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Scatec ASA (SCATC) Fair Value & Analysis

Utilities · NO · Market cap 15.5B NOK

SA Scatec ASA SCATC · OL
Pricekr 98.70
Fair Valuekr 95.50
Upside-3.2%
Quality41/100
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Expensive Growth
Thin margins · 1.6% net margin
High debt · negative free cash flow
Trails peers (3/12)
Moderate moat 49/100
Evidence: Medium Range kr 42.56 – kr 137.82 Share as image

Fair value as of: Aug 13, 2026

From 15 valuation models · updated today

Fair value updated Aug 13, 2026, revised from kr 100.14 to kr 95.50 (−4.6%) since Jul 11, 2026. Share price +1.8% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The model range is unusually wide (kr 42.56 to kr 137.82). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
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Price vs Fair Value (5 years)

kr 233.71 kr 52.85 Fair Value kr 95.50 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 52.85 – kr 233.71 · fair‑value band kr 42.56 – kr 137.82 · the kr 98.70 price screens above the kr 95.50 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Scatec ASA (SCATC) currently trades at kr 98.70, while our model-based Fair Value estimate is kr 95.50, implying the stock looks roughly 3.2% fairly valued today. The Quality Score stands at 41/100 (below-average quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Scatec ASA generated revenue of 3.6B NOK at a net margin of 1.6%. Revenue declined 1.3% year over year. It earns a return on equity of 0.3%. Net debt stands at 25.7B NOK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 42.56 (bear case) to kr 137.82 (bull case); at kr 98.70, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 28% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -11% fair-value upside, at -3%, SCATC screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income kr 54.93 kr 60.85 kr 96.70 76
ROIC Compounder kr 5.59 kr 30.42 kr 52.15 72
Gordon GGM kr 9.54 kr 19.83 kr 31.46 70
All 15 models by family
Earnings-Based
Graham-Dodd kr 41.65 kr 207.71 kr 286.59 54
Lynch FV kr 56.13 kr 80.18 kr 104.24 50
PEG = 1.0 kr 56.13 kr 80.18 kr 104.24 46
EPV kr 5.59 kr 30.42 kr 52.15 59
Dividend Discount
Gordon GGM kr 9.54 kr 19.83 kr 31.46 70
DDM Multi-Stage kr 9.54 kr 16.72 kr 20.81 61
Multiples
P/E Multiple kr 82.69 kr 110.26 kr 137.82 63
P/S Multiple kr 42.56 kr 56.75 kr 70.94 58
P/B Multiple kr 78.10 kr 104.13 kr 130.16 55
EV/EBIT kr 52.15 kr 117.33 kr 182.51 53
EV/EBITDA kr 41.78 kr 103.50 kr 165.22 54
Asset-Based
NCAV (Graham) kr 31.57 kr 42.30 kr 63.14 50
Economic Profit
Residual Income kr 54.93 kr 60.85 kr 96.70 76
ROIC Compounder kr 5.59 kr 30.42 kr 52.15 72
Growth Earnings
Growth-Adj P/E kr 79.37 kr 113.38 kr 147.39 68

Widest divergence: Growth Earnings (kr 113.38) versus Dividend Discount (kr 16.72). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 3.6B NOK
Revenue growth (YoY) -1.3%
Net margin 1.6%
Return on equity 0.3%
Free cash flow −3.6B NOK FY2025
P/E ratio 308.4
More key figures
Operating margin 34.7%
EPS (TTM) kr 0.3200
EPS growth (YoY) +3,543%
Net debt 25.7B NOK FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 41/100

Of which business quality 41 · Market factors (momentum, volatility) 36

Profitability 37
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 13
Balance sheet, leverage, solvency risk
Investment 37
Disciplined investing over empire-building
Low Volatility 57
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 22
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Scatec ASA, together with its subsidiaries, provides renewable energy solutions. The company operates through Power Production and Development & Construction segments. It produces and sells solar, wind, and hydro generated electricity.

