Cloudberry (Hold, TP: NOK11.00) - Limited effect from hydro transactions
We consider it positive that Cloudberry is exploiting the strong market for hydropower projects, but consider the net effect of last week’s transactions neutral despite the wide spread in acquisition and sales multiples given the assets’ different profit-sharing mechanisms. We also see potential for greater uncovered losses at Odal, with further ramp-up delays. We reiterate our HOLD, but have raised our target price to NOK11 (9) to reflect the high private market interest for the company’s hydropower assets.
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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