Report
Helene Kvilhaug Brøndbo
EUR 92.36 For Business Accounts Only

Cloudberry (Buy, TP: NOK12.00) - Business case intact

With development and construction proceeding according to plan and recyclable capital from recent asset sales at strong prices, we believe Cloudberry is progressing well towards becoming an integrated power producer with an organic growth platform. At current FX and forward power prices, our NAV is NOK10.9/share. We reiterate our NOK12 target price, which is set at a premium to our NAV to reflect recent supportive asset transactions and potential relief in the proposed resource tax, but have upgraded to BUY (HOLD) following the recent soft share-price trend.
Underlying
CLOUDBERRY CLEAN ENERGY AS

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Helene Kvilhaug Brøndbo

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