Cambi (Buy, TP: NOK14.00) - Delays to its growth story
Cambi provided disappointing 2022e guidance in our view, with revenues 12% below our estimate. The company highlighted that there are no underlying changes to its pipeline, but that it sees a risk of delays in contract awards. Thus, we have cut our 2022e and 2023e revenues by 12% and 16% and our target price to NOK14 (17). We reiterate our BUY.
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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