After more than 1.5 years in the portfolio, today is the end: I have sold my position in Tomra Systems ($TOM (-7,75%))completely.
Why was this?
Because on the stock market you are not rewarded for "waiting for things to get better", but for holding the best assets.
The hard facts after today's Q4 figures (13.02.2026):
Recycling crisis without end:
While the deposit business (Collection) is stagnating (+2%), the recycling division is slumping massively (-27% turnover).
Management capitulation:
Management openly admitted today that the problems in the recycling market will be solved by 2027 will continue. This means: at least another 12-18 months of "dead capital".
Cash flow collapse:
The operating cash flow fell from € 83 million to just 24 million has collapsed. This is no longer a growth case, this is a restructuring story.
The switch to Hermès ($RMS (-0,51%)):
Instead of hoping for a political miracle with Tomra, I invested the capital directly in Hermès directly.
ROI machine:
While Tomra is cutting back, Hermès yesterday (12.02.) posted record figures with a 41% margin delivered.
Analyst tailwind:
Bernstein has just upgraded Hermès to "Outperform" (target price € 2,650).
Real pricing power:
Hermès simply raises prices by 5-6% in 2026 because demand permanently exceeds production.
My conclusion:
30% down on Tomra hurts in the short term, but the opportunity cost of being trapped in this "drama" for another year would be significantly higher.
