TOM - Tomra Systems

[Zoonic]

Etter hva jeg kan skjønne så har Sielaff fått en ordre på rundt 1000 automater hos en kjede.

"The vending machines of the middle-class person Sielaff out of the town here reeds (district that stream) one finds in the entire world. Now the Franconian business has a new large order: Approximately 1000 Pfandautomaten for a discounter-chain".

 

Ikke overraskende at flere får noen ordre, det er mye å ta av...

 

 

Fint sted for oversetting er her: http://www.freetranslation.com/

 

 

Flere muligheter og språk enn f.eks Google.

 

____

[Zoonic]

Større endringer?

 

Ownership structure

 

Registered at 20 March 2006 Number of shares Ownership

 

1. Folketrygdfondet 17 071 100 9,6 %

2. Orkla ASA 7 226 800 4,0 %

3. State Street Bank & Client Omnibus D 6 972 450 3,9 %

4 JP Morgan Chase Bank Clients Treaty Account 5 016 469 2,8 %

5. Tomra Systems ASA 4 844 695 2,7 %

6. Clearstream Banking CID Dept, Frankfurt 4 208 132 2,4 %

7. Vital Forsikring ASA DnB NOR Kapitalforvaltning 3 958 489 2,2 %

8. Danske Bank A/S 3887 Operations Sec. 3 542 016 2,0 %

9. SIS Segaintersettle 2 846 316 1,6 %

10. Deutsche Bank AG LON 2 739 647 1,5 %

11. Goldman Sachs & Co Equity Nontreaty cus 2 594 287 1,5 %

12. DnB NOR Norge (IV) VPF 2 459 961 1,4 %

13. Bank of New York, BR S/A St of New Jersey 1 911 850 1,1 %

14. Skagen Vekst 1 904 500 1,1 %

15. RBC Dexia Investor S S/A Lux Robeco-non-r 1 867 000 1,0 % NY...

16. Citigroup Global MAR IPB Client Safekeep 1 854 068 1,0 %

17. Nordea Bank Denmark S/A Nordea (DK) CCA 1 640 511 0,9 %

18. Lehman brothers inte proprietary account 1 540 760 0,9 %

19. BNP Parisbas Sec. Ser S/A CM CIC Securitie 1 535 700 0,9 %

20. Morgan Stanley and c client equity accoun 1 526 319 0,9 %

 

Total 77 261 070 43,3 %

Other shareholders 101 225 489 56,7 %

Total (14 101 shareholders) 178 486 559 100,0 %

 

Shares owned by Norwegian shareholders 104 913 643 58,8 %

 

Shares owned by foreign shareholders 73 572 916 41,2 %

 

Total 178 486 559 100,0 %

 

_____

 

 

Den forrige:

 

Registered at 13 March 2006 Number of shares Ownership

 

 

1. Folketrygdfondet 17 071 100 9,6 %

2. Orkla ASA 7 226 800 4,0 %

3. State Street Bank & Client Omnibus D 6 933 935 3,9 %

4 JP Morgan Chase Bank Clients Treaty Account 5 081 856 2,8 %

5. Tomra Systems ASA 4 845 295 2,7 %

6. Clearstream Banking CID Dept, Frankfurt 4 157 196 2,3 %

7. Vital Forsikring ASA DnB NOR Kapitalforvaltning 4 028 289 2,3 %

8. Danske Bank A/S 3887 Operations Sec. 3 543 216 2,0 %

9. Deutsche Bank AG LON 2 840 010 1,6 %

10. SIS Segaintersettle 2 746 709 1,5 %

11. DnB NOR Norge (IV) VPF 2 623 661 1,5 %

12. Goldman Sachs & Co Equity Nontreaty cus 2 594 287 1,5 %

13. Nordea Bank Denmark S/A Nordea (DK) CCA 1 964 584 1,1 %

14. Bank of New York, BR S/A St of New Jersey 1 911 850 1,1 %

15. Skagen Vekst 1 904 500 1,1 %

16. Citigroup Global MAR IPB Client Safekeep 1 854 068 1,0 %

17. BNP Parisbas Sec. Ser S/A CM CIC Securitie 1 530 700 0,9 %

18. Avanse Norge (II) VPF 1 517 175 0,9 %

19. Bank of New York, BR S/A Equity Tri-party 1 499 306 0,8 %

20. Lombard Odier Darier General Dossier 1 438 550 0,8 %

 

Total 77 313 087 43,3 %

Other shareholders 101 173 472 56,7 %

Total (14 218 shareholders) 178 486 559 100,0 %

 

Shares owned by Norwegian shareholders 105 768 367 59,3 %

 

Shares owned by foreign shareholders 72 718 192 40,7 %

[A Hauk]

Venter Tomra-gjennombrudd

 

Meglerhus venter en ordre fra Tesco de neste ukene, noe som kan sende Tomra-aksjen markert opp.

 

Artikkel av: Øystein Byberg (21.3.06 08:57)

 

 

 

First Securities venter en ordre fra britiske Tesco i løpet av de nærmeste ukene, noe som vil kunne gi et markert kursløft i Tomra-aksjen.

- Vi mener at dagens kurs forsvares av etablert virksomhet alene, slik at oppsiden er gratis for kjøpere av Tomra-aksjen, skriver meglerhuset i en rapport datert 20. mars.

 

 

 

En eventuell Tesco-ordre vil ifølge First markere et gjennombrudd som gradvis vil prises inn som den tredje bølgen i Tomras historie.

