Tomra (Hold, TP: NOK350.00) - HOLD through Covid-19 headwinds
We have updated our estimates on the back of Tomra’s Q1 report, and incorporate the latest FX effects and our view on near-term Covid-19 headwinds, which are set to plague Q2 and potentially Q3. We have cut our 2020e EBITA by 10% but believe strong underlying momentum in Sorting will recoup the losses by 2021e, resulting in limited changes to our longer-term estimates. Following a change of analyst, we reiterate our HOLD and NOK350 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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