Cambi (Buy, TP: NOK20.00) - Preparing for higher activity
We consider the project delays in Q1 a bump in the road, and expect the business case to remain strong on increasing awareness and commercial interest for thermal hydrolysis, and an expanding pipeline of potential projects, supported by a backlog with 40% in the engineering phase set to enter manufacturing this year. We reiterate our BUY and NOK20 target price, and find the stock attractive at 2024–2025e EV/EBITDAs of 8.5–7.9x, 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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