 

12 måneders kursmål er på 75 kroner.

 

- Vi gjentar vår kjøpsanbefaling på Tomra, konkluderer meglerhuset.

[Northern Lights]

Måtte First få rett i kursmålet snart......... :)

Synes TOm virker sårbar på dager som i dag.

Hva er grunnen til at vi "alltid" må mer ned enn hovedindeksen?

[TorValdsen]

Tomra ligger i nærheten av bunn i bollinger-båndet (fra bigcharts). Tester i tillegg bunnen i trendkanalen. Om dette sammenfaller med nedgang i oljepris, fall på oslo-børs etc... Rammes Tomra hardt.

 

Det skar seg med traden jeg prøvde meg på i går, men da jeg ikke ble solgt ut på stop-loss på 52,25 i morrest, velger jeg å sitte med begrunnelse i "Bollinger-båndet" og at konsolideringsfasen går mot slutten med lavt antall omsatte den siste tiden ( unntatt - opsjonstorsdag i forrige uke).

 

Den skal videre opp ett stykke, om enn med noe avflatet stigningstakt.

[Hincapie]

Tomra med problemer i Nederland? ;)

Video:

http://www.flurl.com/uploaded/statiegeld_4204.html

[Zoonic]

Artig video det der, Hincapie! :lol:

 

Eller var det jo litt av hvert på den siden....

 

Tomra med problemer i Nederland? ;)

Video:

http://www.flurl.com/uploaded/statiegeld_4204.html

[Zoonic]

Tomra mottar midler til forskning fra Forskningsrådet:

 

- Et eksempel på et godt BIA-prosjekt er Tomras nye prosjekt "Mikrooptiske komponenter for spektrometriske anvendelser." Det skal forskes frem ny teknologi som har stort potensial for verdiskaping, med mange anvendelsesmuligheter, forteller Strandli.

 

 

- Tomra skal bruke teknologien for å detektere plastemballasje for resirkulering. En annen anvendelse er gassdeteksjon. I tillegg til å være et godt innovasjonsprosjekt, vil resultatene gi betydelige miljøgevinster, sier Strandli. Tomra skal gjennomføre prosjektet i samarbeid med sju andre bedrifter og to norske forskningsmiljøer.

 

 

 

http://www.forskningsradet.no

 

___

[chercheur]

Usually it's not very helpful at Tomra to watch the chart: extern fundamental influences like sudden orders etc are breaking all chart-speculations.

But now it seems, there will not happen important things until 19.04. (1Q06) or even 03.05. (General Meeting).

So in this situation, it might make sense to have a glance on the charts.

 

Some here in the forum have hoped, Tomra would reach a bottom at 53. That would have been fine: it would have been a double bottom (with the other "leg" at 09./10.03. and some supports in Febraury). But this hope failed. And indeed, support at the line of 53 has been rather weak.

 

One house is chattering about a bottom at 45. When I'm looking at the chart, I don't know and don't understand which reasons they will have for this statement. There's not even a small technical sign to choose just 45. They could have said with the same right: "41 - 43 - 45 - 47" or whatever. This number "45" is just a number - and the only reason that I can see for this number is just an "ideological" one: they want to bash Tomra as much as they can - and want to deceive the public with pseudo-"technical" statements.

 

As I understand the charts, the bottom line is at 52. This line is supported since the second decade of January and has been earlier a hard line of resistance. So 52 is to be seen as a very reasonable bottom line. But the charts suggest that it might be possible that there might even happen a short, hard breakdown down to 51 - an breakdown, which, if it woul happen, nearly immediately would be corrected up, as far as I understand the charts.

After reaching 52, and after a while of sidewards movement round 52, Tomra should have collected enough power to fullfill a turnaround.

Next really hard line of resistance, I still see at 55, as I've wirtten earlier here. A weaker resistance is in my opinion at 54.

[vidar]

Analytiker vurderer Tomra-aksjen

Analytikerne i Investtech har gjennomført en teknisk analyse av Tomra-aksjen. Her er dommen.

 

Artikkel av: Stian Jacobsen (22.3.06 11:35)

 

I dagens morgenrapport fra Investtech beskrives Tomra-aksjen som en svak kjøpskandidat på middels lang sikt.

– Tomra Systems har brutt den stigende trenden på kort/mellomlang sikt, noe som i første omgang indikerer svakere stigningstakt. Avtagende volum svekker salgssignalet, og det er noe støtte ved 49-51 kroner. Det langsiktige trendbildet er fortsatt positivt. Kort sikt: Watch. Middels lang sikt: Svak kjøpskandidat, skriver analytikeren.

 

I skrivende stund omsettes Tomra-aksjen for 52,75 kroner, opp 0,48 prosent.

[A Hauk]

Analytiker vurderer Tomra-aksjen

 

Analytikerne i Investtech har gjennomført en teknisk analyse av Tomra-aksjen. Her er dommen.

 

 

Artikkel av: Stian Jacobsen (22.3.06 11:35)

 

 

I dagens morgenrapport fra Investtech beskrives Tomra-aksjen som en svak kjøpskandidat på middels lang sikt.

 

 

– Tomra Systems har brutt den stigende trenden på kort/mellomlang sikt, noe som i første omgang indikerer svakere stigningstakt. Avtagende volum svekker salgssignalet, og det er noe støtte ved 49-51 kroner. Det langsiktige trendbildet er fortsatt positivt. Kort sikt: Watch. Middels lang sikt: Svak kjøpskandidat, skriver analytikeren.

