olivLaw · European equity research
Scatec ASA SCATC.OL
Norway · Euronext Oslo Børs · ISIN NO0010715139 · Vertical: Listed companies from Norway
Scatec ASA is a Norwegian renewable energy company active in solar power production and in the development and construction of plants, with operations in emerging economies. For 2026 management estimates EBITDA of NOK 3,800 to 4,100 million, which makes next year's results an important test for the business model.
At the close of 06 Nov 2026, Scatec ASA (SCATC.OL) stock was 86.85 NOK (+0.64% on the day), with market capitalisation 13.8 bn NOK, P/E 14.2 on diluted EPS of 6.12 NOK over the last 12 months, dividend yield 1.20%, beta 0.48, 52-week range 76.85–135.70 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 43.4
- weak (30–45)
- Bollinger (20, 2)
- 71.08 – 110.75
- in the lower half of the band · %B 0.40 · band width 43.6%
- SMA 50 / 200
- 96.22 / 105.39
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -3.63 / -3.76
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −13.5% | −0.6% | −12.8 pp | — |
| 3 months | −6.6% | −4.2% | −2.4 pp | — |
| 6 months | −15.0% | +4.3% | −19.4 pp | — |
| Year to date | −18.2% | +7.5% | −25.7 pp | — |
| 1 year | −14.9% | +9.9% | −24.8 pp | −4.7% |
| 3 years | +33.4% | +49.8% | −16.4 pp | +12.7% |
| 5 years | −47.8% | +42.8% | −90.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 9.6, median 17.4, max 20.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.7 bn | 6.6 bn | 5.2 bn |
| Revenue YoY | unavailable | +39.3% | −20.3% |
| Net income | 628.0 m | 1.3 bn | 978.0 m |
| Net income YoY | unavailable | +108.4% | −25.3% |
| Diluted EPS | 3.95 | 8.24 | 6.12 |
| Diluted EPS YoY | unavailable | +108.6% | −25.7% |
| net % | 13.3% | 19.9% | 18.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.6 bn NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 12.0 bn NOK
- Total assets
- 50.2 bn NOK
- Debt / equity
- unavailable
- Current ratio
- 1.06x
- ROE
- 7.9%
- ROA
- 2.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.7 bn | 6.6 bn | 5.2 bn | esef· 21 Oct 2026verified |
| Operating income | 2.6 bn | 4.1 bn | 2.8 bn | esef· 21 Oct 2026verified |
| Interest expense | 2.0 bn | 2.7 bn | 2.3 bn | esef· 21 Oct 2026verified |
| Pre-tax income | 1.0 bn | 1.5 bn | 1.0 bn | esef· 21 Oct 2026verified |
| Income tax | -114.0 m | -22.0 m | 20.0 m | esef· 21 Oct 2026verified |
| Net income | 628.0 m | 1.3 bn | 978.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 3.95 | 8.24 | 6.12 | esef· 21 Oct 2026verified |
| Dividend per share | 2.70 | 2.49 | 1.04 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.1 bn | 3.9 bn | 5.6 bn | esef· 21 Oct 2026verified |
| Receivables | 478.0 m | 487.0 m | 555.0 m | esef· 21 Oct 2026verified |
| Current assets | 4.9 bn | 7.6 bn | 7.2 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 22.0 bn | 24.1 bn | 29.8 bn | esef· 21 Oct 2026verified |
| Total assets | 41.8 bn | 45.7 bn | 50.2 bn | esef· 21 Oct 2026verified |
| Accounts payable | 294.0 m | 481.0 m | 1.1 bn | esef· 21 Oct 2026verified |
| Current liabilities | 5.6 bn | 6.8 bn | 6.8 bn | esef· 21 Oct 2026verified |
| Total liabilities | 31.2 bn | 33.0 bn | 38.1 bn | esef· 21 Oct 2026verified |
| Equity | 10.6 bn | 12.8 bn | 12.0 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 159.0 m | 158.9 m | 159.0 m | esef· 21 Oct 2026derived |
Cash flow · NOK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 13.8 bn NOK
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 18.7% | 89 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.2x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.1x | 22 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 14.2x | 60 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.2% | 17 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet9/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial89/100 · 1/3 factors with a value
- Returns· partial17/100 · 1/2 factors with a value
- Valuation· partial60/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SCATEC ASA (SCATC.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.2 bn NOK in 2025; YoY growth -20.3%; net margin 18.7%; ROE 7.9%.
