Cambi (Buy, TP: NOK20.00) - Order outlook in focus
We expect Cambi’s high activity to continue and forecast Q4 EBITDA of NOK72m. After a few quarters with very strong order intake, Cambi did not announce any orders in Q4. Thus, we believe investor focus will be centred around the outlook for the new orders needed for the current high activity to be sustained beyond 2024e. We reiterate our BUY and NOK20 target price, corresponding to a blended average 2024–2025e EV/EBITDA of 12x, and see the stock as attractive at ~10x 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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