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Statkraft (A3/A) : FY23 Results

UTILITIES


• Private entity, so now consensus data available.• STATK issued €1bn on Monday.

• Leverage rose from -0.4x to 0.2x YoY.

• Cash taxes and unrealised hedge profits were a drag on cash flow vs 2023.

• EBITDA was 20% lower YoY with power prices lower and operating expenses higher.

• No details on financial outlook. Interestingly, they are committed to rating targets one notch lower than current.

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