We expect Tomra's Q4/20 report to trigger negative estimate revisions, as the current 2021 Factset consensus does not reflect weak order intake for Sorting in H2/20. Following the recent NOK strengthening we revise down our estimated 2021 EBITA by 7%, leaving us 17% below latest Factset consensus. We reiterate our Sell recommendation with a target price of NOK 240/share, arguing that the Tomra share remains significantly overpriced.
06 Jan 2021
2021e: Declining sales and ~80x earnings
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2021e: Declining sales and ~80x earnings
TOMRA Systems ASA (TOM:OSL) | 0 0 0.0%
- Published:
06 Jan 2021 -
Author:
Carl Frederick Bjerke | Kristian Spetalen -
Pages:
14
We expect Tomra's Q4/20 report to trigger negative estimate revisions, as the current 2021 Factset consensus does not reflect weak order intake for Sorting in H2/20. Following the recent NOK strengthening we revise down our estimated 2021 EBITA by 7%, leaving us 17% below latest Factset consensus. We reiterate our Sell recommendation with a target price of NOK 240/share, arguing that the Tomra share remains significantly overpriced.