Cloudberry (Buy, TP: NOK12.00) - Limited effects from Q3 issues
Proportionate Q3 EBITDA was NOK14m, NOK11m below our forecast of NOK25m, primarily driven by higher-than-expected costs. However, as we believe most of the Q3 negatives were non-recurring and the company is well protected under its agreements with Siemens Gamesa at Odal (although compensation could be delayed), we have made only small changes to our EBITDA estimates. We reiterate our BUY and NOK12 target price, factoring in a 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.