Original-Research

Cloudberry Clean Energy ASA (von NuWays AG): Kaufen

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Original-Research: Cloudberry Clean Energy ASA - from NuWays AG

Classification of NuWays AG to Cloudberry Clean Energy ASA

Company Name: Cloudberry Clean Energy ASA
ISIN: NO0010876642

Reason for the research: Update
Recommendation: Kaufen
from: 22.05.2024
Target price: NOK 19.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr

Strong Q1 // Odal shortfall covered by warranties

Topic: Cloudberry reported strong Q1 figures despite production shortfalls at the Odal wind farm (covered by warranties). A final investment decision for its transformative 175MW PV park in Denmark is expected until the end of the year.

Q1 consolidated revenues grew by 89% yoy to NOK 129m, largely in line with our estimates thanks to the strongly increased production volumes of 173GWh (+93% yoy). This should, above all, be carried by the Danish wind portfolio Odin (106MW net to Cloudberry), which was bought at the beginning of June 2023. While the average power price decreased yoy from NOK 118/MWh to NOK 73/MW/h it is largely in line with Q4 price levels of NOK 76/MWh.
Q1 consolidated EBTDA jumped by 190% yoy to NOK 58m. This was despite a significant shortfall from the Odal wind farm (reported as income/loss from associated companies) due to severe operational issues (EBITDA decreased from NOK 29m to only NOK 7m).

To recap, Odal wind farm uses blades from Siemens Gamesa, which announced severe issues with multiple series. Hence, only 50-60% of the Odal turbines were operational in Q1. The related production shortfall is to be covered by warranties. The claim at the end of Q1 (so far not booked) amounted to EUR 14-17m. With additional stand stills following a blade braking off in Q2, claims should further increase.

The Subby windfarm in Sweden was successfully erected ahead of time and has begun generating electricity. Under standard weather assumptions Sundby is seen to produce 89 GWh per annum yielding annual revenues of c. NOK 56m by assuming an avg. power price of c. NOK 640/MWh.

Pipeline remains strong. 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. Due to the recent significant price deflation of solar panels, Cloudberry is speeding up development of the planned 175MW PV plant in Denmark. The final investment decision is expected still this year. The total backlog stands at 911 MW.

Cloudberry remains a BUY with an unchanged NOK 19 PT based on SOTP - change of analyst -

You can download the research here:
http://www.more-ir.de/d/29847.pdf
For additional information visit our website
www.nuways-ag.com/research.

Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: [e-mail]
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. ++++++++++

transmitted by EQS Group AG.

The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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Die Cloudberry Clean Energy Aktie wird zum Zeitpunkt der Veröffentlichung der Nachricht mit einem Plus von +3,23 % und einem Kurs von 0,798EUR auf Tradegate (21. Mai 2024, 22:26 Uhr) gehandelt.

Rating: Kaufen
Analyst: