Following the exit of Smartbox, Tobii’s net debt position stands at SEK 155m (SEK 412m in cash) pro forma, according to the company. We argue this is, by a wide margin, enough to carry the company through 2021. We believe the company can be cash flow positive towards the end of the year and generate a FY 2022 FCF of SEK 89m.
Valuation range of SEK 44-52 with mid-point at SEK 47
Despite all that we have outlined above, we like the Tobii story and argue the asymmetric outcome stemming from potential mass-market design wins in Tobii Tech justifies the 2.6x sales for 2021E with >65% gross margins.
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