Cambi (Buy, TP: NOK19.00) - Limited effect from CEO transition
Cambi reported solid Q2 results on high project execution, but we have lowered our 2024e EBITDA by 4% based on reported backlog distribution. However, the main headline is that the CEO is stepping down with immediate effect, with founder and majority owner Per Lillebø acting as interim CEO. Given his deep knowledge about the company, we do not see any material effects on operations from the CEO transition. We reiterate our BUY, but have cut our target price to NOK19 (20) on slightly lower estimates.
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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