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Tobii: Performance reverses in the blink of an eye - SEB

We lower our forecasts following a weaker than expected Q3 report that also indicated a lower run rate heading into Q4, which we further partly extrapolate into 2024-25. As EBIT break-even in Q4/23 now looks less certain and focus on the balance sheet has increased, we raise our risk premium assumption. Our new fair value is SEK 18-22 per share for a mid-point of SEK 20 (30). The shares trade at a 2023E EV/S of 1.0x.

We lower our forecasts following a weaker than expected Q3 report that also indicated a lower run rate heading into Q4, which we further partly extrapolate into 2024-25. As EBIT break-even in Q4/23 now looks less certain and focus on the balance sheet has increased, we raise our risk premium assumption. Our new fair value is SEK 18-22 per share for a mid-point of SEK 20 (30). The shares trade at a 2023E EV/S of 1.0x.
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