
above the consensus, Kepler Cheuvreux says 
    ** The company said it would align its growth rate to
internal funding capacity, dismissing risk of a capital increase
    ** It said that due to unfavourable market conditions it
would not pay dividend and reduced its growth ambitions
    ** Scatec flagged it would now target equity investments of
NOK 500-750 million yearly, aligning its growth rate to internal
funding capacity, in line with its historical growth pace
    ** "As the stock trades below its net asset value with no
value for growth, this should not have any negative effect on
the stock, as it reduces the risk of a new issue," says Kepler
Cheuvreux in a note distributed through Swedbank's service
Aktiellt 
    ** The stock is on track for its best day in over a year and
2 months


($1 = 11.1364 Norwegian crowns)

 (Reporting by Agata Rybska)
 ((gdansk.newsroom@thomsonreuters.com;))