{"id":14553,"date":"2024-04-15T09:13:51","date_gmt":"2024-04-15T06:13:51","guid":{"rendered":"https:\/\/sifterfund.com\/?p=14553"},"modified":"2024-12-05T11:15:27","modified_gmt":"2024-12-05T09:15:27","slug":"tomra-systems-new-investment-sifter-fund","status":"publish","type":"post","link":"https:\/\/sifterfund.com\/en\/tomra-systems-new-investment-sifter-fund\/","title":{"rendered":"TOMRA Systems \u2013 New investment for Sifter portfolio"},"content":{"rendered":"\n<p class=\"lead-p\">TOMRA Systems celebrated its 50<sup>th<\/sup> birthday during the peak of the COVID-19 pandemic and the first days of 2022 also marked the peak for the share price for the company. Coincidentally, the company has just appointed a new CEO a few months prior as the previous CEO quietly departed for personal reasons. What followed next was two tough years of headwinds.<\/p>\n\n\n\n<p class=\"text-cta\"><a href=\"https:\/\/sifterfund.com\/en\/tomra-systems-research-note\/\">Download TOMRA Systems Research Note (PDF)<\/a><\/p>\n\n\n\n<p><strong>The sudden rise<\/strong> of interest rates cut down on customer\u2019s willingness to invest and the company found itself trapped by previous agreements to sell machinery at fixed prices, whose profit margin was quickly eaten up by rising cost inflation.<\/p>\n\n\n\n<p>Consequently, the stock price declined over the next two years as these headwinds materialized as negative earnings surprises. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>The company appeared on the Sifter radar in early 2023 as an interesting investment candidate, but the price was deemed too high. <\/p>\n<\/blockquote>\n\n\n\n<p><strong>One-year later <\/strong>the price was down another -40 %, while the business fundamentals and long-term outlook remained intact. It was at this point, in the very first days of 2024 that Sifter recognized that this overlooked quality company could be acquired at a very attractive price.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"TOMRA Systems \u2013 Why we invested in it?\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/KYGFUmu2bVY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><figcaption class=\"wp-element-caption\">In the video I will cover the main reasons why we decided to invest in TOMRA Systems, what the company does and how it makes money.<\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-group box is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading\">What is TOMRA Systems<\/h3>\n\n\n\n<p>The company is in many ways a green economy ESG darling. The company makes products that facilitate the collection and recycling of plastic waste. In practise the company operates in three segments:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>TOMRA Collection<\/strong>, which is mainly the manufacture and sale of reverse vending machines.<\/li>\n\n\n\n<li><strong>TOMRA Recycling<\/strong>, which is the manufacture and sale of sorting equipment for the waste management industry.<\/li>\n\n\n\n<li><strong>TOMRA Food<\/strong>, which manufactures and sells sorting equipment for raw and processed food manufacturers.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"414\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-segments-1024x414.png\" alt=\"\" class=\"wp-image-14609\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-segments-1024x414.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-segments-500x202.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-segments-768x311.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-segments-1536x621.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-segments.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-02-tomra-revenue-margins.png\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-02-tomra-revenue-margins-1024x576.png\" alt=\"TOMRA sales &amp; margins (all segments).\" class=\"wp-image-14603\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-02-tomra-revenue-margins-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-02-tomra-revenue-margins-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-02-tomra-revenue-margins-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-02-tomra-revenue-margins-1536x864.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-02-tomra-revenue-margins.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">TOMRA sales &amp; margins (all segments).<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-revenue-by-segments-pie-chart.png\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-revenue-by-segments-pie-chart-1024x576.png\" alt=\"TOMRA Systems Revenue and Margins by Segments.\" class=\"wp-image-14605\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-revenue-by-segments-pie-chart-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-revenue-by-segments-pie-chart-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-revenue-by-segments-pie-chart-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-revenue-by-segments-pie-chart-1536x864.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-revenue-by-segments-pie-chart.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">TOMRA Systems Revenue and Margins by Segments.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">TOMRA Collection is the most important segment<\/h2>\n\n\n\n<p><strong>Reverse vending machines<\/strong> are used to automate the collection of plastic bottles, glass bottles and aluminium cans from consumers. These are necessary tools in countries that have implemented a <strong>deposit return system (DRS)<\/strong>, in which consumers gets compensated for returning recyclable bottles and cans.<\/p>\n\n\n\n<p>This concept was pioneered by the Swedes and Norwegians who collected re-fillable glass bottles already in 1885 and 1902. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-03-collection-rev-mar.