Cloudberry (Hold, TP: NOK13.00) - Near-term headwinds
We expect Q3 to be soft, hampered by muted power production on lower-than-normal wind speeds and a somewhat slower-than-expected ramp-up of production at Odal. Combined with lower GoOs, we have thus cut our 2024–2026e proportionate EBITDA by 12-4%. We reiterate our HOLD, but have raised out target price to NOK13 (12), reflecting operational assets and near-term growth, and believe further crystallisation of the underlying values in its development organisation and project pipeline through e.g. asset rotation and asset development for third parties would be needed 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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