Tomra - bare å komme seg ombord jo før jo heller?

Er helt på linje med JP Morgan guruen når det gjelder Tomra som investeringsobjekt, men noe fasitsvar finnes selvsagt ikke. Det er vanskelig å spå. Særlig om fremtiden.

The portfolios of both funds are littered with ‘world leaders’ – a fact that thrills Conte. ‘Yes, a majority of the 60 companies we hold in European Smaller Companies are best in their particular specialisms.’ They include Norwegian recycling company Tomra, a business that is leading the way in ‘reverse vending machines’ – which allow households to return used plastic or glass bottles and receive a refund or return of a deposit.


What excites him more than anything else is the beginning of the fourth industrial revolution – labelled ‘industry 4.0’. He believes the world is on the cusp of great change as automation and the exchange of data revolutionise industries.

Companies such as Tomra, he says, are ideally positioned to benefit. ‘It has machines that will take the fruit from an orange tree and sort them through analysis of their sugar content as to when they will ripen,’ he says. At age 51, Conte is more enthused than ever. Good news for investors.

Redigert: 134.20. Merking av tråd med ticker.

Redigert 04.03.2018 kl 12:56 Du må logge inn for å svare

Franske Talence Euromidcap selger ut noe av sine posisjoner, men beholder Tomra og fremhever aksjen somen av dem man tror mest på når det gjelder positiv kursutvikling de kommende månedene.

Talence Euromidcap: several titles join the portfolio

09/05/2019 10:36 |

Talence Euromidcap is a PEA-eligible fund that invests in small and medium-sized securities (between EUR 100m and EUR 5m in capitalization).

Talence Euromidcap is a PEA eligible fund that invests in small and medium sized securities (between EUR 100m and EUR 5m in market capitalization) in the euro zone. This stock selection is based on fundamental analysis and meeting with management. This fund aims to deliver long-term superior performance to the Euro Stoxx Small NR index (dividends reinvested).

In April, the fund sold three of its positions: Diasorin, Soitec and Nemetschek. The lines in Altran, CAF, Cellnex, Econocom and Elis have been lightened.

In addition, several titles have entered our portfolio: BasicFit (fitness club operation), Carel Industries (intelligent refrigeration and ventilation solutions), Fugro (petroleum services), three automotive suppliers (Hella, Plastic Omnium and Stabilus). and Varta (battery production).

As of April 30, 2019, Talence Euromidcap is 93% invested. His strong beliefs for the coming months are Barco, CAF, Cancom, GTT, IMA, Kinepolis, Koenig & Bauer, Orpea, Tomra and Vidrala.

The fund achieved a performance of 5.45% in April, in line with its benchmark (Eurostoxx small index dividends reinvested).

Why I Like Tomra Systems ASA (OB:TOM)

Simply Wall St May 8, 2019

Tomra Systems ASA (OB:TOM) is a stock with outstanding fundamental characteristics. When we build an investment case, we need to look at the stock with a holistic perspective. In the case of TOM, it is a company with great financial health as well as a a strong track record of performance. Below is a brief commentary on these key aspects. For those interested in digger a bit deeper into my commentary, take a look at the report on Tomra Systems here.

Flawless balance sheet with solid track record
Over the past year, TOM has grown its earnings by 21%, with its most recent figure exceeding its annual average over the past five years. Not only did TOM outperformed its past performance, its growth also exceeded the Commercial Services industry expansion, which generated a 11% earnings growth. This is an optimistic signal for the future. TOM is financially robust, with ample cash on hand and short-term investments to meet upcoming liabilities. This implies that TOM manages its cash and cost levels well, which is an important determinant of the company’s health. TOM’s has produced operating cash levels of 0.67x total debt over the past year, which implies that TOM’s management has put its borrowings into good use by generating enough cash to cover a sufficient portion of borrowings.

Tomra er blant 10 "top picks" i porteføljen forvaltet av Jupiter Ecology Fund.

Daily insight

Renewable energy: Coal on the decline in the UK

Jonathan Wright - Fidelity Personal Investing

9 May 2019

Good news, the UK has just got a little greener. This week the country was powered without coal for a record seven days in a row, the longest stretch since the Industrial Revolution.


