Tomra (Sell, TP: NOK100.00) - Still waiting for DRS wave
We reiterate our SELL and have cut our target price to NOK100 (140), primarily on growth stocks’ multiples contraction due to higher interest rates. With a 2024e P/E of ~24x on our estimates, Tomra continues to look overvalued relative to its growth and margin attributes versus similarly high-multiple growth stocks. We have lowered our 2024–2025e EPS by ~10-4%, largely on estimate cuts for Food and Collection.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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