Jefferies repeats its Hold rating on Norwegian recycling company Tomra Systems and cuts its price target to NOK 90 from NOK 105.
The brokerage cuts its earnings-per-share forecasts for 2026–2028 by 10%, 22% and 18%, respectively. For 2027, the forecast is 21% below consensus, mainly due to a slower rollout of deposit return machines in the UK and weaker profitability trends in Recycling.
The stock is valued at 13 times operating profit for 2027, a 45% discount to the five-year average. Jefferies believes, however, that uncertainty surrounding earnings growth justifies the discount.
