Original-Research: Cloudberry Clean Energy ASA (von NuWays AG): BUY
Source: EQS
Classification of
Strong Q2 marked by value accretive capital recycling; chg. Q2 sales increased by 12% yoy to Q2 EBITDA came in at Value accretive capital recycling. At the end of June, Cloudberry sold three additional non-core hydro assets to Cadre AS with a combined annual production capacity of 36 GWh. The achieved valuation exceeded 2.3x the book value ( The price of the 15.99% stake stood at roughly 1.1x the Q1 2024 book value of Cloudberry’ Forte shares. Most importantly, this underpins the hidden reserves of the balance sheet and the company’s ability to recycle cash in a value accretive way. Portfolio build-out remains on track. The Sundby windfarm (32 MW) is currently undergoing test production and final construction is likely to be completed by the end of Q3. Further, Munk (19 MW wind) is developing ahead of the initial timeline and is seen to begin commercial production also by the end of Q3. On top, Cloudberry should be able to make a final investment decision regarding its 140 MW PV farm Nees as early as this year. With its 219 MW mature development backlog, Cloudberry looks set to grow its production portfolio to almost 500 MW until mid/end of 2026e. Despite the recent ~ 40% share price increase, the company still looks attractively valued. We confirm our BUY rating with an unchanged You can download the research here: http://www.more-ir.de/d/30587.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 ++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
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1972747 22.08.2024 CET/CEST