Cloudberry (Buy, TP: NOK12.00) - Low NO1 prices set to weigh in Q3
In the first full quarterly contribution from Odin, we expect power production of 160GWh, reflecting slightly below-average wind speeds. With Q3 hampered by low power prices in NO1, we forecast proportionate EBITDA of NOK25m. We have cut our 2023–2025e proportionate EBITDA by 13–3% on lower near-term power prices and capture rates. However, 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.
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