Cloudberry (Hold, TP: NOK10.00) - Patience needed
While we expect Cloudberry to continue to manage the factors in its control and develop profitable renewable energy projects, we have cut our proportionate 2024–2025e EBITDA by 10–8% on still-declining forward power prices. This and a review of its liquidity available for growth have prompted us to lower our target price to NOK10 (12); we have thus downgraded to HOLD (BUY). We believe investors need to await clarity on the turbine issues at Odal, higher power prices, and/or accretive asset sales for a re-rating of the stock.
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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