Green energy offers many opportunities for investors, sometimes in less obvious ways. Renewables can be a good option for those seeking income because they tend to be financed through long term contracts ranging from 10-30 years, providing a steady stream of cash that can be used to provide a regular income. Additionally, there is a very strong regulatory push to increase renewables into the energy mix, also boosting their long-term appeal.

As you would expect, green energy is one of many themes being followed by funds that invest in companies with high ‘environmental, social and governance’ (ESG) standards. If you look under the bonnet of an ESG fund you will see a range of companies on display, often including those focused on providing more environmentally-friendly energy, but it doesn’t stop there.

Take, for example, the Jupiter Ecology Fund. In its top 10 holdings you’ll find the Danish wind turbine manufacturer Vestas Wind Systems. But you’ll also find companies you’ve probably never heard of such as Xylem, a large US company focused on wastewater treatment and Norwegian firm Tomra, which specialises in ‘reverse vending machines’, devices that make recycling easy and convenient. We recently interviewed the manager of the Jupiter Ecology Fund. You can watch the video here


Tyske DER AKTIONÄRs redaktør MICHEL DOEPKE følger Tomra tett. Superlativene blir sterkere og sterkere, og som dere kan lese snakker han her om et utrolig potensial og anbefalingen er å ikke slippe en aksje av hånden og bli sittende.

21.05.2019 - 14:07 clock - MICHEL DOEPKE - Editor

Continual Tomra Systems jumps to new record high: There's more!

The share of Tomra Systems is unstoppable. After a brief breather after solid figures for the first quarter of 2019 , the papers are recovering and continuing the impressive rally of recent months. In addition to a positive analyst commentary, especially Scotland provides positive impulses.

The Scottish Government announced a new deposit-return program, comprising aluminum and steel cans and glass and PET beverage containers. The goal: to collect 90 percent of the pledged packaging.

Eating well for Tomra Systems . Because the Norwegians offer the appropriate deposit machines and have made in recent years with such collection systems worldwide a name.

Incredible potential

But it is not just the Scots that are worrying about a deposit return system. Tomra Systems has already talked to representatives in India and China . The sheer potential of what the Norwegians need to tap into is simply gigantic, given the sheer size of the population.

Bullish for the shares of Tomra Systems, however, remains analyst Knut Erik Lovstad of Kepler Cheuvreux, who still classifies the papers as "buy". Target price: 300 Norwegian kroner (about 30,60 Euro).

No piece out of hand!

With the breakout to a new record high, the stock of Tomra Systems has generated a strong buy signal. But it is also clear: With a price-earnings ratio of 47 for 2019, the papers are not cheap, but they were also rare. Quality has its price. Stick to it!

The papers have also been in the Schlag-the-Buffett-Depot by the SHAREHOLDER for quite some time now.

Mer tysk begeistring for Tomra-aksjen. Analytiker ser mulighet for kurs tett oppunder 400 i chartet.

Tuesday, 21.05.2019-12:53 – chart analysis

TOMRA-Green stock for the depot

The Norwegian recycling specialist's stock is on a massive upward trajectory and still offers good opportunities, at least from a chart-technical point of view.

André Rain
Technical analyst and trader

In Germany, the Norwegian company is best known for its empty goods withdrawal machines in many supermarkets, but few are likely to have the massive rally of the stock on its screen. From the 2008 low at 2.19, it climbed in the lead to a record high at €28.43 in early April 2019. This was followed by the bullish pullback to the old highs in the range of 25 euros, from there it goes up again.

A continuation of the rally trend towards 31-31 and in the long term about 40 euros would be quite possible from a charter point of view. Growing global environmental awareness could encourage positive price development.

Further price dropouts of up to EUR 23-25 would be unproblematic and could offer new entry opportunities. Only in the event of a fall back by a weekly close below EUR 22 would major corrections of up to EUR 18 or even 15 would have to be planned.,7357453,7357453

Og Privata Affärers Marcus Hernhag sier det slik...

Gunilla: Tack för en fantastisk chatt! Är Tomra och Hexagon för dyra att köpa?

Marcus: De känns alltid som för dyra, främst Tomra, men långsiktigt har aktierna hittills aldrig varit det. Troligen är det likadant även denna gång.

Redigert 23.05.2019 kl 00:42 Du må logge inn for å svare

Ser nok 300.- i mnd skifte Mai/Juni. Fremtiden har ingen øvre grense slik jeg ser det!! En dobling fra 300.- kan raskt komme i dette segmentet med den fremtiden og mulighetene.


