Following Equinor’s share sale on April 14, Scatec’s stock has retraced all gains recorded after the Iran-related developments and now trades at only a modest premium to our NAV estimate of NOK 113 per share. While this reaction is understandable given the remaining lock-up overhang – Equinor divested only half of its stake – we find it difficult to reconcile that the shares are back at levels seen prior to the MEG crisis. In our view, that crisis has sharpened the focus on energy security, part ....
