Tomra (Hold, TP: NOK350.00) - None to some Covid-19 impact
We have cut our 2020–2021e EBITA by 2–4% on the stronger NOK and a minor gross margin effect from Covid-19. We believe consensus is slightly optimistic as Tomra is challenged by lockdowns in US Collection, plus travel restrictions and less activity in Sorting. Despite the short-term headwinds, we remain positive on 2021e EBITA (7% above post-Q1 company-compiled consensus) and 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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