Cloudberry (Hold, TP: NOK12.00) - Power prices spark estimate cuts
With ~97% spot price exposure, Cloudberry will likely be hit hard by the sharp declines in forward Nordic power prices in recent months. We have cut our 2023–2025e proportionate EBITDA by 15–30% on our lower power price estimates, and in turn our NAV/share from NOK14.5 to NOK10.5. As a result, we have lowered our target price to NOK12 (14.5), including a slight premium to our NAV for recent supportive asset transactions. Given the limited potential upside, we have downgraded to HOLD (BUY).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.