 

I skrivende stund omsettes Tomra-aksjen for 52,75 kroner, opp 0,48 prosent.

[TorValdsen]

Kom meg ut av gårsdagens mislykkede trade med 25 øre høyere kurs midt på dagen. (53,25) :)

La samtidig inn nytt tradeforsøk på 53, og klarte å få en tredjedel av denne før den stakk oppover igjen.

 

Prøver på nytt igjen i morgen :) Går den inn, kommer jeg til å avvente salg noen dager, for å se om den trender opp

[TorValdsen]

Lagt på www.berlingske.dk onsdag den 22. marts 2006 kl. 20:12

 

Tyskland: Nul dåsepant

 

Fortsat ingen dåsepant i dansk-tysk grænsehandel

 

 

Mens både naturorganisationer, de danske miljømyndigheder og miljøministeren satser på, at der snart kommer pant på øl- og sodavanddåser købt syd for den dansk-tyske grænse, dementerer tyske myndigheder al snak om ændringer i grænsehandlen, skriver Flensborg Avis torsdag.

 

Det kom ellers bag på hele den danske dagspresse, da Danmarks Naturfredningsforening onsdag højlydt jublede over, at det snart er slut med pantfrie dåser i Tyskland. Miljøminister Connie Hedegaard (K) lod da også omgående bekræfte: Fra den 1. maj gælder dåsepanten også for skandinaviske kunder i grænsehandelen.

Kontorfuldmægtig Pia Nielsen fra Miljøstyrelsen i Danmark henviser til et brev, som miljøministeren modtog i 2005 fra sin daværende tyske kollega, Jürgen Trittin (De Grønne). Heri skriver Trittin, at en ny emballagelov træder i kraft den 1. maj 2006 uden mulighed for dispensation til grænsekioskerne.

 

Det ville betyde, at der for hver eneste af de 400 millioner årligt solgte øldåser fremover skal opkræves to kroner i pant.

 

- Der er ingen ændringer på vej i grænsehandelen. Den sag er forlængst afgjort i retten, meddelte Slesvig-Holstens miljøminister, Christian von Boetticher (CDU), via sin informationschef, Christian Seyfert.

 

Han henviser til en dom i højeste instans, overforvaltningsretten i Slesvig, der netop gav Calle-kæden medhold i, at det drejer sig om eksport af varer, hvilket ifølge EU-reglerne betyder pantfri handel. Det betyder dog ikke at grænsekøbmændene derved har fået dispensation fra loven.

 

- I den tyske emballagelov står der ikke et ord om dispensation til grænsehandelen. Og vi kan ikke ophæve noget, som ikke eksisterer, siger Jürgen Maaß, pressetalsmand for den forbundstyske miljøminister, Sigmar Gabriel (SPD), til Flensborg Avis.

 

Dommen betyder derimod, at delstatens Slesvig-Holsten, der skal håndhæve pantordningen, fremover er uden indflydelse på grænsehandelen, efter at grænsekøbmændene har vundet sagen i højeste retsinstans.

 

 

 

Lagt på www.berlingske.dk af Carsten Gregersen

 

Holdt på å svelge tunga når jeg leste overskriften på denne :D :D

Etter å ha lest 2. linje senket pulsen seg noe igjen Puh!!

 

 

 

 

Link til artikkel

[kgg]

Jeg så på nyhedene TV2 i Danmark i går. Der ble det bekreftet at fra 1.mai ville grensehandelen begrenses fordi pant på bokser ville bli innført. Jeg syns også de sa at panten vil bli kroner 2.

 

Tvivl om pant på grænseøl

22. marts 2006 19:43

Selv om der fra 1. maj træder nye, tyske pantregler i kraft, betyder det næppe, at danskerne kommer til at betale pant på de øl- eller sodavandsdåser, som de køber i grænsebutikkerne syd for grænsen.

 

I Slesvig-Holstens miljøministerium regner man nemlig ikke med, at de nye pantregler fører til, at de omstridte eksporterklæringer, som fritager de danske grænsehandlende fra afgiften, forsvinder.

 

- Sådan som vi vurderer det, forbliver alt, som det er, siger talsmand i delstatsministeriet, Christian Seyfert, til Ritzau.

 

Op til Slesvig-Holsten at opkræve bøder

Samme vurdering kommer fra det tyske miljøministerium i Berlin, hvor talsmand Jürgen Maas dog fremhæver, at ministeriet fortsat opfatter grænsehandelens praksis som ulovlig.

 

- Der har aldrig eksisteret nogle særlige privilegier for grænsehandelen på dette område, så derfor er og forbliver fremgangsmåden ulovlig, siger han.

 

Men ifølge det tyske miljøministeriums talsmand Maas er det op til Slesvig-Holsten at opkræve den slags bøder, og det har delstaten hidtil ikke gjort.

 

- Dér ophører vores kompetencer som forbundsstat, siger han til Ritzau.

[Zoonic]

Det var ventet at "The Tennessee bottle bill", skulle opp til den første høringen i The House i går, det rakk de ikke og den er satt opp på listen førstkommende onsdag.

 

Fikk dette svaret fra koordinatoren for dette prosjektet som også sier litt om den evnt. ferden videre.

 

The Tennessee bottle bill did not get heard today. The House Government

Operations Committee spent the entire

hour debating a single piece of legislation--a bill to help guarantee equal

pay for equal work.

