Tomra (Hold, TP: NOK240.00) - Sorting it out
Sorting order intake made an impressive comeback, growing 11% YOY in Q3, up from -5% in H1. This was driven by Food as US customers returned with orders and there was higher activity in other regions. As a result we have lifted our 2019–2020 EBITA estimates by 3–4% and we no longer see significant downside for Q4/Q1. On our estimates the stock discounts c85% market share in a EU deposit market. We reiterate our HOLD but have lifted our target price to NOK240 (220).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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.