Summary Northland’s weak 2023 results and conservative 2024 guidance are not likely to undermine current valuations as a significant part of the company’s long-term Free Cash Flow depends on future contributions from the three major projects under construction and its massive post-2027 development pipeline. Financial closure achieved for these three projects in 2023 adds to the confidence that despite the tight coverage ratios the dividends will remain intact until commercial operation is achieved (expected in 2025-2027). Northland is set to significantly boost its long-term Adjusted EBITDA by 2027 by adding Oneida, Baltic Power, and Hai Long to its portfolio. The projects have 20-to-30-year revenue contracts. The company has proven its capabilities to successfully build large-size offshore wind projects. In the short term additional gains could be achieved from selling interest in other development projects that Northland is actively pursuing. Changes in the macroeconomic envi...