2Q13 update
22 July 2013
Share Price: NOK 52.5
Target Price: NOK 52.0 (55.0)
Share data
Sector
Bloomberg
Risk rating
No. of shares (NOK m)
Market cap (NOK m)
Net. Int. debt (NOK m)
Enterprise value
Free float
Average volume (k)
High/low 52w
Weight (OSEAX)
Rel. Perf 3/6/12
Abs. Perf. 3/6/12
Tomra vs. OSEBX
30%
20%
10%
0%
-10%
-20%
-30%
Prepared by analyst:
Daniel Johansson
Fondsfinans ASA
TEL: +47 23 11 30 61 dj@fondsfinans.no
22.07.2013
Industry
TOM NO
Medium
148
7 804
1 408
9 212
110m
170 340
58 / 41
0.51 %
5 / 8 / 11
11 / 12 / 22
TOM N O
Equity
OSEBX
Index
Following a more or less neutral set of Tomra 2Q13 numbers we keep a
NEUTRAL rating on the stock while lowering our estimates somewhat, also trimming our DCF-driven target price to NOK 52 (NOK 55). We continue to see stability in Collection Solutions going forward while we are less certain about developments in Sorting Solutions and we have made small negative adjustments to our estimates accordingly. Tomra is an interesting case while valuation remains somewhat unattractive.
Despite being weaker on the earnings lines than ours and market forecasts we consider the Tomra 2Q13 report to be neutral, although with some darker spots. Underlying fundamentals remain healthy as the group top line came in
6% above our 2Q estimate. Gross profit, however, was 1% weaker and EBITA
8% lower and EPS was as much as 37% lower than our forecast.
While Collection Solutions (CS) was somewhat weaker than our forecast
Sorting Solutions (SS) disappointed on margins vs. both consensus and our estimate as the increasing importance of food sorting, i.e. product mix, and one-offs were to blame. Aside of incorporating the 2Q13 into our model we also take into account somewhat weaker growth in SS going forward as orders missed our expectations. We maintain the view that SS is of increasing importance for the Tomra growth case but we also forecast that EBITA margins in that segment should remain lower than in CS for the foreseeable future.
Our updated DCF yields a slightly lower target price than prior to 2Q of NOK 52
(NOK 55) after having made the adjustments discussed above. When observing the recent share performance and the moderation in historical multiples Tomra appears less expensive than a few months ago whilst still somewhat unattractive. Our target price points at a fair valuation and we therefore we stick with a NEUTRAL recommendation.
Key figures
Revenues
2012
4 073
2013E
4 412
2014E
4 697
2015E
4 779
2Q12
948
1Q13
966
2Q13
1 177
Operating expenses
EBITA
EBIT
Net income
EPS adj.
DPS
EBITA margin
EBIT margin
EV/EBITDA static
EV/EBITA static
EV/EBIT static
P/E (adj.)
P/B
ROE
ROCE
1 040
739
662
478
2.98
1.25
18.2 %
16.3 %
10.3
12.5
13.9
16.9
3.3
19.9 %
12.5 %
1 133
722
619
436
2.70
1.40
16.4 %
14.0 %
10.6
12.8
14.9
20.7
3.1
16.1 %
9.3 %
1 131
890
786
565
3.57
1.80
19.0 %
16.7 %
8.9
10.3
11.7
14.8
2.6
18.5 %
10.3 %
1 145
908
804
579
3.67
1.80
19.0 %
16.8 %
8.7
10.2
11.5
14.4
2.5
17.5 %
10.4 %
245
180
167
113
0.70
19.0 %
17.6 %
292
113
87
58
0.35
11.7 %
9.0 %
300
173
147
102
0.61
14.7 %
12.5 %
Source: Orkla / Fondsfinans Research
FONDSFINANS ASA, HAAKON VII’S GATE 2, P.O. BOX 1782 VIKA, NO-0122 OSLO, TEL: +47 23 11 30 00, FAX: +47 23 11 30 03, mail@fondsfinans.no
This report was prepared by an analyst engaged by Fondsfinans ASA, the Norwegian affiliate of Fondsfinans Inc., who is not registered as a research analyst with FINRA or subject to FINRA rules governing research.
See page 7 of this report for Important Disclosure Information.

Tomra - 2Q13 update
CS demand was solid during the quarter while product and business mix did affect segmental earnings. We forecast
CS operations to be stable going forward.
