Although we expect Tomra to deliver 8% revenue growth YoY, we expect a 14% reduction in EBITA to NOK 460m (-3% vs consensus), driven by a lower gross margin as a function of sustained inflation pressure. Tomra’s growth prospects looks interesting with new collection markets coming up and strong momentum in the Recycling segment. However, we argue that Tomra is fully priced at 26x ARCe 2023 EV/EBITA. We reiterate Hold, while TP is reduced to NOK 156 (160).