Cambi Minor model adjustments
We have updated our estimates ahead of Cambi’s Q3 report (due on 7 November). We forecast EBITDA of NOK61m, reflecting slightly lower backlog execution than in Q2. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK19 target price. We view the valuation as attractive, at a 2025–2026e EV/EBITDA of 9.6–9.3x, well below waste management and recycling peers at ~13–11x.
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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