Cambi (Buy, TP: NOK20.00) - Strong backlog coverage
Cambi reported another solid quarter in Q3, with EBITDA of NOK70m (23% above our estimate) and record-high order intake. We see strong backlog coverage for the years ahead, with 73%, 60% and 50% of our estimates for 2024, 2025 and 2026 covered by secured backlog. We reiterate our BUY and NOK20 target price, corresponding to a blended average 2023–2024e EV/EBITDA of 12x, and see the stock trading at attractive 2023–2024e EV/EBITDAs of ~8x, well below 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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