The single most important news point in connection with the release of the Q4 results was that Tobii targets profitability as soon as 2021, despite COVID-19 uncertainties. We do not expect this to happen without cost cuts, because we expect H1 to remain impacted by COVID-19 and significant FX headwinds. Therefore, despite modelling 18% organic growth (versus an average of 7% over the last 4y) in 2021, we estimate EBIT of SEK -8m. Thus, if Tobii does deliver in line with its goals there should be upside to estimates.
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