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Tobii: Story reignited - SEB

After a CMD, a spinoff and a new set of targets, we regard Tobii’s equity story as reignited. While this now is a story of long-term multifaceted growth in the fairly new concept of attention computing, we expect catalysts to occur within the next 6-12 months. After revamping our model, we estimate a 2021E-25E GP CAGR of 23% to a mid-point fair value of SEK 48. This corresponds to 2023E EV/S of 5x, EV/GP of 6.5x and 2024E EV/EBITA of 26x.

After a CMD, a spinoff and a new set of targets, we regard Tobii’s equity story as reignited. While this now is a story of long-term multifaceted growth in the fairly new concept of attention computing, we expect catalysts to occur within the next 6-12 months. After revamping our model, we estimate a 2021E-25E GP CAGR of 23% to a mid-point fair value of SEK 48. This corresponds to 2023E EV/S of 5x, EV/GP of 6.5x and 2024E EV/EBITA of 26x.
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