Adj. EBIT beat from lower costs

Cost-cutting ahead of plan

No quick recovery in sight

Negative organic growth and larger loss in Q2 trigger cost reductions. We cut 2024-26e sales by 5%, but reduce EBIT losses somewhat. Financial risk remains elevated until 2027, we stick to HOLD.

Risks remain too high for us

Q1 miss decreases visibility due to broad-based weakness. Few triggers for re-valuation near-term. Automotive remains too risky for us and FCF still negative: HOLD.

Weak development in Q1

Tobii AB: 1 director

A director at Tobii AB bought 100,000 shares at 4.662SEK and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...

Tobii - On track to reach profitability in Q4’23e

Macro hurts enterprise sales but VR progresses well Sales down 3-4%, EBIT largely unchanged Targets profitability in Q4’23, we keep BUY, TP SEK 50 (55)

Tobii - Q3 relatively in line, confirms EBIT target

Q3: Sales +1% vs cons, org growth lower, EBIT better Guides for positive EBIT Q4’23 vs cons SEK -40m FY’23 Est: sales down, EBIT flat, share neutral to slightly down

Tobii - Meta’s eye-tracking headset comes in October

Project Cambria is confirmed to launch ahead of PSVR2 Meta’s first VR headset with eye-tracking to the market Tobii’s involvement still uncertain, could generate sales

Tobii - Sony confirms PSVR2 launch “early 2023”

PSVR2 is the first eye-tracking consumer VR headset VR market to experience +50% CAGR 2021-2025e Sony revenues to be 21% of Tobii group in 2023e

Tobii - High-margin profile becomes visible

First signs of Sony revenues prove high profitability Sales estimates down slightly, gross profit & EBIT up An exciting case for 2023 with VR as main driver; BUY

Tobii - Q2 beat entirely related to Sony revenues

High-margin Sony rev. saved Q2, underlying a bit softer Relatively neutral estimate changes Share neutral to slightly up today on proven profitability

Tobii - Q2e likely soft but all eyes on Sony launch

Weaker enterprise marketing and gaming activity in Q2e Sony’s PSVR2 is key, launches soon Taking large steps in eye-tracking leadership; BUY

Tobii - A major deal: Selected by Sony in PS VR2

Tobii will provide eye-tracking to Sony’s PS VR2 headset >10% of 2022e sales, we estimate much more thereafter De-risks the case massively, share up >20-30% today

Tobii - Small changes after Q1, VR case intact

7% organic growth in Q1, should increase in 2022e Tobii’s chances to win in VR remains strong Small estimate changes, BUY and TP and SEK 55 stand

Tobii - Undramatic report today

Sales 1% vs cons, EBIT SEK -45m (cons -47m) VR market progresses well, eye-tracking a key feature Not an estimate driving report, share neutral today

Tobii - 2022 has the potential to be a strong year

In-line Q4 report, 2022 has more to show Sony is the big potential for Tobii in VR We reiterate BUY and TP of SEK 55

Tobii - In line report, focus on Sony negotiations

10% organic growth puts sales -4% vs cons in Q4 EBIT in line with ABGe, positive wording into 2022 Share neutral on the report, focus on Sony negotiations

Tobii - Sony PSVR2 officially announced

Expected launch Q4’22, PSVR2 comes with eye-tracking We do not know the eye-tracking supplier yet… …but we think it is likely to be Tobii, supportive

Tobii - Becoming a clean eye-tracking case; BUY

Dynavox distributed to shareholders, estimates reduced Eye-tracking is now the pure driver, VR the first stop 2022-23 are important and news-intensive years; BUY