TOMRA delivered a strong quarter P&L wise with Sorting leading the way and beating consensus EBITA by 18%. However, the lower than expected costs are driven somewhat by less travelling in addition to ca. NOK 20m in government reliefs and we argue the beat also overshadowed a 15% FX adj. fall in order intake YoY, which will most likely be evident in Q1/21. We have revised our estimates down and reiterate our SELL and NOK 250 tp.
22 Oct 2020
15% fall in order intake will hit Q1/21 figures
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15% fall in order intake will hit Q1/21 figures
TOMRA Systems ASA (TOM:OSL) | 0 0 0.0%
- Published:
22 Oct 2020 -
Author:
Carl Frederick Bjerke | Kristian Spetalen -
Pages:
11
TOMRA delivered a strong quarter P&L wise with Sorting leading the way and beating consensus EBITA by 18%. However, the lower than expected costs are driven somewhat by less travelling in addition to ca. NOK 20m in government reliefs and we argue the beat also overshadowed a 15% FX adj. fall in order intake YoY, which will most likely be evident in Q1/21. We have revised our estimates down and reiterate our SELL and NOK 250 tp.