Cambi (Buy, TP: NOK20.00) - Progressing step-by-step
Cambi reported Q2 EBITDA of NOK22.6m versus our estimate of NOK19.4m, with the beat coming from higher than expected Cambi Invest revenues and lower than expected costs. Also, the company held a CMD at which it gave more insight into its progress; however, this did not change the investment case. 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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