Tomra (Hold, TP: NOK300.00) - Q2 in line
The Q2 results were in line with consensus, with EBITA up 15% YOY. However, Sorting order intake was on the soft side and with the reduced guidance for H2 2019, we have lowered our EBITA by 5% for 2019 and 1–3% for 2020–2021e. On our estimates Tomra is pricing in c210k new deposit machines, which we consider on the high side. We reiterate our HOLD recommendation and NOK300 target price.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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