Cloudberry (Hold, TP: NOK9.00) - A tough start to the year
With Q1e hit by turbine issues at Odal, we forecast power production of 172GWh, translating into proportionate EBITDA of NOK51m. Based on more lost production at Odal, lower forward power prices and an outlook for reduced guarantee of origin prices, we have significantly cut our estimates (proportionate EBITDA down 19% for 2024e, 27% for 2025e, and 46% for 2026e). Given the lower power price outlook, we have also lowered our target price to NOK9 (10). 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.
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