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Cloudberry Clean Energy ASA (CLOUD) Fair Value & Analysis

Utilities · NO · Market cap 4.3B NOK

CC Cloudberry Clean Energy ASA CLOUD · OL
Pricekr 13.10
Fair Valuekr 6.55
Upside-50.0%
Quality32/100
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Expensive Growth
Highly profitable · 29.9% net margin
Moderate debt · negative free cash flow
Mixed vs. peers (5/12)
Moderate moat 55/100
Evidence: Medium Range kr 5.19 – kr 6.55 Share as image

Fair value as of: Jul 17, 2026

From 14 valuation models · updated 24 days ago

Share price +3.6% over the past month.

Below-average quality, and screening another 50% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (kr 6.55). The favourable scenario is already priced in.
  • Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

kr 19.66 kr 8.73 Fair Value kr 6.55 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range kr 8.73 – kr 19.66 · fair‑value band kr 5.19 – kr 6.55 · the kr 13.10 price screens above the kr 6.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Cloudberry Clean Energy ASA (CLOUD) currently trades at kr 13.10, while our model-based Fair Value estimate is kr 6.55, implying the stock looks roughly 50.0% overvalued today. The Quality Score stands at 32/100 (below-average quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Cloudberry Clean Energy ASA generated revenue of 584M NOK at a net margin of 30.1%. Revenue grew 70.2% year over year. It earns a return on equity of 3.8%. Net debt stands at 2.4B NOK. Fundamentals as of Jul 17, 2026

Our scenario range runs from kr 5.19 (bear case) to kr 6.55 (bull case); at kr 13.10, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 6% below its 52-week high and 18% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -30% fair-value upside, at -50%, CLOUD screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income kr 9.58 kr 8.84 kr 6.50 76
Gordon GGM kr 0.1800 kr 0.3600 kr 0.5500 70
Growth-Adj P/E kr 6.10 kr 8.72 kr 11.34 68
All 14 models by family
DCF Models
Owner Earnings kr 3.29 31
Earnings-Based
Graham-Dodd kr 1.36 kr 9.45 kr 13.27 54
Lynch FV kr 4.88 kr 6.98 kr 9.07 50
PEG = 1.0 kr 4.88 kr 6.98 kr 9.07 46
Dividend Discount
Gordon GGM kr 0.1800 kr 0.3600 kr 0.5500 70
DDM Multi-Stage kr 0.1800 kr 0.3200 kr 0.3800 61
Multiples
P/E Multiple kr 2.69 kr 3.59 kr 4.49 63
P/S Multiple kr 2.54 kr 3.39 kr 4.24 58
P/B Multiple kr 2.54 kr 3.39 kr 4.24 55
EV/EBIT kr 0.2500 53
EV/EBITDA kr 0.4800 kr 2.92 kr 5.36 54
Asset-Based
NCAV (Graham) kr 7.07 kr 9.47 kr 14.13 50
Economic Profit
Residual Income kr 9.58 kr 8.84 kr 6.50 76
Growth Earnings
Growth-Adj P/E kr 6.10 kr 8.72 kr 11.34 68

Widest divergence: Asset-Based (kr 9.47) versus Dividend Discount (kr 0.3200). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 588M NOK
Revenue growth (YoY) +67.5%
Net margin 29.9%
Return on equity 3.8%
Free cash flow −7.0M NOK FY2025
P/E ratio 23.2
More key figures
Operating margin 20.9%
EPS (TTM) kr 0.5500
EPS growth (YoY) -62.5%
Net debt 2.4B NOK FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 32/100

Of which business quality 33 · Market factors (momentum, volatility) 58

Profitability 22
Margins and returns on capital today
Quality Growth 59
Are margins and returns improving?
Cashflow 53
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 19
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 53
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Cloudberry Clean Energy ASA operates as a renewable energy company in Norway, Denmark, Switzerland, and Sweden. It operates through Projects, Commercial, and Asset Management segments.

Full company description

Cloudberry Clean Energy ASA operates as a renewable energy company in Norway, Denmark, Switzerland, and Sweden. It operates through Projects, Commercial, and Asset Management segments. The company engages in the development, production, and operation of renewable assets, such as hydro, wind, solar, and storage, as well as solar power and energy storage projects. Cloudberry Clean Energy ASA was founded in 2017 and is based in Oslo, Norway.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Cloudberry Clean Energy ASA reported revenue of kr 512M in FY2025 versus kr 35.2M in FY2021, a compound +95.4%/yr. Reported net income was kr 67.0M in FY2025.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
512M NOK
Latest YoY
+34.0%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+35.0%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+169.0%
Avg. growth/yr (7Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+203.8%
Revenue +95.4%/yr
FY21 kr 35.2M
FY22 kr 208M
FY23 kr 333M
FY24 kr 382M
FY25 kr 512M
Net income
FY21 −kr 63.0M
FY22 kr 118M
FY23 kr 272M
FY24 kr 96.0M
FY25 kr 67.0M

CLOUD screens 50% overvalued. Compare with China Yangtze Power Co →

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Cite: Fair Value Calculator (2026). "Cloudberry Clean Energy ASA Fair Value". https://www.fairvalue-calculator.com/stock/CLOUD

Peer Group

Utilities - Renewable · 220 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 32 · Bottom 25%
Fair Value upside −50% · Below median
Return on equity (TTM) 4% · Above median
Return on assets 0% · Below median
Net margin (TTM) 30% · Top 25%
Operating margin (TTM) 21% · Above median
Revenue growth 68% · Top 25%
Debt / equity 0.67× · Higher than median

Valuation Multiples vs Utilities - Renewable median · lower = cheaper

P/E (TTM) 23.2× · Pricier than median
P/B 0.90× · Cheaper than median
P/S (TTM) 7.31× · Pricier than 75% of peers
EV/EBITDA 32.6× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 12
FUTURE 100 · sector 0
PAST 15 · sector 12
HEALTH 66 · sector 68
DIVIDEND 0 · sector 48

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Utilities - Renewable stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
China Yangtze Power Co 600900 ¥27.99 ¥25.13 -10%
Ørsted A/S ORSTED kr 149.70 kr 31.40 -79%
Huaneng Lancang River Hydropower Inc 600025 ¥9.81 ¥5.57 -43%
Adani Green Energy Limited ADANIGREEN ₹1,537 ₹170.50 -89%
AXIA Energia SA AXIAP $10.74 $9.65 -10%
VERBUND AG OEWA €58.65 €66.19 +13%
BEP BEP $32.33 $73.35 +127%
BEPUN BEPUN C$44.56 C$10.15 -77%
Fortum Oyj FORTUM €19.89 €13.90 -30%
China Longyuan Power Group 001289 ¥16.21 ¥8.23 -49%

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Frequently asked questions

Is Cloudberry Clean Energy ASA (CLOUD) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of kr 6.55 versus a price of kr 13.10, about −50% (overvalued).
What is the fair value of CLOUD?
Our model-based fair value for Cloudberry Clean Energy ASA is kr 6.55 (as of Jul 17, 2026), built from audited fundamentals. The current price is kr 13.10.
What is the quality score of CLOUD?
Cloudberry Clean Energy ASA has a Quality Score of 32/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Cloudberry Clean Energy ASA (CLOUD)?
Cloudberry Clean Energy ASA reported trailing-twelve-month revenue of about 584M NOK (latest available figure, as of Jul 17, 2026).
What is the net profit margin of CLOUD?
The net profit margin of Cloudberry Clean Energy ASA is about 30.1%, meaning it keeps roughly 30.1% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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