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-03-collection-rev-mar-1024x576.png\" alt=\"Collection segment is TOMRA's most important business as it generates roughly 54% of the company's total revenue.\" class=\"wp-image-14569\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-03-collection-rev-mar-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-03-collection-rev-mar-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-03-collection-rev-mar-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-03-collection-rev-mar-1536x864.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-03-collection-rev-mar.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">Collection segment is TOMRA&#8217;s most important business as it generates roughly 54% of the company&#8217;s total revenue.<\/figcaption><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>The Norwegians were the first to automate the collection process by the introduction of TOMRA\u2019s machines in the 1970s. <\/p>\n<\/blockquote>\n\n\n\n<p>In 1984 the Swedes refined their recycling system by introducing a deposit on recyclable plastic bottles and cans thus creating the modern deposit return system we know today. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-04-drs-systems.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-04-drs-systems-1024x576.png\" alt=\"European countries that currently use DRS system are highlighted in green in the picture. The countries highlighted in light green represent potential future customers.\" class=\"wp-image-14576\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-04-drs-systems-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-04-drs-systems-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-04-drs-systems-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-04-drs-systems-1536x864.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-04-drs-systems.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">European countries that currently use DRS system are highlighted in green in the picture. The countries highlighted in light green represent potential future customers.<\/figcaption><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Growth is driven by the European Union that requires it&#8217;s countries to ensure the collection of at least 90 % of single-use plastic bottles <sup data-fn=\"07398252-bb2a-465c-8789-9deba7352deb\" class=\"fn\"><a href=\"#07398252-bb2a-465c-8789-9deba7352deb\" id=\"07398252-bb2a-465c-8789-9deba7352deb-link\">1<\/a><\/sup>.<\/p>\n<\/blockquote>\n\n\n\n<p>To achieve this 90% goal they must implement a deposit return system, as this is the only method proven to achieve this recycling target.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-05-return-rate.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-05-return-rate-1024x576.png\" alt=\"Return rates by countries utilizing deposition return system.\" class=\"wp-image-14557\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-05-return-rate-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-05-return-rate-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-05-return-rate-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-05-return-rate-1536x864.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-05-return-rate.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">Return rates by countries utilizing deposition return system.<\/figcaption><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>The business case for TOMRA is not just driven by EU bureaucrats as there is additional interest in deposit return systems and TOMRA machinery outside of EU regulations. <\/p>\n<\/blockquote>\n\n\n\n<p><strong>Uruguay<\/strong> and <strong>Singapore<\/strong> are about to introduce this system in coming years, and even <strong>China<\/strong> is performing initial pilot trials in Hong Kong and Shanghai.<\/p>\n\n\n\n<p>The future for TOMRA\u2019s collection segment is therefore great. Regulatory pressure force EU countries to buy reverse vending machines and interest in a green economy cause voluntary adoption of deposit return systems world-wide. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">TOMRA has a 70 % market share in reverse vending machines<\/h2>\n\n\n\n<p>Tomra can produce more machines, that are more reliable and at a cheaper price than its competitors and this will allow the company to defend its 70 % market share in this fast-growing industry.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-01-marketshare.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-01-marketshare-1024x576.png\" alt=\"TOMRA has a 70 % market share in reverse vending machines with the largest manufacturing scale and the longest track record of R&amp;D investment and operational efficiency.\" class=\"wp-image-14573\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-01-marketshare-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-01-marketshare-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-01-marketshare-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-01-marketshare-1536x864.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-01-marketshare.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">TOMRA has a 70 % market share in reverse vending machines with the largest manufacturing scale and the longest track record of R&amp;D investment and operational efficiency.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">TOMRA Recycling segment<\/h2>\n\n\n\n<p>The trends in the Recycling segment mirror the trends seen in Collection. Sorting equipment is sold by TOMRA to municipal and industrial companies that invest in waste recycling. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>This is a sector that has previously been neglected in many parts of the world, as is it cheaper and easier to dump waste in landfills rather than to go through the process of recycling <sup data-fn=\"3b85de9a-9558-4403-8edf-bc35593bddc5\" class=\"fn\"><a href=\"#3b85de9a-9558-4403-8edf-bc35593bddc5\" id=\"3b85de9a-9558-4403-8edf-bc35593bddc5-link\">2<\/a><\/sup>.