Tomra (Hold, TP: NOK210.00) - In line with consensus ahead of Q4
We are in line with consensus ahead of the Q4 results, expecting EBITA of NOK438m, up 46% YOY. We continue to like Tomra’s growth story, but reiterate our HOLD as the current valuation seems to reflect both strong growth in Sorting and new deposit markets in Collection. We have lifted our target price to NOK210 (200) on our 5% higher 2019–2020e EBITA (due to FX). The Q4 results are due at 07:00 CET on 21 February.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.
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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