Cambi (Hold, TP: NOK9.00) - Time for a pause
With strong share price performance YTD, especially since its Q4 report, we find the shares fairly valued using a 2023e EV/EBITDA of 13x. While we see a fair value potential to NOK13/share if using 2024e, we would like to see some confirmation on this year’s estimates before emphasising 2024e and onward, as our 2023e revenues imply 54% YOY growth and 2024e another 18%, despite strong order intake in 2022e having significantly de-risked our forecasts. Thus we have downgraded to HOLD (BUY) but reiterate our NOK9 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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