Cambi (Buy, TP: NOK20.00) - Activity shift not priced in
After a couple of years with soft order intake, Cambi has seen a dramatic shift, with more than NOK1.2bn of announced orders YTD. Following the recent strong order intake and a change of analyst, we have raised our 2023–2025e EBITDA by 69–77%. We reiterate our BUY and have increased our target price to NOK20 (12) on higher estimates, corresponding to a blended average 2023–2024e EV/EBITDA of 12x. In our view, the stock does not reflect the significant uptick in activity, trading at attractive 2023–2024e EV/EBITDAs of 8–7x, well below its waste management and recycling peer group at ~12x.
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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