Tobii AB (publ) (TOBII.ST) fair value

ACCE thesis

Tobii sells eye-tracking hardware and software, mainly the sensor modules and analytics platforms that let PCs, games, VR headsets and research labs know where a user is looking. Its moat rests on an 81% gross margin, which says the software and sensor IP is priced as a premium product rather than commodity hardware. The obvious near-term catalyst is the broader adoption of eye tracking in laptops and VR devices, but revenue fell 45.8% in the latest reported period, so the thesis depends on that demand returning rather than on current momentum. An operating margin of 9.1% shows the business can still earn a profit on a shrinking top line, while a return on equity of -61.6% reflects the losses that have eroded book value. At a market capitalisation of about 160M SEK with no index membership and no forward earnings estimate in the data, the name is small and under-followed, which is worth a deeper look only if the revenue decline can be shown to be cyclical or program-timing rather than structural.