Report
Eivind Sars Veddeng
EUR 436.87 For Business Accounts Only

Tomra (Hold, TP: NOK180.00) - Promising long-term outlook

We consider the Q2 report fairly in line with our estimates, as we had already pencilled in higher collection opex in our 2018–2020 forecast. We have made minor estimate changes post Q2 and remain bullish on Tomra’s long-term earnings prospects. We reiterate HOLD and our NOK180 target price as significant earnings growth from the EU/UK seems discounted as the stock is trading at 33x 2018e EPS.
Underlying
TOMRA Systems ASA

Tomra Systems is a creator of sensor-based solutions for optimal resource productivity within the business streams of reverse vending, material recovery, compaction, recycling, mining, and food. Co.'s operating structure comprises two business areas and six business streams. The TOMRA Collection Solutions businesss area consists of three business streams: reverse vending, material recovery, as well as compaction. The TOMRA Sorting Solutions, business area consists of three business streams: food, recycling, and mining.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Eivind Sars Veddeng

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