Time to prove the moat - BUY on weakness

Spoiled with beats

Decent across the board but slightly lower org. top line makes us lower our '24e organic growth assumptions by 2pp. Limited total revisions on better FX - keep BUY at 21x '25e EV/EBIT.

Tobii Dynavox - Top-line strength, but opex is rising fast

Underlying top-line growth is accelerating, +25% y-o-y Opex up 11% q-o-q main concern, but GM slightly better Retain HOLD as we still await a better entry point

Tobii Dynavox - Reassuring underlying organic growth

Q3 EBIT 9% above cons, but fully adj. was in line Expect positive cons. revisions of 1-3% Share likely to outperform today by low single digits

Tobii Dynavox - Creating a voice for everyone

Global leader in AAC with almost 40% market share Fledgling TAM penetration allows long growth trajectory Initiate coverage with HOLD and TP of SEK 20