Oppdaterer "tematrådene" med litt oppsamlet stoff. Begynner med Privata Affärers Marcus Hernhag som igjen anbefaler Tomra i sin aksjechat.

Peter: Hej Marcus, om du fick månadsspara i endast tre stycken aktier under låt säga tio år, hur skulle du resonera och vilka skulle du valt i dag?

Marcus: Hej! Då väljer jag Lundbergs, Latour och Investor för att få allt från industribolag till fastigheter. Kinnevik vore en bra kandidat också. Tre aktier är väldigt få aktier och då blir det investmentbolag för riskspridningen. Annars om vi pratar potential på lång sikt är Tomra, Cellavision och Hexagon tre kandidater.

Redigert 06.06.2019 kl 18:54 Du må logge inn for å svare

Et suksessrikt fond har nylig kjøpt seg inn i Tomra, og en tysk analytiker/porteføljeforvalter anbefaler selskapet.

Baring Europe Select - try something different

Kate Marshall | Fri 07 June 2019

* A fund that offers something different to most others investing in Europe

* It's run by an experienced manager with a superior track record, giving us confidence about its future

* Some exciting companies have recently been added to the fund

Our view

Baring Europe Select is different to a lot of other funds investing in Europe. It invests in small and medium-sized companies, while most others focus on larger firms. We think this boosts the fund's long-term growth potential, though it increases risk.

There aren’t many managers with long and successful track records in this unique part of the market. We think Nick Williams is one of the few. His commitment to this fund and his long-standing investment process is hard to fault. It’s a quality we rate highly. He also has the help of Rosie Simmonds and Colin Riddles to run the fund, and together we think they make a solid team.

We're confident about the fund's long-term prospects and it currently features on the Wealth 50 list of our favourite funds. We think it could be used to diversify the European part of a wider portfolio, or one focused on larger companies.

What's changed in the fund?

Nick Williams recently sold, or reduced, some investments that have performed well and made a profit. Wirecard, the digital payments provider, was sold towards the end of last year, for example. He's reinvested in companies he thinks have more growth potential.

New investments include Tomra, which makes reverse vending machines. They offer an innovative solution – users deposit their recycling in these machines in exchange for payment or tokens to use at a local store. It encourages people to recycle more and helps governments meet certain targets. Increased environmental awareness across the globe is driving pressure for new recycling solutions, and Williams thinks the company could benefit.

Favorite change due to the upswing of the "Greens"

The ' greened ' social zeitgeist is in any case an important determinant, which plays a role in investment decisions of market participants.

Christian Hunt

Portfolio matrix

While many traders currently tend to prefer more defensive industries such as food, consumption and pharmaceuticals due to political events, very different segments could become the focus of investors in Germany in the medium term. In any case, Christian Hunt believes that the "greased" social zeitgeist "is in any case an important determinant, which plays a role in investment decisions of market participants." Against this background, he currently likes the shares of the Norwegian Tomra Systems "with its intelligent collection and sorting solutions."


Meget spennende at Tomra kommer inn i flere fond. Tomra framstår som en av de mest robuste og fremtidsrettede selskapene Norge har. Det vil bli stadig mer fokus mot klima og miljø og Tomra synes å være helt i sentrum av begivenhetene. At de nå fokuserer på sortering av metaller og aluminium og også plast forurensning generelt, er meget fornuftig. Jeg er LONG og vil være med i mange år.


Som jeg har sagt så mange ganger tidligere kommer det til å ta skikkelig av når verdens analytikere/meglere/investorer får øynene opp for unike TOMRA. Nå ser det endelig ut som ting begynner å skje. Tror riktignok at vi bare har sett starten av dette eventyret!! TOMRA kommer til å bli er MEGA selskap globalt. Da kan dere bare tenke hvordan det kommer til å gå med TOMRA kursen fremover. Personlig tror jeg snart vi får et bud på TOMRA. Da er jo mye gjort selvfølgelig ;-)

Ha en strålende TOMRA dag!!

19.06.2019 kl 16:56 1752

Tryner siste timen.
Redigert 19.06.2019 kl 16:59 Du må logge inn for å svare

Det har ofte vært sånn at den har falt litt på tampen av dagen. Nå har den hatt fin oppgang noen dager, og det kan like gjerne fortsette i morgen. Ikke lenge før 300 kr testes.

