Rankings Machinery & automation Tomra
Tomra
79
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- ROIC and earnings trend−6
- Earnings miss (Q1)−4
- Future segment−3
Strengths
- Raised guidance and order intake+2
- Insider buying+1
How the score is built
From 100 to 79, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 98.35 NOK
- Median analyst target
- 125.47 NOK
- Upside to median
- +27.6%
- Analysts
- 8
- Target range
- 73.58 – 149.36 NOK
- 52-week change
- −20%
- P/E (trailing)
- 29.0
- Forward P/E
- 18.1
- PEG
- 0.72
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−11 of −30
- −6ROIC and earnings trendROIC has fallen from 15.6% (2021) and 12.8% (2022) to 9.6% TTM – in line with a WACC of 9.1%. Operating profit is flat at EUR 148m in 2025 vs 155m in 2021, even though revenue has grown from EUR 1.09bn to 1.32bn. Analysts expect flat EPS in 2026. Bigger, not stronger.
- −3Future segmentRecycling – the growth leg in plastic and metal sorting – fell 11% in Q2 to EUR 51m after a year of falling orders and is running a EUR 16m savings programme. At the same time a sale of Mining is being explored.
- −2Quality of growthGrowth of 25% in Q2 comes from Collection (+45%), where new markets (mainly Poland) contributed EUR 69m of equipment-heavy sales. The group gross margin fell 3 percentage points to 41.3%, and Collection's gross margin fell to 38.6% from 41.8%.
Price
Today's multiples against the company's own history and its peers. · 2 findings−5 of −35
- −2Multiples vs own historyForward P/E 18.2 vs 26.3–37.7 in 2022–25; EV/EBITDA 11.6 vs 19.8–27.0; P/S 1.7 vs 2.5–4.0. It is the lowest level in five years, but earnings have also fallen, and the trailing P/E is still 30.3.
- −3Absolute price level and FCFFCF yield only 2.3% (TTM) and FCF margin 4.0%; FCF was negative in 2025 (−EUR 2m). Analysts expect EUR 124m of FCF in 2026, about 5% of market value. EV/EBIT 19.4, and net debt of NOK 7.2bn is over a quarter of EV.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−13 of −35
- −4Earnings miss (Q1)Adjusted EBITA of EUR 26m in Q1 2026 vs an expected 41m (13m incl. restructuring) and a pre-tax result of −EUR 4m; the stock fell over 25% on the day, and DNB Carnegie reiterated sell with a NOK 85 target. SB1 Markets pointed to price pressure in Poland.
- −3One-off wave in CollectionThe peak roll-out in Poland is largely over (7,000+ machines), and the UK (3,900 contracted machines) is expected to peak in 2027. Collection revenue depends on new deposit systems, and there is a risk of a decline when the installation waves are over.
- −2Plastics recycling and macroThe European plastics-recycling market is weak, management expects no growth in Recycling in 2026, and about 15% of revenue comes from the US, where tariffs create uncertainty.
- −2Food: weak order intakeFood order intake fell 22% in Q2 to EUR 83m; customers are postponing projects because of financing, and the gross margin fell to 43.1% from 46.4% because of third-party equipment in large projects.
- −2DebtNet debt/EBITDA 2.9 vs 0.7 in 2021, and debt/equity 1.16. Only EUR 112m of undrawn credit facilities, and working capital is tied up at 19% of revenue. The dividend (FCF payout 103%) is effectively debt-funded.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Raised guidance and order intakeRecord revenue of EUR 405m in Q2 (+25%), and the stock rose about 12–16% on the report. H2 guidance for Collection is EUR 400–440m with a gross margin above 40%, and Recycling order intake rose for the first time in over a year (+40% to EUR 58m).
- +1Insider buyingFour board members bought shares in March–June 2026, including Erik Osmundsen (9,800 shares at NOK 115.09) and Kathleen Wantz-O'Rourke (at NOK 96.25). The amounts are small, and no insider selling was found.
Caveats
What the score does not capture, or where the data is weak.
Accounts in EUR, price in NOK. The share is −38% over 52 weeks after the price collapse on the Q1 report (April 2026), so the low multiples reflect lower expectations. 2026 revenue growth is driven by a one-off wave of reverse vending machines in Poland (and from Q4 in the UK), expected to peak in 2027. stockanalysis shows +4.2% in share count q/q but −0.7% y/y – no share issue has been found, so no deduction has been made for dilution. A sale of Tomra Mining (about EUR 30m revenue) is being considered. Litigation and customer concentration have not been examined in depth. Reverse vending and sorting machines do not fit the industry list precisely; placed under Machinery & automation.
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