Cloudberry (Hold, TP: NOK12.00) - Trading in line with market multiples
The Q2 report was decent, in our view, with better-than-expected realised power, construction activity progressing on time and budget, and a development agreement with Holmen for 1TWh SE3. Strong development activities have led us to assign a higher value to these activities; thus, we have raised our target price to NOK12 (11). However, as the stock is trading in line with recent asset sales and we struggle to see any near-term triggers, we reiterate our HOLD.
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.