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Scatec Solar OL (SCATC) Fair Value & Analysis

Utilities · NO · Market cap 15.5B NOK (≈ $1.7B) · ISIN NO0010715139

What is Scatec Solar OL really worth?

SS Scatec Solar OL SCATC · OL
Pricekr 101.70
Fair Valuekr 95.50
Upside−6.1%
Quality41/100

Below-average quality, currently priced close to our fair value of kr 95.50.

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Risks

!Expensive Growth (revenue 5y +5.5 %/yr)
!Thin margins · 1.6% net margin
!High debt · negative free cash flow
!Trails peers (2/13)
!Moderate moat 49/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 25 out of 100
!Weak on past: 1 out of 100
Evidence: Medium Range kr 42.56 – kr 137.82

Fair value as of: Aug 13, 2026

From 15 valuation models · updated 22 days ago

Fair value updated Aug 13, 2026, revised from kr 100.14 to kr 95.50 (−4.6%) since Jul 11, 2026. Share price +8.0% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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.

Price vs Fair Value (5 years)

kr 233.71 kr 52.85 Fair Value kr 95.50 Jun 2021 Sep 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 101.70 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 Solar OL (SCATC) currently trades at kr 101.70, while our model-based Fair Value estimate is kr 95.50, implying the stock looks roughly 6.5% fairly valued today. The Quality Score stands at 41/100 (below-average quality), in the Utilities sector. Bull case: the Growth Earnings group reads highest at a median of kr 113.38 per share, and 6 of the 15 models we run sit above the kr 101.70 price. Bear case: the Dividend Discount group reads lowest at kr 16.72, and 9 of the 15 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Scatec Solar OL 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 101.70, 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 26% below its 52-week high and 21% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at −12% fair-value upside, at −6%, SCATC screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 0.2174 per share, which is 0.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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 best evidence kr 54.93 kr 60.85 kr 96.70 75
Growth-Adj P/E kr 79.37 kr 113.38 kr 147.39 67
EPV kr 5.59 kr 30.42 kr 52.15 66
All 15 models by family
Earnings-Based
Graham-Dodd kr 41.65 kr 207.71 kr 286.59 64
Lynch FV kr 56.13 kr 80.18 kr 104.24 61
PEG = 1.0 kr 56.13 kr 80.18 kr 104.24 57
EPV kr 5.59 kr 30.42 kr 52.15 66
Dividend Discount
Gordon GGM kr 9.54 kr 19.83 kr 31.46 66
DDM Multi-Stage kr 9.54 kr 16.72 kr 20.81 66
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 62
EV/EBITDA kr 41.78 kr 103.50 kr 165.22 63
Asset-Based
NCAV (Graham) kr 31.57 kr 42.30 kr 63.14 54
Economic Profit
Residual Income best evidence kr 54.93 kr 60.85 kr 96.70 75
ROIC Compounder kr 5.59 kr 30.42 kr 52.15 66
Growth Earnings
Growth-Adj P/E kr 79.37 kr 113.38 kr 147.39 67

Widest divergence: Growth Earnings (kr 113.38) versus Dividend Discount (kr 16.72). Highest evidence: Residual Income (75).

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Key figures & financial health

P/E ratio 317.8
P/S ratio 85.8 P/E × margin
EPS (TTM) kr 0.3200 price ÷ EPS = P/E 317.8
Dividend yield 1.0%
Net margin 27.0% FY2025
Return on equity 0.3% TTM
More key figures
Profitability
Return on assets (EBIT) 6.4% avg 5y
Operating margin 34.7% TTM
Growth
Revenue (TTM) 3.6B NOK TTM
Revenue growth (YoY) −1.3% 3y avg +6.5%
EPS growth (YoY) +35.4%
Balance sheet & cash flow
Free cash flow −3.6B NOK FY2025
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) 37

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 25
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

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 Solar OL reported revenue of 3.6B NOK in FY2025 versus 3.0B NOK in FY2021, a compound +4.5%/yr. Reported net income was 979M NOK 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. revenue 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. revenue 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. revenue 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%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+28.4% (27.4 + 1.0)
Revenue +4.5%/yr
FY21 3.0B NOK
FY22 3.0B NOK
FY23 4.4B NOK
FY24 4.4B NOK
FY25 3.6B NOK
Net income +26.0%/yr
FY21 388M NOK
FY22 −1.2B NOK
FY23 1.3B NOK
FY24 1.3B NOK
FY25 979M NOK
Character of growth · EPS growth decomposed (2013-2024) +17.1 % p.a.
Revenue per share +4.9 %

of which total revenue +12.8 % · buybacks/dilution −7.0 %

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

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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

Peer Group

Utilities - Renewable · 213 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 −6% · 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% · Below median
Dividend yield (TTM) 1.0% · Below median
Debt / equity 2.83× · Higher than 75% of peers

Valuation Multiples vs Utilities - Renewable median · lower = cheaper

P/E (TTM) 317.8× · 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

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE25 · sector 6
FUTURE0 · sector 0
PAST1 · sector 14
HEALTH0 · sector 68
DIVIDEND20 · sector 44

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

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 ¥27.96 ¥25.13 −10%
Ørsted A/S ORSTED kr 139.25 kr 31.40 −77%
Huaneng Lancang River Hydropower Inc 600025 ¥9.79 ¥5.57 −43%
Adani Green Energy Limited ADANIGREEN ₹1,319 ₹169.61 −87%
AXIA Energia SA AXIAP $10.74 $9.49 −12%
VERBUND AG OEWA €57.00 €66.19 +16%
BEP BEP $31.27 $70.40 +125%
BEPUN BEPUN C$45.05 C$42.83 −5%
Fortum Oyj FORTUM €19.80 €13.55 −32%
China Longyuan Power Group 001289 ¥15.92 ¥7.55 −53%

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Frequently asked questions

Is Scatec Solar OL (SCATC) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 95.50 versus a price of kr 101.70, about −6% upside (fairly valued).
What is the fair value of SCATC?
Our model-based fair value for Scatec Solar OL is kr 95.50 (as of Aug 13, 2026), built from audited fundamentals. The current price: kr 101.70.
What is the quality score of SCATC?
Scatec Solar OL 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 Solar OL (SCATC)?
Scatec Solar OL 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 Solar OL is about 1.6%, meaning it keeps roughly 1.6% of revenue as net income. Based on the latest reported figures.
Does Scatec Solar OL pay a dividend?
Scatec Solar OL currently shows a dividend yield of about 1.01% relative to its recent price (as of Aug 13, 2026).
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