The estimated value range is 56.04–193.34 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 120.92 NOK, the price of 86.85 NOK leaves a potential of 39.2% (value / price − 1) and a margin of safety of 28.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 18.7%
What contradicts it
- Interest coverage: 1.2x
- Current ratio: 1.1x
- Shareholder yield (distributions): 1.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| SCATC.OLScatec Asa | 13.8 bn | 14.2 | 7.9% | 18.7% | −20.3% | −13% / +21% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for SCATC.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 46.66 Total return -45% · Per year -45% | 82.91 Total return -3% · Per year -3% | 125.46 Total return 46% · Per year 46% |
| 3 years | 37.05 Total return -55% · Per year -23% | 74.83 Total return -11% · Per year -4% | 125.46 Total return 49% · Per year 14% |
| 5 years | 29.42 Total return -63% · Per year -18% | 67.53 Total return -17% · Per year -4% | 125.46 Total return 51% · Per year 9% |
- Exit P/E± 18.71
- Net margin± 13.09
- Annual revenue growth± 11.83
- Annual dilution± 1.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Scatec ASA is a Norwegian renewable energy company active in solar power production and in the development and construction of plants, with operations in emerging economies. For 2026 management estimates EBITDA of NOK 3,800 to 4,100 million 1, which makes next year's results an important test for the business model.
SWOT
Strengths
- The company has a portfolio of long-term contracts, mostly with state-owned or corporate offtakers, which reduces exposure to spot market prices 1.
- Experience in complex environments and in risk management systems is presented as a competitive advantage useful for turning opportunities into projects 1.
- The high degree of EU Taxonomy alignment could help the company access sustainable finance 1.
Weaknesses
- The company pays no dividend, under a policy the board reassesses annually based on its capital situation 1.
- Exposure to emerging markets brings political risks such as expropriation or tax changes, which depend on governments meeting contractual obligations 1.
- Some offtake agreements lack inflation-based price increase provisions, which could reduce revenue during periods of high inflation 1.
Opportunities
- If the energy transition in its operating countries accelerates, demand for new projects could increase 1.
- A broad pipeline of projects under development could support future growth, provided approvals and financing are secured 1.
- Corporate PPAs could open new revenue sources, as seen in long-term arrangements such as the Brazilian plant contract 1.
Risks
- Project development riskhigh
Growth depends on successful project development, influenced by site access, grid capacity, power prices and competitive financing 1. The company manages this through a structured screening process and a large, broad project pipeline 1.
- Political and country riskhigh
Revenues depend on governments meeting contractual obligations, and expropriation or regulatory changes could affect results 1. The company uses project contracts, partnerships with multilateral development banks and political risk insurance 1.
- Component price and supply chain riskmedium
Between signing a long-term contract and the investment decision, component price fluctuations and supply chain disruptions could affect costs 1. The company seeks a broad supplier base and holds contingencies in budgets 1.
- Cyber riskmedium
Operations rely on IT and operational technology systems exposed to ransomware, phishing and supply chain attacks 1. The company applies a layered security framework and independent audits 1.
- Power market price risklow
Spot prices can fall, and uncompensated curtailment combined with low merchant prices led to an impairment at the Brazilian plant 1. Exposure is limited through long-term PPAs 1.
Investment thesis
What would need to be true (bull case)
- A balance sheet with consolidated equity of NOK 12,034 million 1 and long-term contracts could provide stability if projects under construction are delivered as planned 1. If the 2026 production and EBITDA estimates are met, the company could more clearly demonstrate its growth capacity 1.
- Experience in complex environments and risk management could become a competitive advantage in new countries 1. An extended pipeline of projects under development could support future growth 1.
- If the energy transition accelerates, demand for renewable energy could support new investments and contracts 1. High EU Taxonomy alignment could help access sustainable finance 1.
What would break the thesis
- Political and country risks, including expropriation and tax regulation, can directly affect revenues and projects 1. Dependence on governments meeting contracts could limit the predictability of results 1.
- Growth depends on securing projects and competitive financing, and delays or higher costs could reduce margins 1. Falling power prices could make new projects less attractive 1.
- The absence of dividends and inflation exposure in some contracts could reduce appeal for certain investors 1. Recent impairments, such as in Brazil, show that spot market exposure can have concrete effects 1.
