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1. Company Snapshot

1.a. Company Description

Smart Eye AB (publ) develops eye tracking artificial intelligence technology solutions that understands, supports, and predicts human intentions and actions in Sweden and internationally.The company offers driver monitoring systems and interior sensing solutions for automotive market; and end-to-end driver monitoring systems for fleet and aftermarket.It also provides eye tracking systems for analyzing human behavior under the Smart Eye Pro, Smart Eye Pro dx, AI-X, XO, and Aurora names, as well as offers smart recorders, software, and analysis services to automotive, aviation, aerospace, neuroscience, psychology, human computer interaction research, user experience/marketing, and medicine industries.


Smart Eye AB (publ) was incorporated in 1999 and is headquartered in Gothenburg, Sweden.

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1.b. Last Insights on SEYE

Smart Eye AB's recent performance was driven by strong Q3 sales growth and EBITDA improvement, with net sales increasing 25% to SEK 99.1 million. A milestone AIS order from Optix and a nomination as software tier-1 for a North American car manufacturer boosted growth prospects. Partnerships, such as with Sony, advanced safety and in-car experiences. The company's real-time alcohol impairment detection was recognized as a CES 2026 Innovation Awards Honoree, showcasing innovative capabilities. Insider ownership and undervaluation relative to estimated value add to the company's appeal.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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European Growth Companies With High Insider Ownership In December 2025

Dec -01

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November 2025's European Stocks That May Be Trading Below Estimated Value

Nov -17

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Smart Eye Interim Report Q3 January–September 2025

Nov -14

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Smart Eye's Real-Time Alcohol Impairment Detection Named a CES 2026 Innovation Awards(R) Honoree

Nov -05

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European Growth Stocks With Significant Insider Ownership

Oct -30

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Sony Group (TSE:6758): Evaluating Valuation as Automotive Sensor Collaboration with Smart Eye Drives New Growth Opportunities

Oct -07

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Nomination Committee of Smart Eye AB Appointed

Oct -06

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Smart Eye Collaborates with Sony on Next-Generation Interior Sensing and Iris Authentication to Support Global Safety Regulations

Oct -06

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.92%)

6. Segments

Research Instruments

Expected Growth: 9.27%

Smart Eye AB's 9.27% growth is driven by increasing demand for driver monitoring systems, expansion in the automotive industry, and growing adoption of advanced driver-assistance systems (ADAS). Additionally, the company's innovative research instruments and software solutions for eye tracking and facial recognition contribute to its growth momentum.

Automotive Solutions

Expected Growth: 12.12%

Smart Eye AB's 12.12% growth in Automotive Solutions is driven by increasing demand for advanced driver-assistance systems (ADAS) and autonomous vehicles, coupled with the company's innovative AI-powered eye-tracking technology. Additionally, growing partnerships with major OEMs and Tier 1 suppliers, as well as expanding into new markets, contribute to the segment's rapid growth.

7. Detailed Products

DMS (Driver Monitoring System)

A software-based solution that uses AI-powered computer vision to detect and track the driver's attention, drowsiness, and distraction.

Interior Sensing

A solution that uses cameras and AI to detect and classify occupants, monitor their behavior, and provide insights for improved safety and comfort.

Eye Tracking

A technology that uses cameras and AI to track the user's gaze, providing insights into attention, engagement, and behavior.

AI-powered Computer Vision

A software solution that uses machine learning and computer vision to analyze and understand visual data from various sources.

8. Smart Eye AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Smart Eye AB (publ) operates in a niche market with limited substitutes, but the increasing adoption of AI and machine learning in the automotive industry may lead to the development of alternative solutions.

Bargaining Power Of Customers

Smart Eye AB (publ) has a diverse customer base, and no single customer accounts for a significant portion of its revenue, reducing the bargaining power of customers.

Bargaining Power Of Suppliers

Smart Eye AB (publ) relies on a few key suppliers for its hardware components, which may lead to some bargaining power, but the company's strong relationships with its suppliers mitigate this risk.

Threat Of New Entrants

The high barriers to entry in the automotive technology industry, including the need for significant R&D investments and regulatory approvals, make it difficult for new entrants to compete with Smart Eye AB (publ).

Intensity Of Rivalry

The automotive technology industry is highly competitive, with several established players competing for market share, which may lead to pricing pressure and increased marketing expenses for Smart Eye AB (publ).

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.32%
Debt Cost 3.95%
Equity Weight 99.68%
Equity Cost 10.80%
WACC 10.78%
Leverage 0.32%

11. Quality Control: Smart Eye AB (publ) passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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IVU Traffic Technologies

A-Score: 5.2/10

Value: 2.7

Growth: 5.0

Quality: 7.6

Yield: 1.9

Momentum: 8.5

Volatility: 5.7

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Lectra

A-Score: 4.2/10

Value: 4.2

Growth: 5.8

Quality: 6.5

Yield: 1.9

Momentum: 2.5

Volatility: 4.0

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Smart Eye

A-Score: 4.1/10

Value: 6.8

Growth: 4.6

Quality: 4.9

Yield: 0.0

Momentum: 7.5

Volatility: 1.0

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Lime Technologies

A-Score: 3.8/10

Value: 0.9

Growth: 8.2

Quality: 7.3

Yield: 1.2

Momentum: 3.0

Volatility: 2.0

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PensionBee

A-Score: 3.3/10

Value: 4.0

Growth: 7.9

Quality: 3.2

Yield: 0.0

Momentum: 2.0

Volatility: 3.0

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Tracsis

A-Score: 2.9/10

Value: 4.8

Growth: 3.9

Quality: 5.2

Yield: 0.6

Momentum: 1.0

Volatility: 1.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

69.55$

Current Price

69.55$

Potential

-0.00%

Expected Cash-Flows