Cambi (Buy, TP: NOK20.00) - Investment case intact
Q4 EBITDA was NOK59m, NOK14m below our NOK72m forecast due to bonus accruals not included in our estimates. Despite slow order intake (book-to-bill of 0.2x), the backlog coverage was decent at 78% for 2024e, 53% for 2025e and 30% for 2026e (excluding soil sales), but implies additional backlog is needed to maintain current activity. We reiterate our BUY and NOK20 target price, and find the stock attractive at a 2024–2025e EV/EBITDA of 8.8–8.6x versus 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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