Cambi (Buy, TP: NOK8.00) - Confirmation of recent progress
The company is progressing on its order intake target of NOK1bn in 2022–2023 and NOK1.7bn by 2024, with ~NOK300m already awarded and ~NOK465m related to announced projects but not included in backlog. Given the progress in its DBO project as well, which could result in exclusive negotiations by end-2022 and visibility for multiple contract awards in the coming months, we see several positive potential news stories for the name. We reiterate our BUY and NOK8 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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