Report
Helene Kvilhaug Brøndbo
EUR 87.46 For Business Accounts Only

Cloudberry (Buy, TP: NOK13.50) - Powering forward

Adjusted for NOK113m in gains on intra-company asset sales, Cloudberry reported proportionate Q4 EBITDA of NOK52m, 21% below our estimate and 19% below consensus, largely on lower-than-expected realised power prices. The company’s projects are on track, with construction of the Sundby and Munkhyttan wind parks complete and development of Nees Hede progressing, now as a slightly larger project. We reiterate our BUY and NOK13.5 target price. The stock is trading at an attractive 32% discount to asset market values.
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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