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Original-Research: Cloudberry Clean Energy ASA - von NuWays AG
Einstufung von NuWays AG zu Cloudberry Clean Energy ASA
Unternehmen: Cloudberry Clean Energy ASA
ISIN: NO0010876642
Anlass der Studie: Update
Empfehlung: BUY
seit: 20.02.2024
Kursziel: 19.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Simon Jouck
Strong year end burdened by one-offs
Topic: Cloudberry released its preliminary Q4'23 figures with the annual
report expected to follow on March 20th. The operationally strong Q4
results were burdened by a NOK 57m one-off effect related to a complete
write down of its 100 MW shallow water wind project Steenkalles in
cooperation with Hafslund as this project will not be further developed.
Another NOK 18 m expense (non cash) is related to the Odal wind farm,
impacted by the resource rent tax in Norway.
Indeed, the resource rent tax became effective as of January 1st and set at
25% instead of the previously discussed 35%. Positively, the tax design is
investment neutral for new wind projects, i.e. they will not be burdened.
We therefore expect Cloudberry to start looking for new wind developments
opportunities across Norway again.
Q4 sales grew 70% yoy to NOK 119m well above our estimates (eNuW: NOK 80m).
The jump is explained by higher production volume, up 65% yoy to 157 GWh,
mainly driven by the acquisition of the Odin Portfolio and an high average
selling price of NOK 760/MWh vs. NOK 650/MWh (eNuW).
Q4 EBITDA came in at NOK -41m (eNuW: NOK 85m) due to a negative
contribution of NOK 86m from associated companies under which Cloudberry
reports the net income/loss from its participations in associated
companies. The drivers for the negative result are the beforementioned one
offs related to the Steenkalles project and Odal.
Furthermore, the Sundby windfarm in Sweden was successfully erected ahead
of time and below the estimated costs of c. NOK 565m (eNuW) and should
contribute as of the beginning of the new year and is now reflected in our
estimates. Under standard weather assumptions Sundby is seen to produce 89
GWh per annum yielding in annual revenues of c. NOK 56m by assuming an avg.
power price of c. NOK 640/MWh. Additionally, the two projects under
construction are progressing according to plan and cost. The 19 MW
Munkhyttan wind farm should be erected by the end of the year 2024 and the
8 MW hydro power plant Ovre Kvemma is built and is expected to be connected
to the grid in the following weeks.
Cloudberry delivered again on point and time showing its operational
excellence. Remains a BUY with new of PT of NOK 19 (old: NOK 20), based on
SOTP, reflecting the impact of the 25% resource rent tax.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28933.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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