Added to YB: 2026-08-27
Pitch date: 2026-08-25
TNIE.DE [neutral]
tonies SE
+0.35%
current return
Author Info
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Company Info
tonies SE, through its subsidiaries, develops, produces, and distributes digital, cloud based, and interactive audio platform and entertainment system for children in Germany, the United States, the United Kingdom, France, and internationally.
Market Cap
EUR 1.3B
Pitch Price
EUR 11.48
Price Target
N/A
Dividend
N/A
EV/EBITDA
33.59
P/E
-99.25
EV/Sales
1.94
Sector
Leisure Products
Category
growth
Tonies (TNIE Germany): Installed-base growth keeps feeding the machine
TNIE.DE (earnings): H1 rev +41.4% cc to €243m (NA +56.6%, DACH +25.6%); installed base ~12.6m boxes, 173m+ cumulative Tonies. Model: hardware seeds multi-yr higher-margin content; mgmt says 60%+ of post-2020 cohort LTV still ungenerated. H1 adj EBITDA margin just 0.7% (Toniebox-heavy mix, US tariffs), but DACH margin +~800bp to 24.4% shows mature-base potential. FY guide unchanged: rev >€760m, cc >20%, NA >30%, adj EBITDA 9-11% — implies steep H2 margin ramp (~13-16%) on seasonality, Lite already baked in as guidance not upside. New Toniebox Lite launches NA/UK/AU/NZ; key question cannibalization vs TB2. H1 FCF negative on pre-launch inventory build; chips contracted thru 2027, facility refi'd to 2029. Risks: everything hinges on Q4 execution — can't judge till then.
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