Projected Income Statement: Scatec ASA

Forecast Balance Sheet: Scatec ASA

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 14,949 19,578 23,284 24,639 25,663 30,642 38,883 41,288
Change - 30.97% 18.93% 5.82% 4.16% 19.4% 26.89% 6.19%
Announcement Date 2/3/22 2/3/23 1/26/24 1/31/25 1/30/26 - - -
1NOK in Million
Estimates

Cash Flow Forecast: Scatec ASA

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 967 1,986 8,786 3,268 6,029 8,338 17,731 8,885
Change - 105.38% 342.4% -62.8% 84.49% 38.3% 112.65% -49.89%
Free Cash Flow (FCF) 1 10,153 -1,230 -4,961 -140 -3,569 -4,981 -13,042 -753.1
Change - -112.11% -303.33% 97.18% -2,449.29% -39.55% -161.85% 94.23%
Announcement Date 2/3/22 2/3/23 1/26/24 1/31/25 1/30/26 - - -
1NOK in Million
Estimates

Forecast Financial Ratios: Scatec ASA

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 76.33% 68.12% 75.56% 82.46% 76.61% 76.18% 75.07% 67.57%
EBIT Margin (%) 52.91% 19.27% 55.6% 62.78% 54.31% 50.92% 52.69% 48.02%
EBT Margin (%) 11.99% -29.19% 21.35% 22.27% 20.52% 11.44% 20.56% 20.21%
Net margin (%) 10.2% -35.56% 13.3% 19.91% 19.95% 8.25% 16.15% 16.53%
FCF margin (%) 266.97% -32.79% -105.08% -2.13% -68.14% -89.37% -161.94% -6.67%
FCF / Net Income (%) 2,616.75% 92.2% -789.97% -10.7% -341.53% -1,083.92% -1,002.88% -40.33%

Profitability

        
ROA 1.3% -3.82% 1.6% 2.99% - - - -
ROE 4.3% -15.22% 7.41% 13.55% 10.09% 5.04% 9.84% 12.92%

Financial Health

        
Leverage (Debt/EBITDA) 5.15x 7.66x 6.53x 4.55x 6.39x 7.22x 6.43x 5.41x
Debt / Free cash flow 1.47x -15.92x -4.69x -175.99x -7.19x -6.15x -2.98x -54.82x

Capital Intensity

        
CAPEX / Current Assets (%) 25.43% 52.95% 186.1% 49.71% 115.1% 149.62% 220.17% 78.67%
CAPEX / EBITDA (%) 33.31% 77.73% 246.31% 60.28% 150.24% 196.39% 293.3% 116.43%
CAPEX / FCF (%) 9.52% -161.46% -177.1% -2,334.29% -168.93% -167.41% -135.96% -1,179.83%

Items per share

        
Cash flow per share 1 12.96 4.758 24.07 19.69 15.4 20.8 46.3 70.3
Change - -63.28% 405.95% -18.2% -21.81% 35.1% 122.6% 51.84%
Dividend per Share 1 2.54 1.94 - - - 0.09 0.53 0.962
Change - -23.62% - - - - 488.89% 81.51%
Book Value Per Share 1 58.34 52 54.67 66.88 63.51 65.48 75.42 87.57
Change - -10.86% 5.13% 22.34% -5.05% 3.12% 15.17% 16.12%
EPS 1 2.43 -8.4 3.95 8.24 6.54 2.88 8.164 11.73
Change - -445.68% 147.02% 108.61% -20.63% -55.96% 183.47% 43.74%
Nbr of stocks (in thousands) 158,792 158,756 158,917 159,028 158,917 159,849 159,849 159,849
Announcement Date 2/3/22 2/3/23 1/26/24 1/31/25 1/30/26 - - -
1NOK
Estimates
2026 *2027 *
P/E 34.4x 12.1x
PBR 1.51x 1.31x
EV / Sales 8.34x 6.8x
Yield 0.09% 0.53%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
AAA
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
99.15NOK
Average target price
131.62NOK
Spread / Average Target
+32.75%

Quarterly revenue - Rate of surprise