Collection Solutions (CS)
In CS we had better growth vs. both consensus and our estimate, the latter being
4% below reported 2Q figures. Due to the ongoing change in product mix and balance between product sales and services both gross profit and EBITA was weaker than our forecast, coming in 1% and 4% respectively below our predictions. Overall we expect to continue seeing a stable development in CS while there is a lack of positive triggers lifting its growth. In order to become more positive on the segment we need catalysts such as news on RVM replacement orders in e.g. Germany, which potentially could come already during 2014.
Sorting Solutions (SS)
In SS margins disappointed, much as feared, but at greater magnitude. We continue to like the business but see moderating growth and weaker margins ahead.
EPS came in lower than our forecast and cash flows did too. Gearing was above our forecast but still leaving Tomra with plenty of opportunities.
SS came in weaker than expected given the negative organic growth y-o-y (-4%) adjusting for the Best Kvadraat inclusion. In total the SS top line was actually 9% better than our forecast when unadjusted for the acquisition. In total the weak annual growth was a slight negative surprise but no big drama in the wider picture. Having said that the EBITA line was 18% worse than what we expected and despite an in-line gross profit suggesting that we have been too optimistic on the adverse mix effect in SS and its operating margin impact. We have good confidence in the SS segmental build-up where M&A is a key part while acknowledging that a lower margin contribution will impact group returns more significantly as SS grows relatively vs. CS. Another matter is that the order book was not as strong as we had anticipated despite solid underlying demand. The
SS b-t-b ratio stood at 0.9x at end-1H13 vs. our 1.1x estimate, i.e. supporting our view that organic growth should moderate also going forward.
Other developments
EPS landed at NOK 0.61 in 2Q13 which was shy of our NOK 0.70 forecast due to the softer EBITA and given higher than expected amortisation while both net financials and taxes were below our assumptions. Cash flows and cash conversion were solid in 2Q as expected whilst a touch softer than our forecast.
The cash flow from operations reached NOK 120m, or NOK 0.80 per share, vs. our NOK 122m or NOK0.81 per share forecast. Total cash conversion was robust vs. 2Q12 and 1Q13 coming in at 57%. T omra’s gearing, ND/EBITDA, stood at 1.8x on a 12 month trailing basis vs. our 1.7x estimate after NIBD increased q-o-q bringing the equity ratio down to 43% from 45% in 1Q. In all we view the Tomra financial situation as much robust and we think the modest gearing opens up for more acquisitions as early as in 1H14.
Quarterly revenues and growth y-o-y Quarterly EBITA and margin
1400 250 25%
1200
1000
800
600
400
200
0
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
200
150
100
50
0
20%
15%
10%
5%
0%
Ope ratin g reve nue s
Source: Tomra, Fondsfinans Research
Yo Y g row th
Page 2 22 July 2013
EBITA EBITA m argi n
Fondsfinans Research

Tomra - 2Q13 update
Our estimates for 2013E and 2014E are lowered at the group level, mainly due to lower margins within SS.
On back of the developments in 2Q13 we have cut estimates accordingly resulting in minor changes only to our 2013E and 2014E forecasts with SS being the key source of deviation vs. our preview forecast.
In all we keep our group revenue estimate unchanged for 2013E while lowering the EBITA and reported EPS assumptions by 4% and 6% respectively. For
2014E the adjustments to revenues, EBITA and EPS are in turn lowered by 3%,
4% and 5% respectively. The main underlying adjustment is, as mentioned above, in SS as we have taken into account a somewhat lower growth plus lower gross and EBITA margins that in all translates into 10% and 9% lower EBITA forecasts for 2013E and 2014E respectively. For CS the estimates changes are insignificant.
FY group and segment (EBITA) estimates changes
Group Curr Prev Curr Prev % %
Revenues
EBITA
Pretax
EPS rep.
Segment
2013E 2013E 2014E 2014E 2013E 2014E
4412 4414 4697 4825 0 % -3 %
722 754 890 927 -4 % -4 %
589.5 620.7
764 801 -5 % -5 %
2.70
2.87
3.57
3.76
-6 % -5 %
Curr Prev Curr Prev % %
EBITA
Coll. Sol.
2013E 2013E 2014E 2014E 2013E 2014E
502 508 568 574 -1 % -1 %
Sort. Sol.
Group func.
243 271 342 377 -10 % -9 %
-20 -20 -20 -20 0 % 0 %
Source: Tomra, Fondsfinans research
Fondsfinans Research 22 July 2013 Page 3

Tomra - 2Q13 update
Our updated DCF yields a NOK 52 (NOK 55) price target supporting our maintained
NEUTRAL rating.
We stick to a DCF approach when valuing Tomra due to the company characteristics and the difficulty in identifying direct peers for a peer group or
SOTP approach to be appropriate. After having made the adjustments discussed above we get to a fair value per share of NOK 52 (vs. NOK 55 prior to 2Q) based on a perpetuity growth rate of 2.5%, an EBIT margin gradually rising to 17% and a WACC of 9.3%.
Implicitly our DCF yields a multiple of 10.6x EV/EBITDA for 2013 given our FY
NOK 868m (previously NOK 899m) EBITDA assumption, which we argue is somewhat unattractive. Tomra currently trades at 10.8x for 2013 while the corresponding ratio for 2014 is 9.1x. Trading at c. NOK 53 we argue that Tomra is valued fairly.
DCF model
NOKm
Revenue
EBIT
- EBIT margin
EBIT + tax
D&A
Inv.working capital
CAPEX
Free cash flow
2013
4412
619.1
14.0 %
458.1
250.6
-37.2
-218.9
452.6
2014
4697
786.5
16.7 %
582.0
251.6
-13.1
-257.2
563.3
2015
4779
803.9
16.8 %
594.9
251.6
-282.5
-264.6
299.4
2016
5110
2017
5465
859.7
919.4
16.8 % 16.8 %
636.2
680.3
282.9
-68.0
-282.9
568.2
302.6
-72.7
-302.6
607.6
2018
5654
951.3
16.8 %
703.9
313.1
-38.9
-313.1
665.0
2019
5851
984.3
16.8 %
728.4
323.9
-40.2
-323.9
688.1
2020
6054
1018.4
16.8 %
753.6
335.2
-41.6
-335.2
712.0
2021
6264
1053.8
16.8 %
779.8
346.8
-43.1
-346.8
736.7
2022
6481
Term
6643
1090.3
1129.3
16.8 % 17.0 %
806.8
835.7
358.8
-44.6
-358.8
762.3
367.8
-33.1
-367.8
802.6
Assumptions rish free rate beta market risk premium
ROE tax rate debt ratio
WACC
5 %
1.10
5 %
11 %
26.0 %
17 %
9.3 %
Model inputs growth 2014-2015 growth 2016-2021 perpertuity growth
6.9 %
3.5 %
2.5 %
Valuation summary
NPV 2013-2021
NPV of terminal value
Enterprise value
NIBD
Market value shares outstanding
Value per share
3680
5459
9140
1408
7732
148
52
Source: Tomra / Fondsfinans research
Sensitivity and implicit EV/EBITDA multiples
2013 EBITDA
52.8
783 826 844 870 896 913 957
7.6 30.7 32.9 33.8 35.1 36.5 37.4 39.6
8.6 36.0 38.5 39.5 41.0 42.5 43.5 46.1
9.6 41.2 44.1 45.2 46.9 48.6 49.7 52.5
10.6 46.5 49.6 50.9 52.8 54.6 55.9 59.0
11.6 51.8 55.2 56.6 58.6 60.7 62.0 65.5
12.6 57.1 60.8 62.3 64.5 66.7 68.2 71.9
13.6 62.4 66.4 68.0 70.4 72.8 74.4 78.4
Source: Tomra, Fondsfinans research
A historical multiples comparison suggests
Tomra’s valuation has become somewhat more attractive whilst still relatively rich.
Looking at the historical multiples comparison as per below for reference we think Tomra has become slightly more attractive on both EV/EBITDA and P/E over the past few months, whilst yet pricing in factors such as high cash conversion, modest cyclicality and the structural growth profile well. It is important to note however that the recent developments including a moderating growth in the previously dominating CS segment and also the new business split within SS, which is clearly affecting margins, makes an historical multiples comparison somewhat less relevant. Overall the findings therefore support our
NEUTRAL recommendation.
Page 4 22 July 2013 Fondsfinans Research

Tomra - 2Q13 update
Historical EV/EBITDA multiples
12x
11x
10x
9x
8x
7x
6x
5x
4x
3x
12x
10x
8x
6x
Historical P/E multiples
18x
16x
14x
TOM NO
Histor ical aver age
TOM NO
Histor ical aver age
Fondsfinans Research 22 July 2013 Page 5

Tomra - 2Q13 update
The main risk to Tomra is actual order intake level as the company’s P&L is highly order driven. As per today the SS segment has become increasingly important which has improved group order visibility while CS is still driven by frame agreements, ultimately building upon political decision making, and therefore much difficult to forecast over the longer term.
Competition is increasing for Tomra, and some larger industrial enterprises have started to focus parts of Tomra’s businesses over the past few years. This has already had a negative impact on margins we believe while we still identify Tomra as a sector leader, especially in the CS segments while it also has a leading position in certain end-market segments within SS.
While Tomra isn’t a cyclical industrial company per se parts of the business is cyclical, such as the SS business with focus on mining, while the CS segment indirectly is impacted by a weaker economy as that impact investment decisions among retail chains. Tomra is highly sensitive to developments in Europe and that could continue to pose challenges for growth we think. Nonetheless the cyclical impact is limited and it’s our belief that Tomra has in fact become less cyclical over the years and will continue to develop in that direction.
In all Tomra is somewhat dependent on political processes with CS being the most sensitive business (deposit and recycling) while SS is to an extent sensitive to food regulation.
Part of Tomra’s business, in particular the CS division but also food sorting within
SS, is also seasonal and variations in northern hemisphere summer temperatures and between winter and summer generally has importance for earnings.
Tomra is a technology based company, for instance within sensor technology and advanced software, and much of the competitive edge over peers stems from superior patents in hardware and software developed by Tomra or acquired.
Because of this Tomra is sensitive to technological shifts among end-users, timing of innovations or if a competing technology gains the upper hand within the regulatory framework. With heightened competition this risk will probably increase over time.
M&A in general constitutes a key risk both because of uncertainties in the execution of deals as well as regarding legal aspects tied to those deals. Tomra is actively engaging in M&A and as more deals are expected to take place also in developing markets over time we argue this risk can increase.
Lastly Tomra is also heavily exposed to foreign currencies, with USD and EUR being particularly important, as well as raw materials with aluminium and plastics
(e.g. PET) prices being of key importance.
Page 6 22 July 2013 Fondsfinans Research

Tomra - 2Q13 update
Definitions of ratings
Buy
Neutral
Low risk: with a potential of min 5%. Medium risk: with a potential of min 10%. High risk: with a potential of min 20%.
Low risk: -5% to +5%. Medium risk: -10% to +10%. High risk: -20% to +20%.
Sell Low risk: min 5%. Medium risk: min 10%. High risk: min 20%.
Risk ratings are based on price volatility, fundamental criteria and perceived risk. Ratings are: Low (L), Medium (M) and High (H).
Target: Our valuation as of today.
Time frame of target: Target is what we value the share as of today.
Recommendation distribution as of 08.07.13: Companies in each recommendation category that have been investment banking clients over the past 12 months:
Recommendation
Buy
Neutral
Sell
Total
No
31
11
3
45
Percent
69 %
24 %
7 %
100 %
Recommendation
Buy
Neutral
Sell
Total
Our intention is to issue preview and update research on a quarterly basis.
No Percent
3
1
10 %
9 %
0
4
0 %
Our investment recommendation is elaborated in accordance with “The Norwegian Securities Dealers Associations” standards.
This report has not been sent to the company for correction of any factual errors.
Fondsfinans is organized with Chinese walls between the Corporate Department and the Research/Broking Department. In addition,
Fondsfinans has internal instructions and guidelines for handling sensitive information.
The analysts receive compensation that is impacted by overall firm profitability, including investment banking activities.
The analyst is not a partner in DIS Fondsfinans.
Fondsfinans is under supervision of The Financial Supervisory Authority of Norway.
The recommendation has not been changed (Neutral). The previous recommendation was issued 24.04.13.
Ownership per 22.07.13 in Tomra:
Analyst (including his/her closely related persons or companies):
0, corresponding to 0% of the company share capital
Employees (including their respective closely related persons or companies):
0, corresponding to 0% of the company share capital
Group Fondsfinans (including the holdings of its Chairman, his spouse and their closely related companies, Erik Must AS and its 100% controlled subsidiaries):
0, corresponding to 0% of the company share capital
Fondsfinans may hold shares in Tomra as a result of daily trading/market making. Information on such holdings is not given when of non-significant value.
This report was issued and distributed 22.07.13.
DISCLAIMER
This report is provided for information purposes only. It should not be used or considered as an offer to sell or a solicitat ion of an offer to buy any securities. Any opinions expressed are subject to change without prior notice. This report is based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that the information herein is not misleading, Fondsfinans ASA makes no representation or warranty expressed or implied as to its accuracy or comple teness. Neither
Fondsfinans ASA, its partners and employees, nor any other person connected with it, accepts any liability whatsoever for any direct or consequential loss of any kind arising out of the use or reliance on the information in this report. This report is prepared for general circulation and general informa tion. It does not take into account the specific investment objectives and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in thi s report, should seek independent financial advice relating thereto. This report may not be distributed, quoted from or reproduced for any purpose without written approval by Fondsfinans ASA.
DISCLOSURE OF INTERESTS
Fondsfinans ASA is constantly seeking investment-banking mandates, and may at any time perform investment banking or other services or solicit investment banking or other mandates from the company or companies covered in this report. Fondsfinans ASA may from time to time as part of its investmen t services hold positions in securities covered in this report. Under our internal regulations, our analysts are not permitted to purchase new securities in the companies they cover. Holdings are specified as part of shareholder information in each report.
DISTRIBUTION IN THE US
Research reports are prepared by Fondsfinans ASA for information purposes only. Fondsfinans ASA and its employees are not subject to the Rules of the Financial Industry
Regulatory Authority (FINRA) governing research analyst conflicts. The research reports are intended for distribution in the
United States solely to “major U.S. institutional investors” as defined in Rule 15a-6 under the United States Securities Exchange Act of 1934, as amended and may not be furnished to any other person in the United States. Each major U.S. institutional investor that receives a copy of a Fondsfinans ASA research report by its acceptance thereof represents and agrees that it shall not distribute or provide copies to any other person. Reports are prepared by Fondsfinans ASA and distributed to major U.S. institutional investors un der Rule 15a-6(a)(2). These research reports are prepared by Fondsfinans ASA and distributed in the United States by Fondsfinans Inc. under Rule 15a-6(a)(2). Any U.S. Person receiving these reports that desires to effect transactions in any securities discussed within the report should call or write Fondsfinans Inc., a member of FINRA.
Fondsfinans Research 22 July 2013 Page 7

Sector:
Date:
Next result:
Target
Recommendation:
Collection Solutions
Sorting Solutions
Operating revenues
Y/Y growth
Former Mat. Handling
Cost of goods sold
Depreciation
Gross profit
Other op. expenses
Depreciation
EBITA
Special items
Amortization
EBIT
Net financial items
Pre-tax profit
Taxes
Tax percentage
Net income
Discontinued opration
Minorities
Net profit majority
Adjustments
Net profit adjusted
EBITA margin
EBIT margin
Key figures
No. of shares, m
Share price
Dividend
EPS
EPS adjusted
CFPS
P/E reported
P/CF adjusted
EV/EBITA static
EV/EBIT static
P/B
ROE (adj.)
ROCE (adj.)
Capital Goods(Ind. Machinery)
22-Jul-2013
17-Oct-2013
52
Neutral
2010
2 532
518
3 050
4 %
966
1 622
57
1 371
800
75
496
-245
26
225
-7
219
125
57.1 %
94
27
40
81
245
325
16.3%
7.4%
2011
2 764
926
3 690
21 %
891
1 990
57
1 643
890
83
670
0
44
625
-22
604
164
27.1 %
440
-21
37
382
0
382
18.1%
16.9%
2012
2 649
1 424
4 073
10 %
77
662
-32
631
153
24.2 %
478
0
37
441
2 142
60
1 871
1 040
92
739
0
0
441
18.1%
16.3%
Share price (NOK): 53
Book equity per share: NOK 16.3
Equity ratio:
12 month high/low:
45 %
58 / 41
2013E
2 683
1 729
4 412
8 %
2 410
56
1 946
1 133
91
722
0
103
619
-30
589
153
26.0 %
436
0
36
400
0
400
16.4%
14.0%
2014E
2 814
1 883
4 697
6 %
2 527
56
2 113
1 131
92
890
0
104
786
-23
764
199
26.0 %
565
0
37
528
0
528
19.0%
16.7%
148.0m
147.9m
147.8m
148.0m
148.0m
37.4
0.60
39.2
1.05
50.3
1.25
55.8
1.40
52.8
1.80
0.48
1.61
2.58
2.86
2.98
2.98
2.70
2.70
3.57
3.57
3.28
high
11.4
12.0
26.5
3.0
4.4%
4.1%
3.83
15.2
10.2
9.5
10.2
2.7
19.2%
14.9%
2.22
16.9
22.7
12.5
13.9
3.3
19.9%
12.5%
4.27
20.7
13.1
12.8
14.9
3.1
16.1%
9.3%
5.43
14.8
9.7
10.3
11.7
2.6
18.5%
10.3%
2015E
2 892
2 113
5 005
7 %
Balance Sheet Data
Current assets
Fixed assets
Total assets
Current liabilities
Long-term liabilitites
Shareholders' equity
2010
1 567
1 739
3 305
1 142
263
1 901
2011
1 817
2 182
3 999
1 227
555
2 217
2012
2 044
2 296
4 339
1 135
1 668
2 357
2013E
2 553
2 344
4 897
1 179
1 850
2 778
2014E
2 920
2 240
5 160
1 193
1 850
3 136
Equity per share
Equity ratio
Net interest bearing debt
Net int. bear. debt/equity
Cash flow statement
CF from operation
CF from investment
CF from financing
Net cash flow
Inv. in working capital
12.8
55.4%
427
0.2
15.0
53.5%
562
0.3
15.9
44.3%
1 375
0.6
18.8
46.2%
1 219
0.4
21.2
49.2%
880
0.3
22.0
50.2%
910
0.3
485
-307
-232
-53
567
-557
112
122
328
-1 038
715
5
632
-219
-82
331
804
-257
-207
339
548
-265
-266
18
-18 -131 -161 -37 -13 -283
2015E
3 041
2 214
5 255
1 196
1 850
3 260
2 578
56
2 371
1 145
92
1 134
0
104
804
-21
783
204
26.0 %
579
0
37
543
0
543
22.7%
16.1%
148.0m
52.8
1.80
3.67
3.67
3.71
14.4
14.2
10.2
11.5
2.5
17.5%
10.4%
3Q12
667
434
1101
8 %
23
172
-9
162
48
29 %
115
0
14
101
598
14
490
270
25
194
0
0
101
17.7 %
15.6 %
2Q12
672
276
948
0 %
13
167
-6
161
47
29 %
113
0
10
103
487
14
447
245
21
181
0
0
103
19.0 %
17.6 %
4Q12
699
489
1188
27 %
24
12 %
194
0
6
0
28
203
-9
194
164
625
18
545
287
27
231
0
164
19.4 %
17.1 %
147.9m
147.9m
147.8m
148.0m
148.0m
51 51 50 56 52
1Q13
598
368
966
16 %
0
25.7
87
-9
78
20
26 %
58
0
6
52
525
14
427
292
22
113
0
52
11.7 %
9.0 %
2Q13
699
478
1177
24 %
0
25.9
147
-9
138
36
26 %
102
0
11
91
668
14
495
300
23
173
0
91
14.7 %
12.5 %
0.70
0.70
-0.77
Shares outs.:
Market cap (NOKm):
Net int.-bearing debt (NOKm):
Enterprise Value (NOKm):
0.68
0.68
1.23
Sensitivity 2013 estimates
Base estimate
-/+ 1 pp Revenue growth
-/+ 1 pp cost of goods sold
-/+ 1 pp Operating Margin
1.11
1.11
1.59
0.35
0.35
0.08
148m
7 804
1 408
9 212
0.61
0.61
0.81
3.57
EPS-change
0.08
0.04
0.01
Major shareholders as of 16.07.2013
Shareholders Shares Owners.
Investment Latour
Folketrygdfondet
Jupiter European Fund
SEB
SEB
Nordea Nordic Small Cap
The Northern Trust
29.82m
20.16 %
14.74m
9.36m
6.82m
4.32m
3.99m
3.84m
9.96 %
6.32 %
4.61 %
2.92 %
2.70 %
2.59 %
The Bank of New York Mellon
JPMorgen Chase
State Street Bank and Trust
Other shareholders
Total shareholders
3.32m
3.22m
2.98m
1.92m
147.95m
2.24 %
2.18 %
2.02 %
1.30 %
100 %