Cambi (Buy, TP: NOK9.00) - Long-awaited start of tailwinds
Cambi reported solid Q4 results, well above our estimates. Although this was somewhat timing related, based on faster project execution than we expected, we believe this marked the start of tailwinds following several disappointing quarters. The report also increased our confidence in our 2023 estimates, with Cambi’s 2023–2024 equipment order intake target raised by ~NOK300m (on a like-for-like basis). We reiterate our BUY and have increased our target price to NOK9 (8) based on a 2023e EV/EBITDA of 13x.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.