Tomra Systems ASA

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.
  • TickerTOM
  • ISINNO0005668905
  • ExchangeOslo Bors
  • SectorIndustrial Engineering
  • CountryNorway

Analysts

Christoffer Wang Bjørnsen ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Mats Bye
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Eivind Sars Veddeng

Tomra (Hold, TP: NOK275.00) - Temporarily slower order intake

Tomra reported a rather soft Q1, with Sorting order intake declining 7% YOY, 21% below our estimate. However, management sees this as temporary as customer demos and activities remain solid. We have cut our EBITA forecasts by 8% for 2019 and 3–4% for 2020 and 2021, respectively. We view the Scottish deposit framework as positive, but consider it reflected in the share price and reiterate our HOLD and NOK275 target price.

Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Eivind Sars Veddeng

Tomra (Hold, TP: NOK275.00) - EU action already priced in

We have lifted our target price to NOK275 (230) but reiterate our HOLD as much of the earnings potential from new deposit markets in the EU seems to be priced in. We have made limited estimate changes apart from introducing the Portuguese market and 2021 into our forecasts; we are in line with consensus on Q1 EBITDA.

Expert Corporate Governance Service (ECGS)

Tomra Systems - AGM 06 May 2019

In general, Tomra Systems ("Tomra") is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting.Under ITEM 7 and ITEM 8, shareholders are called to approve, respectively, the remuneration guidelines (advisory vote) and the long-term incentive scheme (binding vote). Even though beneficiaries are required to invest 25% of the long-term incentive in Tomra shares, the incentive is 100% paid in cash and it depends on only one absolute performance metric (EPS). ECGS is not in favour of "cash-based" long-term incentives, and it considers t...

Eivind Sars Veddeng

Tomra (Hold, TP: NOK275.00) - Temporarily slower order intake

Tomra reported a rather soft Q1, with Sorting order intake declining 7% YOY, 21% below our estimate. However, management sees this as temporary as customer demos and activities remain solid. We have cut our EBITA forecasts by 8% for 2019 and 3–4% for 2020 and 2021, respectively. We view the Scottish deposit framework as positive, but consider it reflected in the share price and reiterate our HOLD and NOK275 target price.

Eivind Sars Veddeng

Tomra (Hold, TP: NOK275.00) - EU action already priced in

We have lifted our target price to NOK275 (230) but reiterate our HOLD as much of the earnings potential from new deposit markets in the EU seems to be priced in. We have made limited estimate changes apart from introducing the Portuguese market and 2021 into our forecasts; we are in line with consensus on Q1 EBITDA.

Eivind Sars Veddeng

Tomra (Hold, TP: NOK230.00) - A closer look at Sorting

We have raised our medium-term growth forecast for Sorting on continued order intake beats and several benign long-term green growth trends (e.g. the EU’s plastics directive, China’s ‘National Sword’ programme). We have cut our 2019–2020e EBITA slightly, offset by higher growth post 2020e, and we have upped our target price to NOK230 (210). We reiterate our HOLD, as this seems reflected in the current valuation.

Eivind Sars Veddeng

Tomra (Hold, TP: NOK210.00) - In line with consensus ahead of Q4

We are in line with consensus ahead of the Q4 results, expecting EBITA of NOK438m, up 46% YOY. We continue to like Tomra’s growth story, but reiterate our HOLD as the current valuation seems to reflect both strong growth in Sorting and new deposit markets in Collection. We have lifted our target price to NOK210 (200) on our 5% higher 2019–2020e EBITA (due to FX). The Q4 results are due at 07:00 CET on 21 February.

Eivind Sars Veddeng

Tomra (Hold, TP: NOK200.00) - Strong Q3, solid outlook

Tomra reported a strong Q3 driven by better than expected margins – especially in Sorting where Q3 margins reached a 7-year high. We remain upbeat on Tomra’s growth opportunities but find this reflected as it is trading at 32x our 2020e earnings. We reiterate our HOLD but have lifted our target price to NOK200 (180) on a strong outlook and better margins.

Insider bought: A director bought 140,000 shares at 86.760NOK and

A director at Tomra Systems Asa bought 140,000 shares at 86.760NOK and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The na...

Christoffer Wang Bjørnsen ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Mats Bye
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Eivind Sars Veddeng ...
  • Ole-Andreas Krohn

Northern Lights

Eivind Sars Veddeng ...
  • Jon Masdal
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Mattias Montgomery
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl

Northern Lights

Christer Magnergård ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Olof Larshammar

Northern Lights

TOMRA SYSTEMS ASA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of TOMRA SYSTEMS ASA (NO), a company active in the Industrial Machinery industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 1 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 11, 2019, the closing price was NOK 209.00 and its potential was estimated at NOK 234.85.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Tomra Systems - AGM 06 May 2019

In general, Tomra Systems ("Tomra") is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting.Under ITEM 7 and ITEM 8, shareholders are called to approve, respectively, the remuneration guidelines (advisory vote) and the long-term incentive scheme (binding vote). Even though beneficiaries are required to invest 25% of the long-term incentive in Tomra shares, the incentive is 100% paid in cash and it depends on only one absolute performance metric (EPS). ECGS is not in favour of "cash-based" long-term incentives, and it considers t...

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