 

We are sure to be heard next Wednesday, however, because the committee

chair promised to hold an extended

session on Wednesday afternoon, if necessary, to get thru the entire list.

(None of the bills can move forward

otherwise.)

 

After that, we go to a subcommittee in the House, and if it passes the

subcommittee, we then go to the full

committee. And at some point in there it should go to the Senate.

 

We will consider it a victory if it makes it past the subcommittee.

 

Thanks for your interest and do stay in touch!!

 

____

[A Hauk]

10 favorittaksjer

 

Her er aksjene analytikerne mener fortjener flest kjøpsanbefalinger.

 

 

Artikkel av: Thomas Erling Oksum (23.3.06 06:15)

 

 

 

Siste oppdatering fra JCF/Factset over analytikeranbefalingene viser ifølge Finansavisen følgende siste 75 dager:

RCCL (20 - 6 - 0)

Telenor (18 - 8 - 1)

Statoil (10 - 11 - 4)

Tomra (10 - 1 - 0)

Tandberg Television (10 - 1 - 0)

Fast (10 - 1 - 0)

Norsk Hydro (9 - 9 - 6)

Stolt Offshore (9 - 1 - 1)

EDB (9 - 1 - 0)

SAS (8 - 2 - 5)

Anbefalingene er hentet inn siste måned. Tallene i parentes viser hhv. antall kjøps-, nøytrale og salgsanbefalinger.

[TorValdsen]

Veldig mange av meglerhusene plasserer interne kryssinger av poster i dag. Hmmmm!

Det er såvidt jeg kan huske ikke positivt i det kortsiktige bildet.

[Zoonic]

Ny analyse fra ASC, mye om TRC og TESCO. De hever aksjen fra 60 til 65NOK.

 

Tomra

Share price: NOK 53.5

Target price: NOK 65.0

 

Tomra beyond Germany – TRC and new nondeposit opportunities

 

• Tomra has previously indicated that a decision regarding an

expansion of the Tesco project will be made in Q1. We do not

expect a full roll-out to be announced at this point, but we

ought to see an announcement of a further expansion of the

current pilot programme, with a potential full roll-out of

TRCs in Tesco from ’07-’08. This would represent a major

breakthrough in the non-deposit markets.

• Current status: Tomra has been running a test pilot programme

of Tomra Recycling Centres (TRCs) with Tesco since 2004. We

expect a decision to expand this programme within the next

week. A full roll-out of TRCs within Tesco’s UK and

International superstores could be worth ~NOK 800m in total.

• Non-deposit markets opening up: More important than the

economic value of the single Tesco project is that it would be an

important reference project in order for Tomra to start penetrating

the rest of the major retail chains in the UK. In parallel, Tomra

could start marketing TRCs in large non-deposit markets such as

Spain, France, Italy and certain US states.

• Japan: We expect a decision regarding the future structure of the

partnership with Sumitomo and the business model in Japan

during Q2. Tomra has indicated a total RVM potential in Japan of

~25,000. As the risk is still high regarding timing of orders, we

have not yet included significant contributions from Japan in our

estimates. A breakthrough in Japan and consequently Asia in

2007-08 would imply considerable upside to the current valuation

and hence share price level.

• Valuation & estimates: We increase our EPS by NOK 0.24 in

2008, related to the likely roll-out of TRCs in Tesco. As a

consequence of this and the promising market opportunities that

will arise in non-deposit markets in the coming years, we upgrade

our target price from NOK 60 to NOK 65. We would consider

further upgrades if the risk of materialisation in Japan decreases.

 

TRCs – a costly affair about to pay off…Almost written off, now back in action

 

Tomra’s Recycling Centres (TRCs) originally aimed

to replace a series of inefficient igloo container

collection bins located at large UK supermarkets

and in other non-deposit markets.

The obvious advantage of such centres is that they

can hold the equivalent of 50 recycling igloos,

which reduces emptying and transportation needs

significantly. In addition, the value of the sorted

recycled goods is significantly higher using TRCs

than with the traditional igloo solutions. The TRC

systems may also act as an instrument to attract

customers to stores.

The first TRC installation in co-operation with

Tesco (the largest supermarket chain in the UK)

was officially launched on 6 December 2004.

Another 5 have been installed during the past year

as part of the TRC pilot programme. During the

past five years, Tomra has invested NOK 130m in

the project, most of it charged over the P&L.

The project was definitely on the non-core list of

Tomra’s new CEO Skarholt. Its development after

the introduction of improved incentive systems has

however increased collected volumes considerably

and hence put the project back on track. Currently,

it represents Tomra’s best non-deposit penetration

opportunity.

The Tesco project – what’s it worth on

a standalone basis?

Tesco currently has ~550 stores in the UK in

which igloo solutions currently installed.

We expect each installation to be worth around

NOK 700,000 for Tomra. In addition, we expect

service revenues to be some 15% per annum of the

previous periods’ TRC sales, with a corresponding

service EBIT margin of 40%. We expect the EBIT

margin of the TRC sales to be around 20%.

Tomra will be able to roll out Tesco UK’s entire

TRC need within 18-24 months (including the

production ramp-up period).

By 2010, we assume a penetration level of 100%

of Tesco’s UK stores with igloo solutions currently

installed. We further assume that the number of

Tesco stores in need of TRCs will increase to ~600

by the end of 2010 as a consequence of further

transitions of stores within the Superstore concept

to the Extra concept and the establishment of new

Extra stores. Tesco expects around 20 new Extra

stores to be opened every year going forward.

