Tomra (Sell, TP: NOK100.00) - Recycling growth slowing
Tomra reported mixed Q3 results, with adj. EBITA of EUR44m in line with our estimate. Following a Q3 beat, we have raised our Collection 2025–2026e EBITA, but accounting for the softer-than-expected Recycling order intake in Q3, we have lowered our group 2025e EPS by 5%, while we increase our 2026e EPS by 4%. We have raised our target price to NOK100 (95). We reiterate our SELL as we see downside risk to market expectations for DRS implementation and Recycling order intake and find the valuation demanding.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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