Ahead of Q1, we lower sales by 6%, primarily as a result of recent FX movements. That is offset by lower costs (we lower opex by 4%), although not fully, as Tobii has a large cost base in Sweden. While Tobii’s automotive vertical has shown traction recently, large parts of the current business within Products & Solutions suffer from weak end markets, making cost savings a key focus. We reiterate our SEK 2.7-4.0 fair value range.
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