 

Tomra should certainly have an opportunity to

grow internationally with Tesco. The markets

mainly targeted by Tesco International are nondeposit

countries like China, Malaysia, South

Korea, Taiwan, Thailand, the Czech Republic,

Hungary, Poland, Slovakia, Turkey and Ireland.

On the back of the assumptions we have made

related to margins and penetration, we arrive at a

total EBIT contribution from the Tesco project of

NOK 118m in the period from 2006e to 2010e.

 

Beyond Tesco – makes it really interesting!

The UK retail structure

During the past couple of years, there have been

significant changes in the market share distribution

between the large UK retailers. The so-called “Big

4” currently control ~90% of total sales volumes.

In addition to traditional grocery products, most of

the major retail players in the UK offer other

services like banking & insurance, property

services, household-, clothing- and home-ware.

Since the 1990s, former market leader Sainsbury’s

has been overtaken in market share by both Tesco

and Asda. During that period, UK retailers have

put more and more effort into customer service,

convenience, non-food products and a continued

roll-out of ‘superstores’ (40,000 sq ft or more). The

fight for market share is considered as extremely

tough in the UK and hard discounters like Lidl and

Aldi have experienced only limited success.

 

Retailers’ rationales for testing TRC

If the Tesco project proves to be successful, we

would expect the rest of the “Big 4”, namely Asda,

Sainsbury’s and Morrison’s and potentially other

chains to start testing the concept. The main

rationales for testing the TRC solution are:

• Practicality: Glass igloos are already in place

at most supermarkets, as there is a regulatory

requirement for supermarkets above a certain

size to offer recycling. TRCs are more effective

and visually attractive than existing solutions.

• Profitability: Controlling the recycling process

at the retail locations gives the retailer payback

in terms of material value, recycling subsidies,

improved image and higher customer attention.

RESEARCH ALERT

QUARTERLY RESULTS

23 March, 2006 - 4 - Tomra

• Competition: The fight for retail market shares

is very tough in the UK and customer service

and CSR are high priorities among all the large

retailers. This indicates that if one player

decides to roll out TRC, the other large players

are likely to follow (i.e. Tesco’s roll-out of selfservice

check-outs).

We believe all the 4 largest retail chains will be

tempted by the TRC solution offered by Tomra, if

the Tesco project proves successful.

Asda (#2) – a part of Wal-Mart

Asda is the largest overseas subsidiary of Wal-Mart

and it is currently the second largest retail chain in

the UK after Tesco.

Following the take-over by Wal-Mart in 1999,

several super centres have been opened, creating

some of the largest hypermarkets in the UK. In

total, Asda now operates 254 large supermarkets

and 302 stores in total in the UK.

Asda already offers the option of taking care of

used plastic bags, printer cartridges, cell phones,

clothes, glass, cans and paper for its customers. It

has invested nearly USD 60m in four new

recycling facilities, so that the company’s own

delivery vehicles can collect the material from the

stores, and then bale the materials at the recycling

centres before the material is sent to a reprocessor

which makes new products.

We consider the gains for Asda by introducing

Tomra’s recycling centres to be significant given

its abilities to compress and sort the material in a

more efficient way than the current system.

The potential for further penetration within the

Wal-Mart group also represents an upside given

Tomra’s existing customer relationship with Wal-

Mart in the US.

Sainsbury’s (#3) – running a pilot

recycling test with Valpak

Sainsbury’s was once the market leader in the UK,

now behind both Tesco and Asda. Still,

Sainsbury’s fortune has changed somewhat lately,

driven by improvements in customer service and

stock availability.

To put things into perspective; a large Sainsbury’s

supermarket offers ~30,000 products, of which

close to 50% are privately branded. Nearly 60% of

the total 727 stores are located in the centre or

edge-of-centre locations.

Sainsbury currently has 3,000 recycling banks

located at 346 sites collecting glass, paper, cans

and plastic packaging.

Sainsbury’s has entered a testing project with

Valpak that has provided the company with 6 pilot

‘rescape’ recycling units in order to explore

different front of stores recycling possibilities. The

project is similar to the project Tomra has with

Tesco as it has been financed by WRAP (the UK

Waste & Resource Action Programme), but the

Valpak recycling bins involve no use of compaction

or sorting technology, making them just as

inefficient as the existing igloo solutions.

We believe that TRCs will be the preferred solution

if Tomra’s Tesco project proves successful.

Morrison’s (#4) – slightly different

Morrison’s currently has over 400 superstores in

the UK. Morrison’s has a major distinction from

the three other large players in the way it operates.

Its strategy is mainly based on selling

predominantly food at low prices from its large

superstores, while the three other large chains have

to a large extent expanded their business into nonfood

products as well as retail services such as

banking and insurance services.

 

RESEARCH ALERT QUARTERLY RESULTS

23 March, 2006 - 5 - Tomra

WRAP – securing UK penetration

WRAP, which is the Waste & Resources Action

Programme, is a major UK programme initiated to

promote resource efficiency. Its primary focus is to

create stable and efficient markets for recycled

materials and products and to remove barriers to

waste minimisation, re-use and recycling.

Asda, Boots, Budgens, Coop, Londis, Iceland,

Kwik Save, Marks & Spencer, Morrison’s,

Sainsbury’s, Somerfield, Tesco and Waitrose have

all joined forces with WRAP by signing a

commitment to support WRAP in achieving its

objective to deliver absolute reductions in

packaging waste by March 2010.

