Cambi (Buy, TP: NOK17.00) - Slower growth than expected
Cambi reported Q3 EBITDA of NOK16m, below our estimate of NOK20m, due to lower gross profit in Cambi Invest and higher other operating expenses in Cambi Group. The company reduced its 2021 guidance, and provided disappointing 2022 guidance, with revenues 12% below our estimate. With lower growth than we expected, we consider the report disappointing and consider a negative share price reaction as warranted.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.