Cambi (Buy, TP: NOK20.00) - Higher costs, but also high activity
Q1 revenue was in line with our estimate, but with a different mix. Adj. EBITDA was somewhat short of our expectation, mainly due to higher payroll expenses and higher costs in Cambi Invest, which we believe mainly related to product development. The company maintained its 2021 revenue guidance, but lowered its EBITDA margin expectations to the lower end-end of 12–14%, we believe due to higher Q1 costs.
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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