What to watch
- Delivery of the 2026 production and EBITDA estimates2026
- Development of the remaining contract value in Development & ConstructionQ1 2027
- Board decision on the dividend policy2027
- Spot market price developments in the Philippines and Brazilnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to its articles of association, the company's business is the establishment and operation of businesses within renewable energy, including investment in companies conducting such activities 1. Scatec is listed on the Oslo Stock Exchange under the ticker SCATC and operates as a project-driven organisation in which power plants are structured as separate entities 1. The company aims to transition power generation from fossil fuel based power to renewable power in the countries where it operates 1.
Segments
Market context
The company operates mainly in emerging economies and sells electricity especially to state-owned utilities, often supported by sovereign guarantees 1. The sources do not describe the total size of the renewable market, so the analysis is limited to the contract model and geographic exposure set out in the annual report 1. A new project depends on power prices, component prices, interest rates and access to competitive financing 1.
Trends
- Rising climate ambitionsmixed
The report notes that as climate ambitions rise, competition could increase, affecting component and power prices 1. On the other hand, the energy transition supports demand for the company's projects 1.
- Land use and resource regulationheadwind
The company mentions possible stricter rules on land use, habitat loss, carbon footprint and the use of scarce minerals in capital goods 1. These could raise project costs or delay approvals 1.
- Energy transition and electricity demandtailwind
The company's strategy is to replace fossil fuel based generation with renewable power in the countries where it operates 1. If this process advances, demand for projects like Scatec's could support portfolio growth 1.
- Physical climate risksheadwind
Droughts and floods can damage plants and affect power generation or site selection 1. The company says these risks are mitigated through engineering solutions, inspections and emergency plans 1.
Competitive position
The analysed sources do not explicitly name the company's competitors, so no comparative positions can be described. The report only notes that rising climate ambitions could intensify competition and influence component and power prices 1. Winning projects depends on access to attractive sites, grid capacity and financing 1.
- Competitors not named in the source
The source does not name competitors; competition is mentioned only as a general factor affecting prices.
News & filings
In the press
- Gigantul norvegian al energiei regenerabile Scatec accelerează planurile în România: proiecte eoliene, solare și de stocareEconomedia · 10 Sept 2026 · RO
- Scatec vrea să se extindă rapid în România, pe fondul creşterii cererii de baterii pentru stocareFinancial Intelligence (RO) · 10 Sept 2026 · RO
- Pariu pe România: Norvegienii de la Scatec vor să își dubleze capacitatea de generare a energiei, cu o expansiune rapidă în RomâniaProfit.ro · 09 Sept 2026 · RO
- Boom-ul bateriilor atrage Scatec în Europa, cu România în centrul expansiuniiCursDeGuvernare.ro · 09 Sept 2026 · RO
- Norvegienii de la Scatec – investiție într-un sistem de stocare a energiei, în Bacău. BERD, investitor în proiectCursDeGuvernare.ro · 07 Sept 2026 · RO
- Parcul eolian Urleasca, dezvoltat de Scatec în Brăila, primește o finanțare de 132 milioane de euro de la BCR și ErsteEconomedia · 31 Aug 2026 · RO
- BCR și Erste Group acordă o finanțare de 132 de milioane de euro pentru parcul eolian Urleasca, de 77 MW, dezvoltat de Scatec în RomâniaFinancial Intelligence (RO) · 31 Aug 2026 · RO
- BCR şi Erste Group finanţează cu 132 mil. euro parcul eolian Urleasca de 77 MW, dezvoltat de norvegienii de la Scatec. 57% din producţia estimată este acoperită de un contract pentru diferenţă (CfD), iar restul energiei va fi vândut pe piaţa angroZiarul Financiar · 31 Aug 2026 · RO
- Norvegienii de la Scatec cumpără de la OX2 un proiect eolian de 77 MW şi îşi extind portofoliul din România la 267 MWZiarul Financiar · 25 Aug 2026 · RO
- CMS advises Scatec on acquisition of 77 MW Urleasca onshore wind projectJuridice.ro · 25 Aug 2026 · RO
- CMS alături de Scatec în achiziția proiectului eolian Urleasca de 77 MWJuridice.ro · 25 Aug 2026 · RO
- OX2 a vândut către Scatec proiectul unui parc eolian de 77 MW din România. Construcția începe în acest anEconomedia · 31 Jul 2026 · RO
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Scatec ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.