We welcome Tobii’s firmer commitment to addressing costs; focus now turns to execution in order to confirm success. As market demand still seems uncertain and sluggish, we think it makes sense to address the cost base, as the company has significant R&D. We update our estimates accordingly and set a new DCF-based fair value of SEK 3-5 (4-6) per share with a mid-point of SEK 4 (5), mainly on lower long-term assumptions.
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