Cambi (Buy, TP: NOK24.00) - Waiting for orders
We expect Q4 EBITDA of NOK45m, reflecting continued execution on the projects in Cambi’s backlog, as well as a DPS of NOK0.7 to be proposed for 2024. After a period of soft order intake, we see solid prospects in the next few years for sizeable new orders across several markets, which is key for supporting the company’s business case. We reiterate our BUY and have raised our target price to NOK24 (23) on slightly higher estimates. We find the stock attractively valued on 2026–2027e P/Es of 14.9–10.9x.
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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