Cambi (Buy, TP: NOK24.00) - Keeps adding backlog
Ahead of Q1 results, we forecast EBITDA of NOK49m (no consensus available). We believe Cambi is progressing well with three contract additions and one expansion, underpinning the strong market potential, and see opportunities for further additions in the not-too-distant future. We reiterate our BUY and NOK24 target price, and view the stock as attractive, trading at 2025–2027e P/Es of 15–9x.
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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