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Valuation of Scatec Solar ASA : a fundamental analysis of a high-growth company

Sødal, Erik Heier
Master thesis
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URI
http://hdl.handle.net/11250/2403543
Date
2016
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  • Master Thesis [4207]
Abstract
This thesis aims at obtaining the fair value of Scatec Solar ASA by applying a three-stage

weighted average cost of capital model, supported with a relative valuation approach. By

thoroughly examining key aspects of the solar power industry as well as crucial companyspecific

factors, necessary assumptions are made in order to forecast future performance of

the company and carry out the valuation.

On the back of substantial cost decreases recent years, the solar power industry has

experienced a rapid growth in capacity and globalization. Further driven by governmental

support mechanisms these trends are expected to continue, establishing solar power as a

prominent contributor to the global energy supply in the future. With experience and a solid

integrated structure and network, Scatec Solar is well positioned in this emerging industry.

Currently holding a strong project funnel, containing new capacity both close to construction

and in development, the company is set to continue its rapid growth going forward.

Implemented in the fundamental valuation these factors yield an estimated share price of

NOK 53 for Scatec Solar ASA. Supported by the relative EV/EBITDA valuation, the analysis

indicates a strong upside from the currently traded price of the stock. Although the results

contain large amounts of uncertainty, revealed through analyses of sensitivity and risk

factors, I conclude that Scatec Solar is currently undervalued and that a buy recommendation

is appropriate.

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