Author(s):
Hallaraune, Simen Schmidt
Date: 2025
Persistent ID: http://hdl.handle.net/10362/201054
Origin: Repositório Institucional da UNL
Subject(s): Corporate valuation; Corporate finance; Discounted cash flow; Fundamental valuation; Comparable valuation; Equity research; Equity valuation; Corporate valuation; Corporate valuation; Corporate finance; Corporate finance; Discounted cash flow; Discounted cash flow; Fundamental valuation; Fundamental valuation; Comparable valuation; Comparable valuation; Equity research; Equity research; Equity valuation; Equity valuation
Description
This report assesses the fair value of Tomra Systems ASA as of 31 December 2025 by analysing its financial performance, strategy, and growth potential. Using a discounted cash flow model with sensitivities and a comparable valuation approach, the report suggests a TP of NOK 147, within a NOK 122-171 range. While Tomra leads in circular economy solutions with solid growth, healthy margins, and scalability potential, risks as competitive pressure and regulatory changes remain. As of 14 April 2025, Tomra closed at NOK 150, implying a modest 2% downside to the TP. The final recommendation is therefore to HOLD Tomra.
