SEB cuts Tomra to 'sell' from 'hold' on 2025 outlook, Poland market share

Tomra Systems ASA

17/02/2025 10:08

** SEB cuts the rating of the Norwegian recycling technology
provider Tomra  TOM.OL  to "sell" from "hold" on
lower-than-expected 2025 outlook and market share in Poland
    ** The broker says Tomra's activity in Poland is high but
the total contribution is below estimates
    ** SEB also cuts market share assumption to 50% from 57%
    ** The company's estimate of 10,000 reverse vending machines
(RVM) total addressable market (TAM) "seems conservative," says
SEB
    ** The broker also notes that large grocery chains may use
multiple suppliers and focus less on smaller customers,
potentially limiting Tomra's market share to 35% during its
two-year introduction, as opposed to the 50% estimated by SEB
    ** Out of 12 analysts that cover Tomra Systems ASA, four
rate the stock "strong buy" or "buy", ​six rate "hold" and one
rates the stock "strong sell"

 (Reporting by Vera Dvorakova)
 ((vera.dvorakova@thomsonreuters.com))