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Tobii: Another COVID-impacted quarter - SEB

Ahead of the Q4 numbers, we cut top line estimates by 2% for 2021-22 solely due to FX and we derive a fair value range of SEK 50-60 with a mid-point value of SEK 55. We think Q4 will be another COVID-impacted quarter for Tobii with prolonged customer development processes in Tech mainly being the drag right now. We expect Dynavox and Pro to have recovered decently from lows. We think the Tobii story is a high-risk one with huge optionality from a positive XR (mainly) development using eye tracking in mass markets.

Ahead of the Q4 numbers, we cut top line estimates by 2% for 2021-22 solely due to FX and we derive a fair value range of SEK 50-60 with a mid-point value of SEK 55. We think Q4 will be another COVID-impacted quarter for Tobii with prolonged customer development processes in Tech mainly being the drag right now. We expect Dynavox and Pro to have recovered decently from lows. We think the Tobii story is a high-risk one with huge optionality from a positive XR (mainly) development using eye tracking in mass markets.
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