Full company description

Scatec ASA, together with its subsidiaries, provides renewable energy solutions. The company operates through Power Production and Development & Construction segments. It produces and sells solar, wind, and hydro generated electricity. The company also develops, builds, owns, and operates solar, wind, and hydro power plants; and storage solutions, including solar, wind, hydropower, battery storage and hybrid systems. The company is also involved in the engineering, procurement, and construction activities. It has operations in South Africa, Egypt, Ukraine, Malaysia, Pakistan, Jordan, Honduras, the Czech Republic, Botswana, Vietnam, and internationally. The company was formerly known as Scatec Solar ASA and changed its name to Scatec ASA in November 2020. Scatec ASA was incorporated in 2007 and is headquartered in Oslo, Norway.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Scatec ASA reported revenue of kr 3.6B in FY2025 versus kr 3.0B in FY2021, a compound +4.5%/yr. Reported net income was kr 979M in FY2025, compounding +26.0%/yr from FY2021.

Growth Quality 26/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
3.6B NOK
Latest YoY
−16.9%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.5%
Avg. growth/yr (13Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.9%
Revenue +4.5%/yr
FY21 kr 3.0B
FY22 kr 3.0B
FY23 kr 4.4B
FY24 kr 4.4B
FY25 kr 3.6B
Net income +26.0%/yr
FY21 kr 388M
FY22 −kr 1.2B
FY23 kr 1.3B
FY24 kr 1.3B
FY25 kr 979M
Character of growth · EPS growth decomposed (2013-2024) +17.1 % p.a.
Revenue per share +4.9 pp

of which total revenue +12.8 pp · buybacks/dilution −7.9 pp

EBIT margin +13.0 pp
Tax rate +5.7 pp
Residual (interest, one-offs) −6.5 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Scatec ASA Fair Value". https://www.fairvalue-calculator.com/stock/SCATC

Peer Group

Utilities - Renewable · 220 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 41 · Below median
Fair Value upside −3% · Above median
Return on equity (TTM) 0% · Below median
Return on assets 2% · Below median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 35% · Top 25%
Revenue growth -1% · Above median
Debt / equity 2.83× · Higher than 75% of peers

Valuation Multiples vs Utilities - Renewable median · lower = cheaper

P/E (TTM) 308.4× · Pricier than 75% of peers
P/B 1.53× · Pricier than median
P/S (TTM) 4.27× · Pricier than median
EV/EBITDA 16.7× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 29 · sector 8
FUTURE 0 · sector 0
PAST 1 · sector 11
HEALTH 0 · sector 68
DIVIDEND 0 · sector 50

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Utilities - Renewable stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
China Yangtze Power Co 600900 ¥28.02 ¥25.13 -10%
Ørsted A/S ORSTED kr 148.25 kr 31.40 -79%
Huaneng Lancang River Hydropower Inc 600025 ¥9.69 ¥5.57 -43%
Adani Green Energy Limited ADANIGREEN ₹1,319 ₹169.61 -87%
AXIA Energia SA AXIAP $10.74 $9.54 -11%
VERBUND AG OEWA €56.80 €66.19 +17%
BEP BEP $34.23 $70.40 +106%
BEPUN BEPUN C$44.56 C$10.15 -77%
China Longyuan Power Group 001289 ¥15.92 ¥7.55 -53%
SDIC Power Holdings 600886 ¥13.95 ¥16.63 +19%

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Frequently asked questions

Is Scatec ASA (SCATC) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 95.50 versus a price of kr 98.70, about −3% (fairly valued).
What is the fair value of SCATC?
Our model-based fair value for Scatec ASA is kr 95.50 (as of Aug 13, 2026), built from audited fundamentals. The current price is kr 98.70.
What is the quality score of SCATC?
Scatec ASA has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Scatec ASA (SCATC)?
Scatec ASA reported trailing-twelve-month revenue of about 3.6B NOK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of SCATC?
The net profit margin of Scatec ASA is about 1.6%, meaning it keeps roughly 1.6% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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