Brad Hathaway of Far View Capital Management presented his in-depth thesis on Tobii (Sweden: TOBII) at European Investing Summit 2019.

Thesis summary:

Tobii is a Swedish provider of eye-tracking technologies for medical devices (Tobii Dynavox), market research (Tobii Pro) and consumer electronics (Tobii Tech). The company is mispriced because large investments in Tobii Tech have made the company loss-making on a consolidated basis. However, the existing Tobii Dynavox and Tobii Pro business are strongly profitable and have dominant market shares in growing end markets. The consumer electronics division currently generates minimal revenues but is considered the strong market leader in all segments where it participates. As eye tracking begins to be used for uses like e-sports and computer gaming, mainstream PCs, virtual/augmented reality and smartphones, Tobii Tech should generate significant revenue which would lead to a massive inflection in consolidated earnings. Tobii’s downside is protected by the Dynavox and Pro divisions while significant upside potential exists with the growth of Tobii Tech.

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About the instructor:

Brad Hathaway is the Managing Partner of Far View Capital Management. Before founding Far View Capital Management in 2011, Mr. Hathaway worked for four years at J. Goldman & Company, a New York City-based hedge fund. At J. Goldman, Mr. Hathaway worked as an analyst and a portfolio manager on the firm’s value team. His role there included sourcing and analyzing investment opportunities and managing a portfolio comprised of global securities from multiple asset classes with a focus on US publicly-traded equities. Prior to J. Goldman, Mr. Hathaway worked for three years as an analyst at Tocqueville Asset Management where he discovered and researched global long and short equity investments for the International Value mutual fund and the Global Partners hedge fund. Mr. Hathaway graduated with a B.A. in Political Science from Yale University.