To minutters videoanalyse av Tomra-aksjen for dere som behersker tysk.

Artikel mit Video Kennen Sie diesen Outperformer?,7447856

Redigert 22.06.2019 kl 18:40 Du må logge inn for å svare

Er helt på linje med Roger Berntsen her når det gjelder en tidshorisont på 10 - 20 år for investeringen. I mine øyne har Tomra Systems nå alle karakteristika til et fremtidig norsk børslokomotiv, gitt utviklingen innen selskapets forretningsområder. Vi snakker her om et selskap som har posisjonert seg selv med helt eventyrlige globale markedsandeler innen forretningsområder som bare kommer til å vokse ditto. Lenge.

Dette er Roger Berntsens aksjefavoritter

«Orakelet fra Farsund» er bull på «grønn aksje» og ser på fiskekjempe som et «mini McDonald's»

Artikkel av: Njål Eivind Kleiven
26. juni 2019 - 10.00



Berntsen har over lengre tid snakket varmt om pant- og søppelhåndteringsselskapet Tomra. Med ESG-bølgen som har slått inn over aksjemarkedet det siste året, har Tomra-aksjen klatret så mye som 71,18 prosent de siste 12 månedene.

- Tomras forretningsmodell treffes i disse dager av en rekke positive impulser, da flere jurisdiksjoner i verden har fått øynene opp for viktigheten av industrielle løsninger for retur av plastemballasje og sortering av søppel mv, heter det fra Berntsen.

For 2019 og 2020 ligger et noe tynt konsensus inne med en inntjeningsforventning på henholdsvis 5,60 og 6,53 kroner per aksje. Med dagens kurs impliserer dette en forward p/e på henholdsvis 51,7 og 44,3 for 2019 og 2020.

- Fra et analytisk ståsted har Tomra «alltid» vært dyr, til og med før ESG-bølgen skylte inn over aksjemarkedene. Skulle aksjekursen på ett eller annet tidspunkt falle kraftig vil jeg, slik det ser ut i dag, vekte meg opp i aksjen igjen på bekostning av selskaper i porteføljen som har utviklet seg relativt sett bedre. Tomra, i likhet med Mowi, er selskaper jeg ser for meg å være investert i over lang tid, sier den Buffett/Munger-inspirerte investoren til


Fornøyd med porteføljen

Berntsen ser seg fornøyd med porteføljesammensetningen, og på spørsmål om hvilke aksjer han følger særlig tett i dag, og som kan få innpass i porteføljen, er han mer kryptisk.

Jeg har fulgt alle selskapene som jeg har i porteføljen tett i flere år som analytiker og har derfor en god ide om hva de er verdt. Mao. porteføljesammensetningen, slik den er i dag, er jeg tilfreds med. Jeg anser denne som robust mtp de kommende årene. Flere av selskapene i porteføljen vil jeg med stor sannsynlighet være investert i om 10 og 20 år også, avslutter Berntsen.



Managers look at disruptive companies in the midst of low-rate eras

1 JUL. 2019 - 00:17

The slowdown and central bank policy of not raising rates encourages investors to focus on small projects with big growth prospects.

The de-eacy of the economy and the long cycle of low rates are leading fund managers to seek new investment horizons. Beyond the stocks of large companies, sovereign fixed income and other recurrent instruments in portfolios, investors' eyes are increasingly turning to disruptive small and mid-caps of business.

The idea of the background is that it is a good time to invest, always analyzing each trade in detail, because the current economic slowdown does not have to end in a new recession. If this one comes, it won't be, in any case, as profound and lasting as a decade ago.



Victor Asensi, international sales manager at Degroof Petercam AM advised to enter into disruptive projects with growth prospects for the next twenty years. In this regard, he cited the Dpam Invest B Equities NewGems Sustainable fund, which invests in sectors such as nanotechnology, ecology or age-related businesses.

"For example, in ecology we invest in a company called Tomra, based in Norway, which specializes in recycling solutions such as machines that give coins to the customer for returning plastic bottles," Asensi said.

