Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr12.50, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 17x in the Renewable Energy industry in Europe. Total returns to shareholders of 5.6% over the past three years. Board Change • May 15
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Mads Andersen was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 13
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: kr0.29 (up from kr0.06 loss in 1Q 2025). Revenue: kr194.0m (up 70% from 1Q 2025). Net income: kr92.0m (up kr109.0m from 1Q 2025). Profit margin: 47% (up from net loss in 1Q 2025). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 9.6%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Price Target Changed • Apr 29
Price target increased by 7.7% to kr13.25 Up from kr12.30, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of kr13.18. Stock is up 5.9% over the past year. The company is forecast to post a net loss per share of kr0.24 compared to earnings per share of kr0.22 last year. Major Estimate Revision • Apr 24
Consensus EPS estimates increase by 111% The consensus outlook for fiscal year 2026 has been updated. 2026 consensus EPS increased from kr0.275 to kr0.58. Revenues were reaffirmed at kr735.0m. Net income forecast to shrink 9.7% next year vs 6.8% growth forecast for Renewable Energy industry in Norway . Consensus price target up from kr12.30 to kr12.80. Share price was steady at kr13.00 over the past week. Annonce • Apr 23
Cloudberry Clean Energy ASA Announces Election to Board of Directors Cloudberry Clean Energy ASA has held its Annual General Meeting on April 23, 2026. The Board of Directors were approved Nomination Committee's recommendations. The following were elected as members of the Board of Directors until the Annual General Meeting in 2027: Kjell-Erik Østdahl, chair; Ragnhild Marta Wiborg. New Risk • Mar 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.4% operating cash flow to total debt). Earnings are forecast to decline by an average of 61% per year for the foreseeable future. Minor Risks Profit margins are more than 30% lower than last year (12% net profit margin). Shareholders have been diluted in the past year (16% increase in shares outstanding). Significant insider selling over the past 3 months (kr1.3m sold). Annonce • Mar 20
Cloudberry Clean Energy ASA (OB:CLOUD) acquired 50% stake in 132-megawatt onshore wind farm in Finland from Sampi Renewables Holding As. Cloudberry Clean Energy ASA (OB:CLOUD) signed a share purchase agreement to acquire 50% stake in 132-megawatt onshore wind farm in Finland from Sampi Renewables Holding As for €78.1 million on March 13, 2026. The agreed enterprise value for Cloudberry’s 50% of the wind farm is €75 million on a cash and debt-free basis. The new shares will be issued at the current market price of €1.11 (rounded) per share represented by the 20-day volume-weighted average share price prior to signing of the share purchase agreement. This implies the issuance of 17,980,314 new shares, corresponding to 5.3% of the outstanding shares in Cloudberry following the issuance. The payment for the acquired shares, including the refinancing of existing project debt, will be financed through a combination of new debt, new shares, and cash €45 million in a ring-fenced debt structure from a Nordic bank, €20 million to be settled in new shares in Cloudberry Clean Energy ASA, and €12 million to be settled in cash from Cloudberry’s balance sheet.
The transaction is subject to customary closing conditions. Closing is expected to take place within one month from signing of the share purchase agreement.
