Cloudberry (Hold, TP: NOK9.00) - Delivering on the factors it controls
While the turbine issues at Odal continue to create uncertainty, we see Cloudberry delivering on the factors it controls, with better realised power prices than expected, and its construction projects progressing on or ahead of schedule and on or below budget. We reiterate our HOLD and NOK9 target price, based on a 6.7% WACC, but note recent asset sales were made above this level.
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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