<\/p>\n<\/blockquote>\n\n\n\n<p>Thankfully this is about to change. There are both regulatory pressures supporting investments in recycling initiatives. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>For example, the European Union is again leading the pack by raising the recycling rate of municipal waste from the current 50 % to 65 % by 2035. <\/p>\n<\/blockquote>\n\n\n\n<p>There are similar non-regulatory initiatives outside of the European Union as the rest of the world is opening its eyes to the benefits of a green and sustainable future.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-07-eu-muni-recyc.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-07-eu-muni-recyc-1024x576.png\" alt=\"The European Union is raising the recycling rate of municipal rate from the current 50 % to 65 % by 2035.\" class=\"wp-image-14565\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-07-eu-muni-recyc-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-07-eu-muni-recyc-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-07-eu-muni-recyc-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-07-eu-muni-recyc-1536x864.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-07-eu-muni-recyc.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">The European Union is raising the recycling rate of municipal rate from the current 50 % to 65 % by 2035.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The food segment is the black mark on TOMRA\u2019s otherwise spotless business<\/h2>\n\n\n\n<p>It is the result of many previous acquisitions in which TOMRA attempted to consolidate a fragmented market and thereby achieve scale advantages and reduce competition. So far this has not worked, as the segment has struggled to achieve good returns on invested capital. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-08-food-rev-mar.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-08-food-rev-mar-1024x576.png\" alt=\"Management is attempting to increase the profitability of this segment by consolidation manufacturing sites and streamlining operations with the goal of improving the EBITA margin to 10-11 % (from -5 % last year).\" class=\"wp-image-14563\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-08-food-rev-mar-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-08-food-rev-mar-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-08-food-rev-mar-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-08-food-rev-mar-1536x864.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-08-food-rev-mar.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">Management is attempting to increase the profitability of this segment by consolidation manufacturing sites and streamlining operations with the goal of improving the EBITA margin to 10-11 % (from -5 % last year).<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">What is the earnings model?<\/h2>\n\n\n\n<p>The three operating segments share very similar business model characteristics. The company sells equipment upfront (~20,000 \u20ac for a reverse vending machine; ~100,000 \u20ac or more for sorting machines). These machines last for around ten to twenty years before they are completely depreciated in a technical sense. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>TOMRA&#8217;s sales grow rapidly when a new country adopts a deposition return system, leading to a lot of equipment being sold in a short period of time.<\/p>\n<\/blockquote>\n\n\n\n<p>The company also benefits from the growth of its installed base of equipment, as maintenance and servicing account for about 20% of the company&#8217;s revenue.<\/p>\n\n\n\n<p>Technically, TOMRA&#8217;s machines last about ten to twenty years before they are replaced with new equipment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Hidden upside potential?<\/h2>\n\n\n\n<p>TOMRA has an additional, hidden, operating segment in addition to these three. This is the TOMRA Horizon venture, which is the \u2018venture-capital\u2019 arm of the business that aims to provide new revenue streams in the future and can be compared to the \u2018Moonshot projects\u2019 that Google pioneered. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>The current new ventures are plastic feedstock sorting plants in Germany and Norway, which aim to sort household plastic waste into multiple grades for further recycling. <\/p>\n<\/blockquote>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/TOMRA-Reuse-Aarhus.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/TOMRA-Reuse-Aarhus-1024x683.jpg\" alt=\"TOMRA has also launched a pilot project in the lovely coastal city of \u00c5rhus, Denmark, in which reverse vending machines collect take-away coffee mugs that can be washed and redistributed to coffee shops.\" class=\"wp-image-14680\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/TOMRA-Reuse-Aarhus-1024x683.jpg 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/TOMRA-Reuse-Aarhus-500x334.jpg 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/TOMRA-Reuse-Aarhus-768x512.jpg 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/TOMRA-Reuse-Aarhus-1536x1025.jpg 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/TOMRA-Reuse-Aarhus.jpg 1680w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">TOMRA has also launched a pilot project in the lovely coastal city of \u00c5rhus, Denmark, in which reverse vending machines collect take-away coffee mugs that can be washed and redistributed to coffee shops.<br><sub>Image: TOMRA Systems<\/sub><\/figcaption><\/figure>\n\n\n\n<p>Will these \u2018moonshot\u2019 projects actually generate significant revenue in the future? We don\u2019t know, but these projects are at least within the core competency of TOMRA (sorting equipment and reverse vending machines) and support the general trend for more sustainable and greener global economy. It is therefore justified for TOMRA to test the waters and invest a fraction of the profits in these projects.