Tobii’s Q3 revealed good progress on cash cost savings, down SEK 53m q/q (albeit SEK 15-20m of which related to vacation, according to the company). The trend should continue in the coming quarters, which is positive, although numbers revealed a slower than expected organic performance. Positive cost revisions are largely offset by lower revenue estimates in absolute terms on EBIT. We reiterate SEK 2.7-4.0 fair value range.
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