Scatec Valuation

Is 0R3I undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0R3I when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate 0R3I's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate 0R3I's fair value for valuation analysis.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0R3I?

Key metric: As 0R3I is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0R3I. This is calculated by dividing 0R3I's market cap by their current earnings.
What is 0R3I's PE Ratio?
PE Ratio	6.7x
Earnings	NOK 1.90b
Market Cap	NOK 12.60b

0R3I key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	9x
Enterprise Value/EBITDA	12.1x
PEG Ratio	-0.2x

Price to Earnings Ratio vs Peers

How does 0R3I's PE Ratio compare to its peers?

The above table shows the PE ratio for 0R3I vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	58.7x
DRX Drax Group	3.6x	-31.8%	UK£2.4b
TEP Telecom Plus	18.2x	12.0%	UK£1.4b
YU. Yü Group	7.9x	-1.7%	UK£303.0m
002210 Shenzhen Feima International Supply Chain	205x	n/a	CN¥7.7b
0R3I Scatec	6.7x	-39.4%	NOK 12.6b

Price-To-Earnings vs Peers: 0R3I is good value based on its Price-To-Earnings Ratio (6.7x) compared to the peer average (58.7x).

Price to Earnings Ratio vs Industry

How does 0R3I's PE Ratio compare vs other companies in the European Renewable Energy Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 0R3I is good value based on its Price-To-Earnings Ratio (6.7x) compared to the European Renewable Energy industry average (15.6x).

Price to Earnings Ratio vs Fair Ratio

What is 0R3I's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0R3I PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	6.7x
Fair PE Ratio	9x

Price-To-Earnings vs Fair Ratio: 0R3I is good value based on its Price-To-Earnings Ratio (6.7x) compared to the estimated Fair Price-To-Earnings Ratio (9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 0R3I forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	NOK 79.03	NOK 98.86 +25.1%	6.7%	NOK 106.00	NOK 86.00	n/a	7
Dec ’25	NOK 79.90	NOK 98.86 +23.7%	6.7%	NOK 106.00	NOK 86.00	n/a	7
Nov ’25	NOK 81.99	NOK 96.43 +17.6%	9.1%	NOK 110.00	NOK 80.00	n/a	7
Oct ’25	NOK 82.55	NOK 94.43 +14.4%	7.5%	NOK 103.00	NOK 80.00	n/a	7
Sep ’25	NOK 80.05	NOK 95.43 +19.2%	7.7%	NOK 103.00	NOK 80.00	n/a	7
Aug ’25	NOK 88.95	NOK 94.57 +6.3%	10.7%	NOK 105.00	NOK 72.00	n/a	7
Jul ’25	NOK 86.35	NOK 93.71 +8.5%	10.5%	NOK 105.00	NOK 72.00	n/a	7
Jun ’25	NOK 86.32	NOK 91.86 +6.4%	9.5%	NOK 100.00	NOK 72.00	n/a	7
May ’25	NOK 80.09	NOK 91.14 +13.8%	9.8%	NOK 100.00	NOK 72.00	n/a	7
Apr ’25	NOK 72.15	NOK 92.71 +28.5%	12.6%	NOK 110.00	NOK 72.00	n/a	7
Mar ’25	NOK 67.44	NOK 93.29 +38.3%	12.6%	NOK 110.00	NOK 72.00	n/a	7
Feb ’25	NOK 76.61	NOK 94.43 +23.3%	11.6%	NOK 110.00	NOK 72.00	n/a	7
Jan ’25	NOK 82.01	NOK 95.57 +16.5%	13.3%	NOK 110.00	NOK 70.00	n/a	7
Dec ’24	NOK 71.34	NOK 94.43 +32.4%	16.0%	NOK 110.00	NOK 62.00	NOK 79.90	7
Nov ’24	NOK 55.55	NOK 97.43 +75.4%	19.5%	NOK 115.00	NOK 55.00	NOK 81.99	7
Oct ’24	NOK 63.00	NOK 99.63 +58.1%	14.6%	NOK 115.00	NOK 65.00	NOK 82.55	8
Sep ’24	NOK 70.27	NOK 99.63 +41.8%	14.6%	NOK 115.00	NOK 65.00	NOK 80.05	8
Aug ’24	NOK 85.15	NOK 98.75 +16.0%	17.7%	NOK 115.00	NOK 56.00	NOK 88.95	8
Jul ’24	NOK 70.30	NOK 98.75 +40.5%	17.7%	NOK 115.00	NOK 56.00	NOK 86.35	8
Jun ’24	NOK 73.80	NOK 98.38 +33.3%	17.6%	NOK 115.00	NOK 56.00	NOK 86.32	8
May ’24	NOK 69.13	NOK 99.33 +43.7%	17.0%	NOK 115.00	NOK 56.00	NOK 80.09	9
Apr ’24	NOK 69.48	NOK 99.33 +43.0%	17.0%	NOK 115.00	NOK 56.00	NOK 72.15	9
Mar ’24	NOK 69.66	NOK 99.33 +42.6%	17.0%	NOK 115.00	NOK 56.00	NOK 67.44	9
Feb ’24	NOK 82.60	NOK 101.00 +22.3%	19.8%	NOK 120.00	NOK 51.00	NOK 76.61	9
Jan ’24	NOK 79.07	NOK 100.33 +26.9%	21.6%	NOK 120.00	NOK 45.00	NOK 82.01	9
Dec ’23	NOK 89.34	NOK 100.33 +12.3%	21.6%	NOK 120.00	NOK 45.00	NOK 71.34	9

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/25 02:48
End of Day Share Price	2024/12/23 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Scatec ASA is covered by 14 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Naisheng Cui	Barclays
Manuel Palomo	BNP Paribas Exane
Eivind Garvik	Carnegie Investment Bank AB