Cambi (Buy, TP: NOK19.00) - Optimistic on order outlook
Q3 EBITDA of NOK68m was NOK7m above our estimate on higher conversion of backlog. We believe the company looks well positioned for new orders on the strong market growth, most notably in the UK, with a new five-year water infrastructure investment cycle due to commence in 2025, where the budget is up 73% from the previous cycle. We reiterate our BUY and NOK19 target price, and find the stock attractively valued on 2024–2026e EV/EBITDAs of 9.3–8.5x.
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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