Cambi (Buy, TP: NOK8.00) - Tailwinds ahead
We believe Q4 could mark the start of strong revenue and earnings growth QOQ for the next few quarters. We see a continued strong backlog build, with NOK490m–590m in announced equipment order intake lifting the backlog to above NOK1bn in Q4e. We reiterate our BUY and have increased our target price to NOK8 (7) on estimate revisions.
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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