Cloudberry Clean Energy ASA (OB:CLOUD) completed the acquisition of 50% stake in 132-megawatt onshore wind farm in Finland from Sampi Renewables Holding As on March 18, 2026. As part of the completion, the board of directors has today resolved to issue 17,980,314 new shares in per share as partial settlement for the Acquisition. Major Estimate Revision • Feb 17
Consensus EPS estimates fall by 34% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from kr0.414 to kr0.275 per share. Revenue forecast steady at kr735.0m. Net income forecast to grow 56% next year vs 17% growth forecast for Renewable Energy industry in Norway. Consensus price target of kr12.87 unchanged from last update. Share price was steady at kr11.86 over the past week. New Risk • Feb 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 97% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.04x net interest cover). Earnings are forecast to decline by an average of 97% per year for the foreseeable future. Minor Risks Profit margins are more than 30% lower than last year (11% net profit margin). Significant insider selling over the past 3 months (kr1.3m sold). Reported Earnings • Feb 11
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: kr0.20 (down from kr0.33 in FY 2024). Revenue: kr571.0m (up 50% from FY 2024). Net income: kr61.0m (down 37% from FY 2024). Profit margin: 11% (down from 25% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Jan 23
Consensus EPS estimates fall by 41% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr536.0m to kr520.0m. EPS estimate also fell from kr0.39 per share to kr0.23 per share. Net income forecast to grow 142% next year vs 5.3% growth forecast for Renewable Energy industry in Norway. Consensus price target broadly unchanged at kr12.80. Share price fell 3.5% to kr12.20 over the past week. Recent Insider Transactions • Dec 26
Founder & CEO recently sold kr1.3m worth of stock On the 23rd of December, Anders Lenborg sold around 100k shares on-market at roughly kr12.92 per share. This transaction amounted to 5.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Anders has been a net seller over the last 12 months, reducing personal holdings by kr1.2m. Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: kr0.28 (vs kr0.06 loss in 3Q 2024) Third quarter 2025 results: EPS: kr0.28 (up from kr0.06 loss in 3Q 2024). Revenue: kr130.0m (up 100% from 3Q 2024). Net income: kr89.0m (up kr108.0m from 3Q 2024). Profit margin: 69% (up from net loss in 3Q 2024). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Recent Insider Transactions Derivative • Sep 10
Founder & CEO exercised options to buy kr7.5m worth of stock. On the 3rd of September, Anders Lenborg exercised options to buy 545k shares at a strike price of around kr12.20, costing a total of kr6.6m. This transaction amounted to 39% of their direct individual holding at the time of the trade. Since March 2025, Anders has owned 1.41m shares directly. Company insiders have collectively bought kr6.8m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Aug 21
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: kr0.05 loss per share (down from kr0.46 profit in 2Q 2024). Revenue: kr106.0m (up 28% from 2Q 2024). Net loss: kr17.0m (down 114% from profit in 2Q 2024). Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) missed analyst estimates by 52%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • May 14
First quarter 2025 earnings released: kr0.06 loss per share (vs kr0.024 profit in 1Q 2024) First quarter 2025 results: kr0.06 loss per share (down from kr0.024 profit in 1Q 2024). Revenue: kr121.0m (up 2.5% from 1Q 2024). Net loss: kr17.0m (down 343% from profit in 1Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Renewable Energy industry in Norway. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 07
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from kr0.275 to kr0.229 per share. Revenue forecast steady at kr511.8m. Net income forecast to shrink 59% next year vs 1.4% decline forecast for Renewable Energy industry in Norway. Consensus price target of kr13.50 unchanged from last update. Share price was steady at kr12.28 over the past week. New Risk • Apr 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 738% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (25% net profit margin). Reported Earnings • Apr 01
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: kr0.33 (down from kr0.93 in FY 2023). Revenue: kr382.0m (up 15% from FY 2023). Net income: kr96.0m (down 65% from FY 2023). Profit margin: 25% (down from 82% in FY 2023). Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Renewable Energy industry in Norway. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Feb 26
Founder & CEO recently bought kr78k worth of stock On the 24th of February, Anders Lenborg bought around 7k shares on-market at roughly kr11.80 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Anders' only on-market trade for the last 12 months. New Risk • Feb 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (25% net profit margin). Reported Earnings • Feb 14