We consider this commitment from the largest

retail chains in the UK to be a clear indication of

the potential for further penetration beyond Tesco

in the UK market.

We know that other large retail chains have stated

their interest for the TRC solution, but we believe

that Tomra intends to wait for a decision from

Tesco before it enters into any negotiations with

other chains.

In total we estimate the UK TRC potential to be

close to 2,000 units, of which between 1,250 and

1,500 units are related to the four big retail chains.

This could represent a revenue potential for Tomra

of up to NOK 1.5bn from 2008 and onwards.

TRC – a cheap option for the world

Given a successful outcome of the pilot project

with Tesco, Tomra will industrialise its TRC

business model and start the preparation of a roll

out in other European markets.

The potential to penetrate Portugal, Spain, Italy,

France and the US is especially worth mentioning

as these countries currently have a collection

infrastructure in place. In addition, the total

packaging recycling rates in most cases are well

below the EU targets for 2008.

Recently, we have seen increased demand for

RVMs from both the Netherlands and Eastern

Europe on the back of the pressure from EU.

The UK household waste recycling rate is currently

slightly below 23%, whereas comparable countries

like Germany, the Netherlands and Denmark

recycle 57%, 64% and 41% of their waste,

respectively.

European recycling schemes – not delivering

the results demanded by EU

 

Source: Tomra

The US retail market is dominated by very large

players and high recycling volumes, which ought

to make potential investments in TRCs very

profitable. Tomra already has established customer

relationships with several US players.

Unlike the current deposit markets, the penetration

of non-deposit markets will not be that dependent

upon longish political processes. Tomra will be

able to negotiate TRC agreements with the retail

chains, municipalities, waste management

companies, the packaging industry as well as

private individuals directly.

We estimate the total potential for TRCs in nondeposit

Europe alone to be at least 5,000-6,000

units, representing a revenue potential for Tomra

of NOK 3.5 - 4.0bn from 2008 and onwards.

Japan – an attractive market, but the

uncertainty remains

Japan represents another opportunity for Tomra to

penetrate a non-deposit market. It has already sold

close to 100 RVMs to the Japanese market. The

Japanese government is currently working on its

first draft of a revised packaging directive. Tomra

expects this to be published shortly and that the

outcome would be positive for the further RVM

penetration rates in Japan.

Tomra has indicated a total market of around

25,000 RVMs in the Japanese market and that it

expects the roll-out to start in 2007.

We have not included any contribution from Japan

in our estimates as the risk and uncertainty

regarding the decision processes, the business

 

Conclusion

On the back of a likely positive outcome from the

Tesco pilot project, we increase our EPS estimate

in 2008 to NOK 4.06. At the same time, we

increase our target price from NOK 60 to NOK 65

per share.

There are three major reasons for our continued

positive stance towards the stock.

First, although Germany has kicked in fully when

it comes to RVM sales, we have yet to see the

impact from service revenues. According to our

estimates, these will be in the region of NOK 500m

annually from 2009 onwards. This would mean

that Tomra’s recurring EPS would increase to close

to NOK 3.50 after the German roll-out is completed.

If we apply a fair multiple of 15x to this, we would

get a fair value of the steadily increasing recurring

business of ~NOK 53 per share.

 

RVM sales - Germany Service fees - Germany RVM ex Germany

Collection & Materials Handling Recycling technology Other non-deposit

Source: ABG Sundal Collier

Second, we would emphasise that a successful

outcome of the Tesco pilot will increase the

potential value of Tomra’s non-deposit prospects

significantly, as it would open up markets not

previously explored. If Tomra is able to penetrate

non-deposit markets, it would definitely be able to

defend a higher earnings multiple than the one

currently seen.

The RVM penetration potential in Japan is exciting

as well, as it could mark the start of further rollouts

of both RVMs and TRCs in the Asian region.

This is a potential yet to be included in our

estimates. We would argue that the current share

price level reflects the German potential, but that it

leaves Tomra investors with an option for free for

the company’s penetration of non-deposit markets.

Third, we find Tomra’s shareholder-friendly policy

attractive. Although it has stated an ambition to

maintain a net cash position of NOK 300m in the

company, it will introduce a new 10m share buyback

programme at the AGM in May. Given the

strong cash flow generation coming up, we could

see Tomra buying back 10m shares per annum in

the next few years in addition to providing its

owners with a sweet dividend yield.

 

Although we acknowledge that there are still

certain risk elements regarding the success in nondeposit

markets, we like the look of the current

risk/reward. Current EPS consensus estimates for

2006 and 2007 are NOK 3.0 and 3.3, respectively.

These are significantly below our estimates and a

clear signal that the share’s downside protection

should be rather good.

 

 

_________

[Northern Lights]

Får panteavtale i Frankrike

 

Det norske selskapet Repant skal levere panteautomater til en fransk dagligvarekjede. - Gjennombrudd, sier selskapet.

 

 

Artikkel av: Øystein Byberg (23.3.06 12:25)

 

 

Relaterte artikler

- Ola Mæle ser lyset - Nytt stikk til pantemyggen

- Repant leverer til Rema

 

 

 

 

Repant ASA signerte nylig avtale om leveranse av syv panteautomater til Digis franske selskap, som igjen skal levere dette til den franske dagligvarekjeden Match. Avtalen er nok et bevis på at Repants panteteknologi får nye gjennombrudd i marked etter marked, heter det i en melding fra selskapet.

Repant har lykkes godt med sitt samarbeid med Digi, særlig i det tyske markedet.

