Increased complexity and reduced visibility

Incorporating AutoSense into numbers, prolonging losses. Rights issue terms yet to be announced, weighing on the share. Needs to deliver on targets for cash to be sufficient, we stick to HOLD.

Q4 beat & new targets, stock to rebound today

We are not fans of DMS: down to HOLD

With a weak adoption of VR products in 2023, the launch of PSVR2 has likely been a disappointment. This means that Tobii has fewer exciting triggers left, as we do not expect it to be included in Apple Vision Pro nor Meta.

Makes a major acquisition in automotive

Soft Q3 but maintained Q4 guidance (re-published)

Weakness across both divisions, but unchanged Q4 guidance. We cut sales -5-6% in 2023e-'25e on the Q3 miss. We stick to BUY on good value, a strategic move could be an option.

Big sales miss, stock down

Confidence has taken a turn

Sony PS VR2 has not been the success we hoped for. We reduce 2023-25e sales by -5-12% and 2025e EBIT by -89%. 2025 targets look difficult, but share has halved; BUY, TP SEK 20 (35).

Q2 beat but soft H2 outlook

Q2 sales +23% vs. cons. for 5% organic growth (vs. -17%). Soft outlook on macro and guides down Sony revenues in H2. EBIT down -7-12% on lower Sony sales, stick to BUY but lower TP.

Better Q2 but soft outlook

Q2 usually a large loss-making quarter

17% org growth in Q2e, tough comps from Sony deal last year. We stick to BUY but reduce our TP to SEK 40 (45).

Sony PSVR2 off to a solid start

Eyeing the future

Weak Q1 as expected, but future de-risked. Potentially more deals in VR and DMS throughout 2023. BUY, TP SEK 45.

A weak Q1 as feared

Announces first DMS design win (automotive)

We expect a somewhat slower Q1

Sony PSVR2 launch sales likely coming from inventory build-up. Macro should put pressure on enterprise business. Share attractively valued and case intact; BUY.

ABGSC VR seminar - key takeaways