Cloudberry (Hold, TP: NOK11.00) - Worst Odal issues seem behind
Adjusted for accounting gains from the sale of three hydropower plants in Q2, we forecast proportionate EBITDA of NOK5m. Including these gains, we forecast NOK113m, broadly in line with consensus of NOK112m. With the first turbines in Odal recommencing production, we believe most of the issues at the windfarm are behind it. Ramp-up is likely in H2, when we expect Cloudberry to surpass the warranty cap with Siemens Gamesa. We reiterate our HOLD and NOK11 target price.
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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