Cambi (Buy, TP: NOK20.00) - Activity uptick seen in Q2e
We expect increased activity for the rest of the year and forecast Q2 EBITDA of NOK65m. We find the stock attractively valued, trading at a 2024–2025e EV/EBITDA of ~8x, well below its waste management and recycling peers at ~12x. We believe the share price still does not reflect our expected uptick in activity and increase in aftermarket activity with more THP plants becoming operational. We reiterate our BUY and NOK20 target price.
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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