 

- Vi jobber godt sammen med Digi i flere markeder, og denne avtalen representerer et gjennombrudd for samarbeidet og for Repant i det franske markedet. Avtalen føyer seg også inn i rekken av store og små gjennombrudd for Repant i markedet etter marked den siste tiden. Vi opplever voksende interesse rundt våre løsninger fra flere hold, sier administrerende direktør Per Kverneland i Repant.

 

 

ja ja.... 7 automater, mr. Byberg i HO..... Rart det ikke fikk hele forsiden?

[christle]

En gladnyhet for Repant, som også bør være en gladnyhet for TOMRA...

 

Dersom Repant kan, ja så kan også TOMRA... Dette er kanskje starten på begynnelsen i Frankrike. Kommer panten også dit, ja så kommer nok den til hele EU, og da snakker vi STORT marked...

 

Får panteavtale i Frankrike

 

Det norske selskapet Repant skal levere panteautomater til en fransk dagligvarekjede. - Gjennombrudd, sier selskapet.

 

 

Artikkel av: Øystein Byberg - Hegnar.no (23.3.06 12:25)

Mvh. en optimist...

[TorValdsen]

ASC sitt kursmål er editert inn i megleroversikt nedenfor.

 

Ellers er det kanskje ikke rart med ASC sin følgende nettohandel så langt i dag.

 

Pussig å se at det bare er 5 meglerhus som er på kjøper'n

 

Nettohandel

Megler Volum Verdi

ASC 121 800 6 559 725

DNM 90 256 4 819 610

KNO 75 000 4 062 500

DBL 6 800 365 050

CSA 2 600 138 450

PA -1 000 -54 000

CSB -1 400 -75 250

MSI -2 600 -139 750

SBN -3 360 -181 323

AB -3 400 -181 900

NO -5 000 -268 750

NEO -5 800 -311 850

FOF -6 600 -354 750

SHB -7 200 -389 700

LBI -11 000 -590 250

ND -12 000 -647 881

ORS -13 000 -697 300

FIP -14 804 -793 255

ESO -20 800 -1 134 900

FS -22 000 -1 181 850

NON -23 130 -1 250 425

NTF -31 500 -1 698 925

TER -31 900 -1 716 800

CA -39 962 -2 137 977

MLI -40 000 -2 138 500

[Zoonic]

Frankrike var et av de første landene som Tomra leverte automater til, nærmere bestemt i 1973...

Tomra har bortimot 1000 automater utplassert i landet. Frankrike har idag pant på en god del flerbruksembalasje og man venter at det kan bli pant på engangs også etterhvert. EU direktivene for resirkulering og avfallsbehandling vil drive frem mer pant.

 

Så velkommen etter til Franrike, pantemyggen..! ;)

 

En gladnyhet for Repant, som også bør være en gladnyhet for TOMRA...

 

Dersom Repant kan, ja så kan også TOMRA... Dette er kanskje starten på begynnelsen i Frankrike. Kommer panten også dit, ja så kommer nok den til hele EU, og da snakker vi STORT marked...

 

Får panteavtale i Frankrike

 

Det norske selskapet Repant skal levere panteautomater til en fransk dagligvarekjede. - Gjennombrudd, sier selskapet.

 

 

Artikkel av: Øystein Byberg - Hegnar.no (23.3.06 12:25)

Mvh. en optimist...

[Tekniker`n]

.

 

 

NEW YORK:

 

- PANTELOV VEDTATT I KOMITE.

- NESTE ER FULL PLENUMSAVSTEMNING

 

Jeg kan ikke se at noen har skrevet om dette før (hvis det er kjent , så får dere ha meg unnskyldt)

 

 

Jeg fikk dette på min mail fra USA:

 

 

The Bigger Better Bottle Bill breezed through the New York State Assembly Ways and Means Committee on February 28th before a packed meeting room. The vote was 22 to 10. All but three of the previous supporters voted yes on the bill, the exceptions being Jim Hayes, Aurelia Greene, and Roy McDonald, all of whom said they were solid only a week or two before the vote. Minutes after the vote, NYPIRG Senior Environmental Associate, Laura Haight, said, “The opponents’ strategy is to delay the bill from getting out of the Assembly. We need to redouble our efforts to push the Assembly to put this bill to a vote as soon as possible. That's on tomorrow's agenda. For today, let’s celebrate!”

 

The bill has now advanced to the Assembly floor calendar, where a vote is expected in the next few weeks. Haight is urging advocates of the Bigger Better Bottle Bill to call or write their Assembly member ASAP and urge them to support the bill .

 

 

 

 

TENNESSEE

 

 

Så vidt jeg har funnet ut, så fortsetter behandlingen av panteloven i Tennessee om få dager. Dette står på hjemmesiden til delstatsparlamentet i Tennessee under "status for HB 3350":

Placed on cal. Government Operations Committee for 3/29/2006

 

Artikkel fra idag om "The Tennessee Bottle Bill" som i disse dager er under behandling:

 

Residents could pick up tab on 'Bottle Bill'

 

 

 

.

[TorValdsen]

Oppdatering. 30.mars - forrige oppdatering 23.mars

 

Tomra slik analytikerene ser det.

 

 

Dette er en oversikt over ulike meglehus og andre sine sist uttalte anbefalinger og kursmål for Tomra Systems ASA

 

Tomra 11 anbefalinger (10, 1 og 0) 30.mars ( i tillegg 2 positive under "andre")

16x kjøp i Tomra(14-1-1) 17.mars(I tillegg kommer to positive til under "andre" slik at totalen blir 16.)