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion \u2013 Market leader in a growing niche market<\/h2>\n\n\n\n<p>We believe that the inflation related headwinds are over and that TOMRA will once again grow both its top- and bottom line in the Collection and Sorting segments. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-09-tomra-forecast.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-09-tomra-forecast-1024x576.png\" alt=\"Sifter Fund's conservative estimates for Tomra Systems (2024-2028).\" class=\"wp-image-14561\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-09-tomra-forecast-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-09-tomra-forecast-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-09-tomra-forecast-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-09-tomra-forecast-1536x864.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-systems-09-tomra-forecast.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">Sifter Fund&#8217;s conservative estimates for Tomra Systems (2024-2028).<\/figcaption><\/figure>\n\n\n\n<p>Tighter EU regulations is for once a tailwind for this particular company and the general trend to reduce our human footprint on the ecosystem is supporting future investments. <\/p>\n\n\n\n<p>The Food segment remains a question mark that we will eagerly follow and monitor, but luckily this is only a minor part of the future earnings potential \u2013 and this is what matters most to us.<\/p>\n\n\n\n<p><strong>Alexander J\u00e4rf<\/strong><br>Portfolio Manager<\/p>\n\n\n\n<div class=\"wp-block-group box is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading\">Download TOMRA Systems Research Note (PDF)<\/h3>\n\n\n\n<p>At Sifter Fund, we focus on conducting high-quality research and analysis before making any investment decisions. We value transparency and seek to highlight the diligence of our investment process by sharing our comprehensive research notes with our investors. <\/p>\n\n\n\n<p>Do you want to know what a quality company analysis looks like? <a href=\"https:\/\/sifterfund.com\/en\/tomra-systems-research-note\/\">Download the Research Note<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/sifterfund.com\/en\/tomra-systems-research-note\/\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-research-note-youtube-cover-1024x576.png\" alt=\"TOMRA Systems Reasearch Note\" class=\"wp-image-14805\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-research-note-youtube-cover-1024x576.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-research-note-youtube-cover-500x281.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-research-note-youtube-cover-768x432.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/tomra-research-note-youtube-cover.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n<\/div>\n\n\n<ol class=\"wp-block-footnotes\"><li id=\"07398252-bb2a-465c-8789-9deba7352deb\"><a href=\"https:\/\/www.consilium.europa.eu\/en\/press\/press-releases\/2024\/03\/04\/packaging-council-and-parliament-strike-a-deal-to-make-packaging-more-sustainable-and-reduce-packaging-waste-in-the-eu\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.consilium.europa.eu\/en\/press\/press-releases\/2024\/03\/04\/packaging-council-and-parliament-strike-a-deal-to-make-packaging-more-sustainable-and-reduce-packaging-waste-in-the-eu\/<\/a> <a href=\"#07398252-bb2a-465c-8789-9deba7352deb-link\" aria-label=\"Jump to footnote reference 1\">\u21a9\ufe0e<\/a><\/li><li id=\"3b85de9a-9558-4403-8edf-bc35593bddc5\"><a href=\"https:\/\/openknowledge.worldbank.org\/server\/api\/core\/bitstreams\/92a50475-3878-5984-829e-0a09a6a9badc\/content\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/openknowledge.worldbank.org\/server\/api\/core\/bitstreams\/92a50475-3878-5984-829e-0a09a6a9badc\/content<\/a> <a href=\"#3b85de9a-9558-4403-8edf-bc35593bddc5-link\" aria-label=\"Jump to footnote reference 2\">\u21a9\ufe0e<\/a><\/li><\/ol>","protected":false},"excerpt":{"rendered":"<p>Sifter Fund invested in TOMRA Systems during January 2024. In this video Alexander J\u00e4rf will introduce why we decided to invest in it.<\/p>\n","protected":false},"author":10,"featured_media":14687,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"[{\"content\":\"<a href=\\\"https:\/\/www.consilium.europa.eu\/en\/press\/press-releases\/2024\/03\/04\/packaging-council-and-parliament-strike-a-deal-to-make-packaging-more-sustainable-and-reduce-packaging-waste-in-the-eu\/\\\" target=\\\"_blank\\\" rel=\\\"noreferrer noopener\\\">https:\/\/www.consilium.europa.eu\/en\/press\/press-releases\/2024\/03\/04\/packaging-council-and-parliament-strike-a-deal-to-make-packaging-more-sustainable-and-reduce-packaging-waste-in-the-eu\/<\/a>\",\"id\":\"07398252-bb2a-465c-8789-9deba7352deb\"},{\"content\":\"<a href=\\\"https:\/\/openknowledge.worldbank.org\/server\/api\/core\/bitstreams\/92a50475-3878-5984-829e-0a09a6a9badc\/content\\\" target=\\\"_blank\\\" rel=\\\"noreferrer noopener\\\">https:\/\/openknowledge.worldbank.org\/server\/api\/core\/bitstreams\/92a50475-3878-5984-829e-0a09a6a9badc\/content<\/a>\",\"id\":\"3b85de9a-9558-4403-8edf-bc35593bddc5\"}]"},"categories":[11],"tags":[],"class_list":["post-14553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>TOMRA Systems \u2013 New investment for Sifter portfolio - Sifter Fund<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sifterfund.com\/en\/tomra-systems-new-investment-sifter-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TOMRA Systems \u2013 New investment for Sifter portfolio - Sifter Fund\" \/>\n<meta property=\"og:description\" content=\"Sifter Fund invested in TOMRA Systems during January 2024. 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