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[Idea note] - Dynavox: Assistive Tech Leader With 100% Upside Potential

Despite strong fundamentals and proven societal value, the market underappreciates Dynavox’s growth potential...

Author

Kristoffer Lindström
June 14, 2025

Idea note

This is an Idea note; It’s a collection of early signals – companies mentioned in fund letters, blogs, or by sharp investors online. Not a full pitch, just a starting point for ideas that might be worth a more in-depth look.

Assistive Communication Pioneer Poised for Double

Idea source: Origo, Per Johansson

Dynavox Group AB is the global leader in assistive communication technology for people with disabilities, offering hardware, software, and support services in over 65 countries.

Ticker: DYVOX | Timeframe: 12m | 📈 Bullish

Dynavox leads the assistive communication technology market with unique solutions for people with disabilities such as cerebral palsy, ALS, and autism. Despite strong fundamentals and proven societal value, the market underappreciates Dynavox’s growth potential, particularly in the underpenetrated U.S. market. With tariff protection, a scalable business model, and an expanding market share, Johansson forecasts a 100% upside potential within 12 months based on a 25x earnings multiple.

  • Setup: Market leader in the critically underserved assistive technology space, with ~50M people globally unable to communicate effectively without assistance, yet only ~2% are currently being helped.

  • Latest development: Recent acquisition of Link Assistive strengthens direct presence in Australia/New Zealand markets, following successful expansion strategy in Ireland and Denmark.

  • Reason for mispricing: Market underappreciates both the societal value and business model scalability; recent rebranding from Tobii Dynavox to Dynavox Group in 2024 may have created confusion.

  • Timing: Accelerating revenue growth with Q1 2025 showing 36% YoY increase; positive momentum from recent acquisitions and product developments.

  • Value catalysts: A growing elderly population is driving the adoption of assistive tech; expanding the global footprint through strategic distributor acquisitions; and medical device tariff exemptions provide margin protection.

  • Valuation: Currently trading at ~76x TTM P/E vs Johansson’s target of 25x forward earnings, implying significant upside as earnings growth accelerates.

  • Upside potential: 100% over the next 12 months, according to Johansson, supported by strong Q1 2025 results showing 34% currency-adjusted growth.

  • Risks: High current valuation requires continued strong execution; competition from other communication technologies; potential margin pressure if medical device tariff exemptions change.

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