Tomra (Sell, TP: NOK95.00) - Next stop, Poland
We estimate Q3 EBITA of EUR45m (results due at 07:00 CET on 22 October), with EPS of EUR0.09 (consensus EUR0.07). While we have raised our 2025–2026e EPS by 1%, we still see the stock as overvalued, as we believe its growth potential does not justify a 2024e P/E of 43x. We see downside risk to market expectations for Poland’s implementation in 2025-2026, and also the rest of EU. We reiterate our SELL and NOK95 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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