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Tobii: A welcome surprise on growth - SEB

Q2 was not only better than feared but showed strong performance in Products & Solutions with an impressive 31% organic growth. Although impressive, supported by continued good demand in academia and strong performance among enterprise, as well as multiple geographies, we see it as too aggressive to pencil in a similar performance in the coming quarters, although our estimates are up. We reiterate our SEK 27-33 fair value range.

Q2 was not only better than feared but showed strong performance in Products & Solutions with an impressive 31% organic growth. Although impressive, supported by continued good demand in academia and strong performance among enterprise, as well as multiple geographies, we see it as too aggressive to pencil in a similar performance in the coming quarters, although our estimates are up. We reiterate our SEK 27-33 fair value range.
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