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: kr0.33 (down from kr0.93 in FY 2023). Revenue: kr547.0m (up 64% from FY 2023). Net income: kr95.0m (down 65% from FY 2023). Profit margin: 17% (down from 82% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) missed analyst estimates by 4.0%. Revenue is forecast to grow 1.1% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Renewable Energy industry in Norway. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 10
Third quarter 2024 earnings released: kr0.06 loss per share (vs kr0.12 loss in 3Q 2023) Third quarter 2024 results: kr0.06 loss per share (improved from kr0.12 loss in 3Q 2023). Revenue: kr85.0m (up 13% from 3Q 2023). Net loss: kr19.0m (loss narrowed 46% from 3Q 2023). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Renewable Energy industry in Norway. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Oct 08
Now 21% undervalued Over the last 90 days, the stock has risen 1.9% to kr12.10. The fair value is estimated to be kr15.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 71% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 22
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: kr0.42 (down from kr1.12 in 2Q 2023). Revenue: kr207.0m (down 38% from 2Q 2023). Net income: kr121.0m (down 63% from 2Q 2023). Profit margin: 59% (down from 98% in 2Q 2023). Revenue exceeded analyst estimates by 65%. Earnings per share (EPS) also surpassed analyst estimates by 129%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Renewable Energy industry in Norway. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 14
Consensus EPS estimates upgraded to kr0.15 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -kr0.278 to -kr0.151 per share. Revenue forecast steady at kr462.2m. Renewable Energy industry in Norway expected to see average net income decline 21% next year. Consensus price target up from kr11.80 to kr12.80. Share price rose 4.0% to kr11.98 over the past week. Price Target Changed • Aug 11
Price target increased by 7.0% to kr12.20 Up from kr11.40, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of kr11.90. Stock is up 13% over the past year. The company is forecast to post a net loss per share of kr0.28 compared to earnings per share of kr0.93 last year. Annonce • Apr 19
Cloudberry Clean Energy ASA Announces Board Changes On 16 April 2024 the annual General Meeting of Cloudberry Clean Energy ASA was held and approved Mads Andersen is elected as a new board member for one year. Tove Feld is elected as the chairperson. Following this, the Board of Directors is composed by: Petter W. Borg, board member (elected until 2025), Benedicte H. Fossum, board member (elected until 2025), Henrik Joelsson, board member (elected until 2025), Nicolai Nordstrand, board member (elected until 2025), Alexandra Koefoed, board member (elected until 2025), Mads Andersen, board member (elected until 2025). In accordance with the proposal of the Nomination Committee, the General Meeting adopted the following resolution: Morten Bergesen, chair (elected until 2025), Henrik Lund (elected until 2025) and Joakim Gjersøe (elected until 2026). Reported Earnings • Mar 21
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: kr0.93 (up from kr0.47 in FY 2022). Revenue: kr333.0m (up 60% from FY 2022). Net income: kr272.0m (up 131% from FY 2022). Profit margin: 82% (up from 57% in FY 2022). Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Renewable Energy industry in Norway. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 08
Consensus EPS estimates fall by 44%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr397.0m to kr432.1m. EPS estimate fell from kr0.513 to kr0.286 per share. Net income forecast to shrink 92% next year vs 9.9% decline forecast for Renewable Energy industry in Norway. Consensus price target broadly unchanged at kr12.90. Share price was steady at kr9.92 over the past week. Price Target Changed • Feb 26
Price target decreased by 7.1% to kr13.10 Down from kr14.10, the current price target is an average from 5 analysts. New target price is 45% above last closing price of kr9.02. Stock is down 19% over the past year. The company is forecast to post earnings per share of kr0.51 for next year compared to kr0.94 last year. Recent Insider Transactions • Feb 20
Chief Compliance & Organisation Officer recently bought kr282k worth of stock On the 15th of February, Ingrid Bjørdal bought around 30k shares on-market at roughly kr9.40 per share. This transaction amounted to 38% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr10m more in shares than they have sold in the last 12 months. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: kr0.94 (vs kr0.47 in FY 2022) Full year 2023 results: EPS: kr0.94 (up from kr0.47 in FY 2022). Revenue: kr610.0m (up 192% from FY 2022). Net income: kr275.0m (up 133% from FY 2022). Profit margin: 45% (down from 56% in FY 2022). Revenue is expected to decline by 2.9% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Norway are expected to grow by 21%. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Annonce • Feb 09
Cloudberry Clean Energy ASA Announces Chief Financial Officer Changes, Effective July 1, 2024 Cloudberry Clean Energy ASA has appointed Ole-Kristofer Bragnes as Chief Financial Officer (CFO). Former Chief Value Officer (CFO) Christian Helland will continue in Cloudberry as the Chief Commercial Officer (CCO) with an increased focus on value creation for the group. Helland will as CCO lead Cloudberry's commercial, M&A and new technologies segment. Bragnes currently serves as the Senior Financial Officer in Cloudberry, and he has over seven years of experience with capital markets transactions, debt structuring and other senior management roles including a former position as CFO of Pioneer Property Group ASA. Christian Helland will hold the position until Ole-Kristofer Bragnes enters the CFO position July 1, 2024. Annonce • Feb 08
Cloudberry Clean Energy ASA Appoints Christian Helland as Chief Commercial Officer Cloudberry Clean Energy ASA announced former Chief Value Officer (CFO) Christian Helland will continue in Cloudberry as the Chief Commercial Officer (CCO) with an increased focus on value creation for the group. Helland will as CCO lead Cloudberry's commercial, M&A and new technologies segment. Annonce • Dec 21
Cloudberry Clean Energy ASA (OB:CLOUD) acquired remaining 40% stake in Captiva AS from Captiva Capital Partner AS for NOK 23 million. Cloudberry Clean Energy ASA (OB:CLOUD) acquired remaining 40% stake in Captiva AS from Captiva Capital Partner AS for NOK 23 million on December 20, 2023.Cloudberry Clean Energy ASA (OB:CLOUD) completed the acquisition of remaining 40% stake in Captiva AS from Captiva Capital Partner AS on December 20, 2023. Major Estimate Revision • Nov 21
Consensus revenue estimates decrease by 14%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from kr540.5m to kr463.0m. EPS estimate increased from kr1.35 to kr1.45 per share. Net income forecast to shrink 30% next year vs 22% growth forecast for Renewable Energy industry in Norway . Consensus price target of kr14.10 unchanged from last update. Share price was steady at kr9.93 over the past week. Annonce • Nov 09
Cloudberry Clean Energy ASA (OB:CLOUD) commences an Equity Buyback Plan for 7,000,000 shares, representing 2.4% of its issued share capital, under the authorization approved on September 28, 2023. Cloudberry Clean Energy ASA (OB:CLOUD) commences share repurchases on October 31, 2023, under the program mandated by the Annual General Meeting held on September 28, 2023. As per the mandate, the company is authorized to repurchase up to 7,000,000 shares, representing 2.4% of its issued share capital. The purchase price shall be minimum NOK 0.25 and maximum NOK 14.60 per share. The program is valid till June 30, 2024. As of September 28, 2023, the company had 291,370,104 shares issued and outstanding.
On October 30, 2023, the company announced a share repurchase program. Under the program, the company will repurchase 3,000,000 shares, with an aggregate maximum amount of NOK 43.8 million. The shares will be repurchased with a maximum price of NOK 14.60 per share. The purpose of the program is to reduce the capital of the Company. The program is expected to commence around November 1, 2023 and will be completed on December 31, 2023, at the latest. Reported Earnings • Nov 02
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: kr0.12 loss per share (down from kr0.23 profit in 3Q 2022). Revenue: kr75.0m (up 36% from 3Q 2022). Net loss: kr35.0m (down 161% from profit in 3Q 2022). Revenue missed analyst estimates by 9.5%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Renewable Energy industry in Norway. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Sep 07
Consensus EPS estimates increase by 22% The consensus outlook for fiscal year 2023 has been updated. 2023 consensus EPS increased from kr1.22 to kr1.49. Revenues were reaffirmed at kr554.1m. Net income forecast to shrink 30% next year vs 13% growth forecast for Renewable Energy industry in Norway . Consensus price target of kr13.88 unchanged from last update. Share price was steady at kr9.89 over the past week. Major Estimate Revision • Aug 22
Consensus revenue estimates increase by 39% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from kr399.3m to kr554.1m. EPS estimate increased from kr0.666 to kr1.22 per share. Net income forecast to shrink 35% next year vs 15% growth forecast for Renewable Energy industry in Norway . Consensus price target down from kr14.33 to kr13.50. Share price fell 6.8% to kr9.82 over the past week. New Risk • Aug 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 23% per year for the foreseeable future. High level of non-cash earnings (21% accrual ratio). Minor Risk Shareholders have been diluted in the past year (22% increase in shares outstanding). Price Target Changed • Aug 18
Price target decreased by 8.8% to kr13.83 Down from kr15.17, the current price target is an average from 3 analysts. New target price is 34% above last closing price of kr10.30. Stock is down 43% over the past year. The company is forecast to post earnings per share of kr2.14 for next year compared to kr0.47 last year. New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 22% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (22% increase in shares outstanding). Reported Earnings • Aug 16
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: kr1.12 (up from kr0.097 in 2Q 2022). Revenue: kr335.0m (up 488% from 2Q 2022). Net income: kr326.0m (up kr299.0m from 2Q 2022). Profit margin: 97% (up from 47% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates significantly. Earnings per share (EPS) also surpassed analyst estimates by 64%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Renewable Energy industry in Norway. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Annonce • Jul 01
Norsk Vannkraft As acquired 4.5-MW Hydro Plant in Norway, Selselva Kraft AS and Nessakraft AS from Cloudberry Clean Energy ASA (OB:CLOUD) for NOK 703 million. Norsk Vannkraft As entered into a share sale and purchase agreement to acquire 4.5-MW Hydro Plant in Norway, Selselva Kraft AS and Nessakraft AS from Cloudberry Clean Energy ASA (OB:CLOUD) for NOK 703 million on June 16, 2023. The transaction is expected to close 30 June 2023 and is not subject to any conditions. Advokatfirma DLA Piper Norway DA has acted as legal counsel for Cloudberry. The transaction is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Norsk Vannkraft As completed the acquisition of 4.5-MW Hydro Plant in Norway, Selselva Kraft AS and Nessakraft AS from Cloudberry Clean Energy ASA (OB:CLOUD) for NOK 703 million on June 30, 2023. Annonce • Jun 17
Norsk Vannkraft As entered into a share sale and purchase agreement to acquire 4.5-MW Hydro Plant in Norway, Selselva Kraft AS and Nessakraft AS from Cloudberry Clean Energy ASA (OB:CLOUD) for NOK 703 million. Norsk Vannkraft As entered into a share sale and purchase agreement to acquire 4.5-MW Hydro Plant in Norway, Selselva Kraft AS and Nessakraft AS from Cloudberry Clean Energy ASA (OB:CLOUD) for NOK 703 million on June 16, 2023. The transaction is expected to close 30 June 2023 and is not subject to any conditions. Advokatfirma DLA Piper Norway DA has acted as legal counsel for Cloudberry. Annonce • Jun 01
Cloudberry Clean Energy ASA (OB:CLOUD) completed the acquisition of 80% stake in Odin Energy P/S from Skovgaard Energy A/S for DKK 1 265 million. Cloudberry Clean Energy ASA (OB:CLOUD) signed a sale and purchase agreement to acquire 80% stake in Odin Energy P/S from Skovgaard Energy A/S on February 10, 2023. Skovgaard will keep a 20% ownership The agreed enterprise value for 80% of Odin Energy is DKK 1,488 million. The final purchase price will be reduced with the cash flow generation between January 1, 2023 to Closing of the deal. As part of the transaction and included in the enterprise value, Odin will also purchase the land associated with the Danish turbines and certain rights to new wind and solar projects through a development agreement with Skovgaard. The transaction will be divided into two tranches, where Tranche 1 includes all entities which are wholly owned and partially owned entities without pre-emptive rights, Tranche 2 covers entities which are partially owned with pre-emptive rights. The acquisition of the portfolio will be fully financed by existing cash and the existing bank facility available to Cloudberry by Nordic banks. The transaction is inter alia subject to approval from Danish authorities. The transaction is expected to close in later in the second quarter of 2023. Cloudberry Clean Energy ASA (OB:CLOUD) completed the acquisition of 80% stake in Odin Energy P/S from Skovgaard Energy A/S for DKK 1 265 million on May 31, 2023. Price Target Changed • May 31
Price target decreased by 17% to kr16.00 Down from kr19.33, the current price target is an average from 2 analysts. New target price is 31% above last closing price of kr12.20. Stock is down 30% over the past year. The company is forecast to post earnings per share of kr0.71 for next year compared to kr0.47 last year. Major Estimate Revision • May 19
Consensus revenue estimates increase by 15% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from kr385.8m to kr443.3m. EPS estimate increased from kr0.418 to kr0.468 per share. Net income forecast to shrink 37% next year vs 17% growth forecast for Renewable Energy industry in Norway . Consensus price target of kr18.67 unchanged from last update. Share price rose 3.2% to kr11.48 over the past week. Recent Insider Transactions • May 15
