We argue Tobii Dynavox is positioned as the number one provider of assistive technology for communication for individuals with disabilities and special needs who require AAC. Thus, the current 70% market share could take a nudge up on the back of the partnership with Google, which leads to Dynavox customers being able to control smart home appliances through gaze tracking.
Tobii trades at 3x 2021E sales with the option in an asymmetric outcome
The Tobii story is one for the coming few years rather than quarters. Whilst the share currently trades at 3x 2021E sales, we argue the potential asymmetric outcome in big design wins in Tobii Tech gives an appealing optionality to the story. If Tobii Tech gains a mass market design win in one of the many verticals that it could potentially penetrate, we argue the outcome can be exponentially positive.
Our fair value range for Tobii is SEK 45-57 with mid-point SEK 51
Our valuation is based on a DCF with a base case WACC of 8.5%.
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