Edison Investment Research - CLOUDBERRY CLEAN ENERGY AS (CLOUD) Cloudberry Clean Energy - Transformative FY23 with revenue rocketing

Report

Edison Investment Research

Toby Thorrington

Cloudberry Clean Energy - Transformative FY23 with revenue rocketing

Cloudberry Clean Energy recorded a strong performance for FY23. Revenue nearly tripled compared to FY22 (NOK217m), reaching NOK610m. EBITDA also significantly increased to NOK263m (FY22: NOK151m). The company’s total portfolio capacity grew to 494MW (FY22: 316MW), with 267MW of producing assets. This expansion was reflected in Cloudberry’s increase in net assets, which rose to NOK6,691m (FY22: NOK4,603m). Despite the company’s substantial growth throughout FY23, it maintained a strong financial position, with net cash of NOK779m (FY22: NOK1,538m).

16/04/2024 1 EN

Underlying

CLOUDBERRY CLEAN ENERGY AS

See profile

NO0010876642 Norway

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Analysts

Toby Thorrington

Other Reports on these Companies

DnB Markets

Cloudberry (Buy, TP: NOK13.00) - Backlog progressing as planned

The underlying Q3 results were slightly better than we expected on higher realised power prices and lower opex. Maturing its backlog seems to be progressing well, with a storage project and the Nees Hede solar project looking set for FID over the next quarters. We believe Cloudberry is fully funded for this and that future growth is likely to be partially financed by asset rotation. We have upgraded to BUY (HOLD) and maintain our NOK13 target price.

Free Trial

November 11, 2024 November 11, 2024 1 EN

DnB Markets

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.

Free Trial

October 22, 2024 October 22, 2024 1 EN

DnB Markets

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.

Free Trial

August 27, 2024 August 27, 2024 1 EN

Games Workshop Group - A notable acceleration in Q225

Games Workshop Group’s (GAW’s) H125 trading update suggests the company enjoyed a strong Q225 in both its core business (due to the launch of the fourth edition of Age of Sigmar midway through Q125) and licensing (due to the success of the Space Marine 2 video game). These are impressive in the context of the tough comparative from the prior year’s launch of the new edition of Warhammer 40K (40K) and the currency headwinds in the early part of H125. We upgrade our profit estimates for FY25 (by 7%) and FY26 (by 3%) to reflect the outperformance versus our prior expectations.

November 22, 2024 November 22, 2024 1 EN

Richard Williamson

Richard Williamson

Altron - Further margin expansion in H125

Altron reported a 105% y-o-y increase in operating profit before capital items in H125, with margin expansion of 5.1pp to 9.8%. The Platforms businesses were particularly strong, with Netstar and FinTech achieving material revenue and profit growth. Altron Digital Business, still in the integration phase, saw some non-recurring costs and the shift of several project starts into H225, but has seen indications that performance should improve in FY26. Management raised its FY26 operating profit target, partly to reflect the inclusion of Altron Document Solutions (ADS) in continuing operations. We...

November 22, 2024 November 22, 2024 1 EN

Alison Turner

Alison Turner

Sayona Mining - Catching up with majors

Sayona Mining is a lithium producer and explorer with projects in Canada, Western Australia and soon in the US and Ghana. A proposed merger of equals with Piedmont Lithium will create a c A$1bn mid-tier lithium player with streamlined asset ownership and significant growth optionality. Sayona and Piedmont’s Canadian and US projects comprise one of the largest advanced hard rock lithium resources in North America and are strategically positioned to supply the region’s growing lithium demand. Following the proposed equity raises, the company will be well capitalised to execute on its growth plan...

November 22, 2024 November 22, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Cloudberry Clean Energy - Transformative FY23 with revenue rocketing

Cloudberry (Buy, TP: NOK13.00) - Backlog progressing as planned

Cloudberry (Hold, TP: NOK13.00) - Near-term headwinds

Cloudberry (Hold, TP: NOK12.00) - Trading in line with market multiples

Games Workshop Group - A notable acceleration in Q225

Altron - Further margin expansion in H125

Sayona Mining - Catching up with majors

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe