Cloudberry Clean Energy ASA (CLOUD.OL) | Investment Case

1. Company Snapshot

1.a. Company Description

Cloudberry Clean Energy ASA operates as a renewable energy company.The company owns, develops, and operates hydropower plants and wind farms in Norway and Sweden.Cloudberry Clean Energy ASA was incorporated in 2017 and is headquartered in Oslo, Norway.

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1.b. Last Insights on CLOUD

Cloudberry Clean Energy ASA faced headwinds over the past three months, largely due to the broader European market downturn. Political turmoil in France and trade tensions led to declines in major indices such as Germany's DAX and France's CAC 40. These challenges, coupled with concerns over U.S. Federal Reserve independence and renewed tariff uncertainties, likely impacted investor sentiment. With European stocks, including Cloudberry Clean Energy ASA, trading significantly below their intrinsic value, the current market conditions may be affecting the company's valuation.

1.c. Company Highlights

Last Price	12.56
Change Percentage	-1.10%
Open	12.46
Previous Close	12.7
Market Cap ( Millions)	3992
Volume	114055
Year High	13.94
Year Low	10.2
M A 50	12.93
M A 200	12.55

FCF Yield	-1.78%
Dividend Yield	0.00%
ROE	-1.59%
Debt / Equity	46.03%
Net Debt / EBIDTA	567.09%
Price To Book	0.93
Price Earnings Ratio	-61.89
Price To FCF	-56.22
Price To sales	10.39
EV / EBITDA	22.51

2. Transcript Summary

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3. NewsRoom

Cloudberry Clean Energy (OB:CLOUD): One-Off Gain Drives Profitability, Raising Questions on Earnings Quality

Nov -06

Source:

Cloudberry Clean Energy ASA (STU:52K) Q3 2025 Earnings Call Highlights: Revenue Surge and ...

Nov -04

Source:

European Stocks Trading At An Estimated 22.5% To 47.9% Below Intrinsic Value

Oct -13

Source:

European Stocks Estimated Below Fair Value In September 2025

Sep -03

Source:

3 Stocks That May Be Undervalued By Up To 40.3% For Savvy Investors

Jan -10

Source:

3 Stocks Including Cloudberry Clean Energy Estimated To Be Below Intrinsic Value

Dec -12

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.61%)

6. Segments

Production

Expected Growth: 12%

Cloudberry Clean Energy ASA's 12% growth is driven by increasing demand for renewable energy, government incentives for clean power, and declining production costs. The company's diversified portfolio of hydro, wind, and solar power assets also contributes to its growth, as well as its strategic expansion into new markets and regions.

Elimination of Equity Accounted Entities

Expected Growth: 10%

Cloudberry Clean Energy ASA's 10% growth driven by elimination of equity accounted entities, enhancing financial transparency and comparability. Key drivers include improved operational efficiency, reduced complexity, and increased investor confidence. This strategic move enables the company to focus on core operations, optimize resource allocation, and accelerate growth initiatives, ultimately driving shareholder value.

Residual Ownership Consolidated Entities

Expected Growth: 11%

Cloudberry Clean Energy ASA's 11% growth in Residual Ownership Consolidated Entities is driven by increasing demand for renewable energy, strategic acquisitions, and effective operational management. The company's focus on Nordic markets, diversified portfolio, and strong partnerships also contribute to its growth. Additionally, favorable regulatory environments and declining technology costs support the expansion of its clean energy assets.

Operations

Expected Growth: 13%

Cloudberry Clean Energy ASA's 13% growth is driven by increasing demand for renewable energy, strategic acquisitions, and expansion into new markets. The company's focus on hydroelectric power and wind energy benefits from government incentives and tax credits. Additionally, Cloudberry's efficient operations and cost management enable it to capitalize on rising electricity prices, further fueling growth.

Group Eliminations

Expected Growth: 9%

Cloudberry Clean Energy ASA's 9% growth in Group Eliminations is driven by increasing demand for renewable energy, strategic acquisitions, and effective cost management. The company's focus on sustainable energy solutions, coupled with favorable regulatory policies, has led to higher revenue recognition and elimination of intercompany transactions, resulting in significant growth.

Development

Expected Growth: 15%

Cloudberry Clean Energy ASA's 15% growth is driven by increasing demand for renewable energy, government incentives for clean power, and declining costs of wind and hydroelectric power generation. Additionally, the company's strategic acquisitions and expansion into new markets have contributed to its rapid growth.

Corporate Services

Expected Growth: 11%

Cloudberry Clean Energy ASA's 11% growth in Corporate Services is driven by increasing demand for renewable energy solutions, expansion into new markets, and strategic partnerships. Additionally, the company's focus on sustainability and ESG considerations resonates with environmentally conscious clients, leading to increased adoption of its services.

7. Detailed Products

Hydroelectric Power Plants

Cloudberry Clean Energy ASA develops, owns, and operates hydroelectric power plants that generate renewable energy from water resources.

Wind Farms

Cloudberry Clean Energy ASA develops, owns, and operates wind farms that generate renewable energy from wind resources.

Solar Parks

Cloudberry Clean Energy ASA develops, owns, and operates solar parks that generate renewable energy from sunlight.

Energy Storage Solutions

Cloudberry Clean Energy ASA offers energy storage solutions that enable the efficient and reliable integration of renewable energy sources into the grid.

Grid Services

Cloudberry Clean Energy ASA provides grid services that ensure the reliable and efficient transmission and distribution of renewable energy.

8. Cloudberry Clean Energy ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Cloudberry Clean Energy ASA is moderate due to the availability of alternative renewable energy sources.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong market position and limited customer concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the company's dependence on a few key suppliers for critical components.

Threat Of New Entrants

The threat of new entrants is high due to the growing demand for renewable energy and the relatively low barriers to entry in the industry.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the renewable energy industry and the presence of several established players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	28.82%
Debt Cost	3.95%
Equity Weight	71.18%
Equity Cost	9.31%
WACC	7.76%
Leverage	40.50%

11. Quality Control: Cloudberry Clean Energy ASA passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Cloudberry Clean Energy

A-Score: 5.0/10

Value: 5.8

Growth: 9.9

Quality: 2.5

Yield: 0.0

Momentum: 6.5

Volatility: 5.3

1-Year Total Return ->

Ecoener

A-Score: 4.6/10

Value: 4.1

Growth: 5.2

Quality: 3.4

Yield: 1.2

Momentum: 7.0

Volatility: 6.7

1-Year Total Return ->

Solaria Energía y Medio Ambiente

A-Score: 4.5/10

Value: 4.5

Growth: 8.9

Quality: 6.7

Yield: 0.0

Momentum: 5.0

Volatility: 1.7

1-Year Total Return ->

PNE

A-Score: 4.1/10

Value: 4.6

Growth: 2.3

Quality: 3.1

Yield: 0.6

Momentum: 6.5

Volatility: 7.7

1-Year Total Return ->

Enlight Renewable Energy

A-Score: 3.7/10

Value: 2.0

Growth: 3.9

Quality: 4.3

Yield: 0.0

Momentum: 10.0

Volatility: 1.7

1-Year Total Return ->

OX2

A-Score: 2.9/10

Value: 4.6

Growth: 4.2

Quality: 2.8

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

47.38%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.76%

Cloudberry Clean Energy ASA - NO0010876642

1. Company Snapshot

1.a. Company Description

Cloudberry Clean Energy ASA operates as a renewable energy company.The company owns, develops, and operates hydropower plants and wind farms in Norway and Sweden.Cloudberry Clean Energy ASA was incorporated in 2017 and is headquartered in Oslo, Norway.

1.b. Last Insights on CLOUD

1.c. Company Highlights

Lower Yield

Stable Momentum

Average Quality

Earnings Miss

Medium Volatility

Higher Growth

Lower Quality

Earnings Beats

Revenues Miss

Strong Momentum

Expensive

Fairly Valued

Revenues Beats

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.61%)

6. Segments

Production

Expected Growth: 12%

Elimination of Equity Accounted Entities

Expected Growth: 10%

Residual Ownership Consolidated Entities

Expected Growth: 11%

Operations

Expected Growth: 13%

Group Eliminations

Expected Growth: 9%

Development

Expected Growth: 15%

Corporate Services

Expected Growth: 11%

7. Detailed Products

Hydroelectric Power Plants

Wind Farms

Solar Parks

Energy Storage Solutions

Grid Services

8. Cloudberry Clean Energy ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Cloudberry Clean Energy ASA passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

12.56$

Current Price

12.56$

Potential

12.e Scoring ^Insights

12.f DCF ^BETA