Smart Eye (Q4 Review): Accelerating while the market hits the brake

Smart Eye delivered a strong Q4 within Automotive, significantly outperforming expectations, while temporary cost effects and a softer Behavioral Research outlook weighed on reported profitability. With improving underlying cash flow and a scalable business model becoming increasingly visible, we view the sharp share price reaction as disproportionate. Trading at 6x EV/EBITDA-CAPEX 2027e, we continue to see attractive long-term value despite near-term noise.