SEB cuts Tomra to 'sell' from 'hold' on 2025 outlook, Poland market share

** SEB cuts the rating of the Norwegian recycling technology provider Tomra TOM to "sell" from "hold" on lower-than-expected 2025 outlook and market share in Poland

** The broker says Tomra's activity in Poland is high but the total contribution is below estimates

** SEB also cuts market share assumption to 50% from 57%

** The company's estimate of 10,000 reverse vending machines (RVM) total addressable market (TAM) "seems conservative," says SEB

** The broker also notes that large grocery chains may use multiple suppliers and focus less on smaller customers, potentially limiting Tomra's market share to 35% during its two-year introduction, as opposed to the 50% estimated by SEB

** Out of 12 analysts that cover Tomra Systems ASA, four rate the stock "strong buy" or "buy", ​six rate "hold" and one rates the stock "strong sell"