Redigert 02.07.2019 kl 15:50 Du må logge inn for å svare
15.07.2019 kl 12:30 698

Oslo (TDN Direkt): ABG Sundal Collier oppgraderer Tomra-aksjen til hold fra tidligere salgsanbefaling samtidig som kursmålet oppjusteres til 270 kroner fra tidligere 195 kroner.
Det fremkommer av en oppdatering fra meglerhuset mandag.
Meglerhuset forventer at Tomra vil levere om lag 11 prosent salgsvekst på årsbasis i andre kvartal 2019 og ebita på 343 millioner kroner.
Videre forventer meglerhuset at positiv nyhetsstrøm vil støtte aksjen på kort sikt, og de tror aksjemarkedet vil fortsette å fokusere på ESG-temaet (miljø, sosiale og forretningsetiske forhold) og Tomras vekstpotensial.
TDN Direkt, +47 21 95 60 70

P.S. Blir det 75 kroner opp neste gang de oppjusterer også? Vel det betyr jo ikke så meget, bedre sent enn aldri, selv om >38% opp betyr vel nesten at noen har sovet i timen?

Ja, flere meglerhus har sovet i timen/"dummet seg ut"'' når det gjelder Tomra. Du nevner ABG Sundal Collier, og SEB ropte vel f.eks. 175 noen dager etter at ABG Sundal Coliier gikk ut med 190, såvidt jeg husker.

Tim Crockford, "lead portfolio manager of the Hermes" tror vi kommer til å oppleve en seksdobling av antall pantemaskiner de neste ti årene. Tomra har en global markedsandel på ca. 80% her i dag så artig tankespinn å leke litt med Crockfords prognoser...

Å lese artikkelen jeg siterer fra her, i sin helhet, anbefales på det sterkeste hvis man som investor er interessert i å skjønne hvor landet faktisk ligger...

Reduce, reuse, recycle: why the markets are key players in the war on plastic waste

By: Dominic Chambers Published on: Friday, July 12, 2019

Investors should focus on collection and recycling to have the greatest impact in targeting plastic waste.

Of all the shocking statistics that now surround the growth of marine plastic waste, one stands out in particular: according to research undertaken by the World Economic Forum, UK charity The Ellen MacArthur Foundation and consultants McKinsey, unless current trends are reversed by 2050 the world’s oceans could hold more plastic than fish by weight.

The scourge of ocean plastic waste is now top of the global agenda. At the June’s G20 summit held in Japan, world leaders committed to The Osaka Blue Ocean Vision, which aims to “reduce additional pollution by marine plastic litter to zero by 2050”.

Corporates are also increasingly aware of the reputational and business risks they take if they do not address this issue. Research by Morgan Stanley found that that the number of corporate earnings calls that mentioned “plastic waste” increased by 340% over the year in 2018.


Hermes is one of 25 institutional investors from four countries with a combined $1 trillion of assets under management that has pledged to interact with leading consumer goods companies on the threat posed by plastic pollution and the associated corporate brand risk. Aviva Investors has also signed up to the scheme.

A key initiative in plastic collection is reverse vending machines. An empty bottle is exchanged either for cash or a coupon. Not only does this incentivize people to recycle, but it addresses one of the banes of plastic recycling: the sorting of the dozens of different types of plastic that arrive at recycling plants as a single chaotic mass.

Le Floch explains: “Aluminium, by comparison, is quite well recycled because it’s easy to collect and sort with magnetic devices. Plastic waste isn’t easy to sort: often recycling facilities get clogged with plastic bags and have to stop and restart several times a day. So, it makes sense to have a dedicated waste stream for plastic bottles, which is where the reverse vending machines come in.”

The Norwegian recycling solutions provider Tomra is the world’s largest producer of reverse vending machines, operating in approximately 40 markets worldwide. Its machines scan the barcodes on bottles enabling them to identify and recycle the many plastics from which they are made.

Tim Crockford, lead portfolio manager of the Hermes fund (which has invested in Tomra), expects the reverse vending machine market to grow six-fold over the next 10 years.

Truls Haug, Tomra’s UK country manager, explains the benefits of deposit-return systems (DRS): “When you capture the material with a DRS you capture it in a clean way because it isn’t contaminated, unlike with a kerbside system where all the materials are mixed. Also, you are able to capture more of the material: a kerbside system only captures 60%, with a DRS you can capture 90% to 95%. In the UK, this would save 400 million objects a year from being littered.”

