Cambi (Buy, TP: NOK17.00) - 2022 visibility in sight
We forecast EBITDA of NOK20m, and expect Cambi to issue 2022 guidance with its Q3 report, due at 07:00 CET on 30 November. We believe this could provide some comfort to investors, and de-risk our estimates (we expect 2022 revenues of NOK578m). We reiterate our BUY, but have cut our target price to NOK17 (20) in light of higher cost estimates and falling peer-group multiples.
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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