Cloudberry (Buy, TP: NOK13.50) - Power production boost after Skovgaard acquisition
We forecast Q4 proportionate EBITDA of NOK66m, reflecting slightly above-normal precipitation and lower-than-normal wind speeds. We have raised our 2025–2026e proportionate EBITDA by 7–15% on the recently announced Skovgaard acquisition and updated power price estimates. We reiterate our BUY and have raised our target price to NOK13.5 (13) after including Skovgaard. The stock is trading 32% below asset market values, but we still believe further crystallisation of underlying values would be needed for a re-rating.
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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