Bryan Garnier - TOMRA SYSTEMS ASA (TOM) Tomra Systems: Regulatory tailwinds, strategic discipline - Upgrade to Buy

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Bryan Garnier

Mahaut Arnaud ...

Paul de Froment
Thomas Mordelle

Tomra Systems: Regulatory tailwinds, strategic discipline - Upgrade to Buy

Given Tomra’s stronger fundamentals, regulatory momentum, and disciplined execution, we have updated our estimates to reflect strengthened growth outlook. This leads us to upgrade our rating from NEUTRAL to BUY. Our updated DCF model (9.0% WACC, 2% LTG), points to a PT of NOK200 (vs. old-PT at NOK1

25/03/2025 1 EN

Underlying

TOMRA SYSTEMS ASA

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NO0012470089 Oslo Bors Norway

Provider

Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

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Analysts

Mahaut Arnaud

Paul de Froment

Thomas Mordelle

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Tomra Systems: Regulatory tailwinds, strategic discipline - Upgrade to Buy

Renewable Weekly – 20 February 2025

Energy Morning - 17 February 2025

Fastned: FY24 results

Daily Healthcare - March 27th, 2025

Mister Spex: Reassuring FY24 numbers; priority for FY25 is margin improvement

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