Tonies SE
4.9%
Ownership
2022
Investment year
Frankfurt Stock Exchange
(ISIN: LU2333563281)
Stock exchange

“Interactive audio system for young children”
Investment thesis
Our investment thesis is built on several attractive attributes:
- Category-defining properties of Tonies audio system with the potential to become a global player, with proof of concept for business model in DACH markets and first successes in international markets
- Repeat / “razorblade” business model and established barriers to entry due to the high installed base and existing licenses with content providers
- Significant market potential, driven by positive trends (increasing toy spend per child, trend to reduce screen-time, stable birth rates) in underlying markets for toys and games / children audio content
- Strong sales and margin growth potential, driven by replication of success from the DACH region in international markets