Cloudberry (Buy, TP: NOK12.00) - Burdened by Odal turbine issues
We believe key focus in the Q4 report will be the turbine issues at Odal, where we see a risk of the repair and maintenance – and thus lower power production – persisting well into 2024e. With lower production at Odal, an outlook for lower power prices and a weaker NOK, we have reduced our 2024–2025e proportionate EBITDA by 45–30%. We reiterate our BUY and NOK12 target price, factoring in a small premium to our NAV to account for recent asset transactions in the sector at levels above our NAV.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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