Chief Technology Officer recently bought kr228k worth of stock On the 11th of May, Stig Østebrøt bought around 20k shares on-market at roughly kr11.40 per share. This transaction amounted to 80% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr231k. Insiders have collectively bought kr1.3m more in shares than they have sold in the last 12 months. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: kr0.39 (vs kr0.02 loss in 1Q 2022) First quarter 2023 results: EPS: kr0.39 (up from kr0.02 loss in 1Q 2022). Revenue: kr68.0m (up 127% from 1Q 2022). Net income: kr113.0m (up kr117.0m from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • May 09
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Chairperson Tove Feld was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 28
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: kr0.47 (up from kr0.40 loss in FY 2021). Revenue: kr209.0m (up 410% from FY 2021). Net income: kr118.0m (up kr181.0m from FY 2021). Profit margin: 56% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) exceeded analyst estimates by 42%. Reported Earnings • Feb 17
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: kr0.48 (up from kr0.40 loss in FY 2021). Revenue: kr217.0m (up kr180.9m from FY 2021). Net income: kr121.0m (up kr184.0m from FY 2021). Profit margin: 56% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) exceeded analyst estimates by 42%. Recent Insider Transactions • Feb 16
Board Member recently bought kr494k worth of stock On the 14th of February, Henrik Joelsson bought around 40k shares on-market at roughly kr12.34 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Annonce • Feb 11
Cloudberry Clean Energy ASA (OB:CLOUD) signed a sale and purchase agreement to acquire 80% stake in Odin Energy P/S from Skovgaard Energy A/S. Cloudberry Clean Energy ASA (OB:CLOUD) signed a sale and purchase agreement to acquire 80% stake in Odin Energy P/S from Skovgaard Energy A/S on February 10, 2023. Skovgaard will keep a 20% ownership The agreed enterprise value for 80% of Odin Energy is DKK 1,488 million. The final purchase price will be reduced with the cash flow generation between January 1, 2023 to Closing of the deal. As part of the transaction and included in the enterprise value, Odin will also purchase the land associated with the Danish turbines and certain rights to new wind and solar projects through a development agreement with Skovgaard. The transaction will be divided into two tranches, where Tranche 1 includes all entities which are wholly owned and partially owned entities without pre-emptive rights, Tranche 2 covers entities which are partially owned with pre-emptive rights. The acquisition of the portfolio will be fully financed by existing cash and the existing bank facility available to Cloudberry by Nordic banks. The transaction is inter alia subject to approval from Danish authorities. The transaction is expected to close in later in the second quarter of 2023. Price Target Changed • Nov 16
Price target decreased to kr19.33 Down from kr23.67, the current price target is an average from 3 analysts. New target price is 39% above last closing price of kr13.86. Stock is down 16% over the past year. The company is forecast to post earnings per share of kr0.32 next year compared to a net loss per share of kr0.40 last year. Board Change • Nov 16
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 7 non-independent directors. Board Member Henrik Joelsson was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: kr0.23 (vs kr0.06 loss in 3Q 2021) Third quarter 2022 results: EPS: kr0.23 (up from kr0.06 loss in 3Q 2021). Revenue: kr55.0m (up kr48.3m from 3Q 2021). Net income: kr57.0m (up kr68.1m from 3Q 2021). Revenue is forecast to grow 42% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Renewable Energy industry in Europe. Price Target Changed • Oct 22
Price target decreased to kr21.00 Down from kr23.67, the current price target is an average from 3 analysts. New target price is 68% above last closing price of kr12.50. Stock is down 30% over the past year. The company is forecast to post earnings per share of kr0.17 next year compared to a net loss per share of kr0.40 last year. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: kr0.11 (vs kr0.15 loss in 2Q 2021) Second quarter 2022 results: EPS: kr0.11 (up from kr0.15 loss in 2Q 2021). Revenue: kr58.0m (up kr50.0m from 2Q 2021). Net income: kr27.0m (up kr45.0m from 2Q 2021). Profit margin: 47% (up from net loss in 2Q 2021). Over the next year, revenue is forecast to grow 105%, compared to a 2,501% growth forecast for the Renewable Energy industry in Norway. Price Target Changed • Jun 14
Price target increased to kr23.00 Up from kr21.33, the current price target is an average from 3 analysts. New target price is 39% above last closing price of kr16.52. Stock is up 12% over the past year. The company is forecast to post earnings per share of kr0.08 next year compared to a net loss per share of kr0.40 last year.