Cambi (Buy, TP: NOK12.00) - Tailwinds continue
The Q1 results were strong, with higher EBITDA than in all full years since at least 2015, significantly de-risking our estimates on strong revenue growth from 2022. With a backlog of NOK1.1bn and an outlook for continued solid order intake, we believe the stock should attract more attention. We have upgraded to BUY (HOLD) and raised our target price to NOK12 (9) on the encouraging Q1.
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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