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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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