Along with its Q3 results, Tobii announced cost measures to tackle macro pressures that will probably hamper growth in 2023. While a slight disappointment, we agree that profitability and cash flow are the right priorities. We adjust our estimates accordingly and derive a new fair value range of SEK 36-44 (41-50) with a mid-point of SEK 40 (45). Case triggers remain new design wins and the targeted release of PSVR2 in February 2023.
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