16 anbefalinger (14 - 1 - 1) 12. mars (I tillegg kommer to positive til under "andre" slik at totalen blir 16.)

16 anbefalinger (14 - 1 - 1) 12. februar

16 anbefalinger (14 - 1 - 1) 23. januar

16 anbefalinger (14 - 1 - 1) 12. januar

16 anbefalinger (13 - 1 - 2) 12. desember

I parantes er datoen for siste nyhetssak eller analyse. Klikkbar link peker videre til sak hvor siste kursmålet for hvert enkelt hus er omtalt slik at analysen kan verifiseres.

Siden Q405 ble lagt fram har det kommet en del oppdateringer med endringer. Noen har ledet til endrede kursmål. Ingen anbefalinger er trolig endret. I tillegg er National Bank AG tatt inn under "andre".

Rekkefølgen er basert etter type anbefaling, kursmål og deretter alfabetisk rekkefølge.

 

 

 

Kjøpsanbefalinger

First Securities. Buy

75 (Gjentatt kjøpsanbefaling 20. mars - Ser gratis oppside i Tomra)

Ingen endring fra 19. januar i kursmålet.

ABG Sundal Collier. Buy

65 23.mars - endret fra 60 Tomra nær gjennombrudd?

Orion Securities. Buy

65 3. mars -Fem kjøpsanbefalinger og to salgsanbefalinger

Ingen endringer fra 15. februar på kursmål.

Norse Securies. Buy

65 (18. okt -Tomra: 2 x kjøp)

Christiania Securities. Buy

65 (1.mars -Kjøp Tomra)

Pareto. Buy (Kursmål opp fra 60 til 64.)

64 (16. feb -Pareto hever Tomra)

Kaupting. Buy (opp fra 60 til 63)***

63 (16. feb (i henhold til innlegg fra forummedlem. Mangler link til bekreftelse - Analytiker: Tomra-samtaler)

[DNB Nor Markets. Buy

60 (15. feb -Jekker opp Tomra)

Kursmål opp fra 55-60 til 60. Forrige mål var fra 22. des.

http://hegnar.no/hegnar/newsdet.asp?id=202366&cat=116]

Fondsfinans. Buy

60 (11. jan -Jekker opp Tomra)

Samme anbefaling og kursmål.

Netfonds Buy

60 Kursmålet framgår av Netfonds sitt materiell til sine kunder (B. I. Pettersen).

Terra Securities. Buy

60 (10. okt -Ser kontraktsrush i Tomra)

Terra oppdaterte Tomra etter Q4, men holder kursmålet endret.

Carnegie. Outperform

58 (17. jan -Analytiker spår Tomra-opptur.)

Usikker på om de egentlig har "buy" på Tomra.

Danske Equities. Buy

50 (29. sept -Jekker opp Tomra)

Enskilda Securities. Buy

?? (12. jan - Enskilda snur i Tomra)

Omsider gikk de 12. januar bort fra anbefaling om reduce med kursmål 36 til accumulate og ukjent kursmål.

 

 

Nøytrale anbefalinger

UBS Limited. Neutral 2

50 (5. okt -Anbefaler ikke Tomra-kjøp)

 

 

Anbefaler reduser eller selg

Handelsbanken Securities. Reduce

45 (7. mars -Ikke salgssignal i Tomra)

Noe usikker på om Handelsbanken har sell eller reduce som anbefaling.

 

 

Andre:

FOCUS-Online. Redaktøren belyser mulighet og risiko i Tomra-akjsen,

Stop-loss anbefales på € 6.20 ~ Nkr 50 (9.mars Aus Leergut werden Gewinne)

National Bank AG Buy

Nkr 67 ( 3. mars - Tomra Systems kaufen )

Der Atktionär. Buy

€ 7.50 ~ Nkr 58 ( 20. sept -Tomra anbefales i tysk finansblad)

 

Kommentarer:

Usikker på om spesielt de eldste av analysene er siste oppdatering på Tomra fra vedkommende meglerhus sin analytiker. Dette gjelder særlig de fra slutten av 2005 og tidlig i år. Vet du om nyere informasjon eller finner feil i oversikten, har forslag til - eller tips om endringer, legg et innlegg på tråden/ eller send PM til undertegnede.

[Zoonic]

Det var hyggelig å se deg på forumet igjen Tekniker`n! :)

 

Vet ikke om du så dette jeg limte inn tidligere idag:

 

__________________________

 

Det var ventet at "The Tennessee bottle bill", skulle opp til den første høringen i The House i går, det rakk de ikke og den er satt opp på listen førstkommende onsdag.

 

Fikk dette svaret fra koordinatoren for dette prosjektet som også sier litt om den evnt. ferden videre.

 

The Tennessee bottle bill did not get heard today. The House Government

Operations Committee spent the entire

hour debating a single piece of legislation--a bill to help guarantee equal

pay for equal work.

 

We are sure to be heard next Wednesday, however, because the committee

chair promised to hold an extended

session on Wednesday afternoon, if necessary, to get thru the entire list.

(None of the bills can move forward

otherwise.)

 

After that, we go to a subcommittee in the House, and if it passes the

subcommittee, we then go to the full

committee. And at some point in there it should go to the Senate.

 

We will consider it a victory if it makes it past the subcommittee.

 

Thanks for your interest and do stay in touch!!

 

 

____