Cambi (Buy, TP: NOK12.00) - Short-term headwinds continue
Q4 revenues were 12% below our estimate, meaning full-year revenues and the EBITDA margin fell just short of the guidance. We have cut our 2022e revenues by 11%, mainly as the Ukraine project has been put on hold. However, we believe focus is on whether Cambi can deliver on its high tender activity, building backlog and de-risking our investment case. We reiterate our BUY, but have cut our target price to NOK12 (14).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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