Sales estimates cut by 2-13% per year
We cut our sales estimates by 2% for 2020, 13% for 2021 and 13% for 2022. We are 2.2pp and 6.2pp above consensus on organic growth for 2021 and 2022, respectively, but below on actual sales which to us illustrates that consensus has not incorporated lower FX for 2021 in its models. We expect Dynavox to continue to perform very healthily while Tech and Pro are more impacted from an extension of the pandemic, in line with the impact from the first wave. We expect group organic growth to be 15% for 2021 but that is not enough to contribute to a positive EBIT (we expect SEK -23m versus SEK -98m in 2020). For Tobii to turn profitable in 2021, as per the previous (pre-pandemic) communication, further cost measures must be taken, we believe.
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