With a DRS it is possible to recycle 95% to 100% of the plastic back into the same value chain – meaning bottle to bottle, or bottle to food-grade material. With a kerbside system it is possible to recycle only up to about 30% to the same level, with the rest being either down-cycled or incinerated.

Redigert 15.07.2019 kl 14:11 Du må logge inn for å svare

Mye rot og redigering måtte til for å greie å poste det jeg ville i foregående innlegg vha mobiltelefon. Nå er det omsider ferdig redigert.
Redigert 15.07.2019 kl 14:04 Du må logge inn for å svare
16.07.2019 kl 11:01 498

Von der Leyen lover plan for klimanøytralitet innen 100 dager
(om hun blir godkjent)

Ja, dette går bare en vei wwbwb, og det Tomras og heldigvis klodens vei. Så glimrende nytt! Samtidig fortsetter de naturlig nok å rigge seg til med posisjon i Tomra både det ene og andre internasjonale fondet. The right place to be!

MAM Transition Durable Actions is a mutual fund whose objective is to offer investors, over the recommended investment period, a performance linked to a portfolio invested in shares of international companies by favoring companies that take into account the stakes of a transition to a sustainable economy, and by implementing an SRI strategy. The management objective is not compatible with the existence of a reference indicator. No existing index reflects the management objective of the fund, which is mainly dedicated to a specific thematic universe.

During the month of June, the fund invested in Roche, Adobe, Nordex and Tomra Systems.

Redigert 16.07.2019 kl 11:11 Du må logge inn for å svare
16.07.2019 kl 11:49 467

Ursula Von Der Leyen: " Vår største utfordring er å holde planeten vår frisk"

Da er det godt å ha selskaper som Tomra m.fl. for å løse en slik oppgave!
"TOMRA has been in this business for more than 40 years. We know that in order to move forward, we all need to rethink and rework how things have been in the past. Every day we’re focused on transforming how the world obtains, uses and reuses its resources.
In short we aim to help our customers obtain more, use less and reuse resources (better business) and make the planet more sustainable (better environment).
Dare. Explore. Advance.
Engage. Inspire. Enjoy.
Commit. Deliver. Care.
Altogether TOMRA has approximately 100,000 installations in over 80 markets worldwide and had total revenues of about 8.6 billion NOK in 2018. The TOMRA Group employs roughly 4,000 people globally"

Skral kursutvikling i Tomra i dag. Så får det være opp til hver enkelt å tolke at disse to aktørene dukket opp i dagens handel, på hver sin side av bordet.



Stefan Ranstrand, primary insider of TOMRA Systems ASA, has today acquired 3,500
shares in TOMRA Systems ASA at a price of NOK 260 per share. After this
transaction Stefan Ranstrand holds 137,952 shares in TOMRA Systems ASA.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Source Url:



Volker Rehrmann, primary insider of TOMRA Systems ASA, has today sold 12,000
shares in TOMRA Systems ASA at a price of NOK 261 per share. After this
transaction Volker Rehrmann holds 19,936 shares in TOMRA Systems ASA.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Source Url:


Tomra melder om et resultat etter skatt på 216,6 millioner kroner i 2. kvartal 2019, mot 191,2 millioner kroner i samme periode i fjor. Resultat per aksje ble 1,40 kroner, mot 1,22 kroner ved samme korsvei i fjor. Tomra er et solid selskap med tilvekst, men det er ikke noen super tilvekst. Resultatveksten fra forrige år er på 13%.

Hvis veksten er lik det neste år vil vinsten pr aksje være på 1,58 kr i Q2 neste år. Vid lineær tilvekst vil da vinsten per aksje det neste år være på ca 6,05 kr pr aksje. Ved en aksjekurs på 260 vil dette gi en p/e på 43. Dette må sies være høyt, også for et solid selskap som Tomra. Det finnes aksjer som har like solide tall men med betydelig lavere vurdering som for eks Scanship. Med rom for like stor tilvekst, eller kanskje større, i årene som kommer sammenlignet med Tomra.

Hvis tilveksten til Tomra øker kraftig så vil aksjen kunne fremstå som billig. Men om tilveksten blir lik som nå i årene som kommer er aksjen for høyt priset.
Tomra kan gå ned 10-20 % til og fremdeles ikke fremstå som en særlig billig aksje.