Original-Research: Cloudberry Clean Energy ASA (Von Nuways AG)

(MENAFN- EQS Group) Original-Research: Cloudberry Clean energy ASA - from NuWays AGClassification of NuWays AG to Cloudberry Clean Energy ASACompany Name: Cloudberry Clean Energy ASAISIN: NO0010876642Reason for the research: UpdateRecommendation: Kaufenfrom: 22.05.2024Target price: NOK 19.00Target price on sight of: 12 MonatenLast rating change: Analyst: Christian SandherrStrong Q1 // Odal shortfall covered by warranties Topic: Cloudberry reported strong Q1 figures despite production shortfallsat the Odal wind Farm (covered by warranties). A final investment decisionfor its transformative 175MW PV park in Denmark is expected until the endof the year. Q1 consolidated revenues grew by 89% yoy to NOK 129m, largely in line withour estimates thanks to the strongly increased production volumes of 173GWh(+93% yoy). This should, above all, be carried by the Danish wind portfolioOdin (106MW net to Cloudberry), which was bought at the beginning of June2023. While the average power price decreased yoy from NOK 118/MWh to NOK73/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 asignificant shortfall from the Odal wind farm (reported as income/loss fromassociated companies) due to severe operational issues (EBITDA decreasedfrom NOK 29m to only NOK 7m). To recap, Odal wind farm uses blades from Siemens Gamesa, which announcedsevere issues with multiple series. Hence, only 50-60% of the Odal turbineswere operational in Q1. The related production shortfall is to be coveredby warranties. The claim at the end of Q1 (so far not booked) amounted to €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 hasbegun generating electricity. Under standard weather assumptions Sundby isseen to produce 89 GWh per annum yielding annual revenues of c. NOK 56m byassuming an avg. power price of c. NOK 640/MWh. Pipeline remains strong. The two projects under construction areprogressing according to plan and cost. The 19 MW Munkhyttan wind farmshould be erected by the end of the year 2024 and the 8 MW hydro powerplant Ovre Kvemma is built and is expected to be connected to the grid inthe following weeks. Due to the recent significant price deflation of solarpanels, Cloudberry is speeding up development of the planned 175MW PV plantin Denmark. The final investment decision is expected still this year. Thetotal backlog stands at 911 MW. Cloudberry remains a BUY with an unchanged NOK 19 PT based on SOTP - changeof analyst -You can download the research here:For additional information visit our websiteContact for questionsNuWays AG - Equity ResearchWeb: Email: ...LinkedIn: Adresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte 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 result of this research does not constitute investment adviceor an invitation to conclude certain stock exchange transactions.

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