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Doro

Mobile phones for the elderly

DORO is one of the world's leading brands of mobile phones and other telecom products that are easy to use. The company develops and commercializes products that are especially adapted for the growing number of seniors in the world. Its business is divided into the segments Consumer (products) and Care (services). DORO is established in over 40 countries on five continents, with the Nordics, Great Britain and North America being its primary markets.

If DORO’s new goals, announced in late 2017, were to be met, the company would have significantly higher margins going forward. In addition, the “silver economy” (aging population) is still an opportunity for players such as DORO to seize. There is an increasing demand for products suited for seniors, which needs to be supplied.

DORO has a strong position within its niche, but there is a risk that bigger players could exploit this market, which eventually could hurt DORO’s market share. Another risk is associated with the increasing technological knowledge of seniors. This has resulted in advanced phones becoming more common.

SEKm 2018 2019e 2020e
Sales 1906 1910 1924
Sales growth (%) -0,9 0,2 0,7
EBITDA 194 210 236
EBITDA margin (%) 10,2 11 12,3
EBIT adj 136 130 148
EBIT adj margin (%) 7,1 6,8 7,7
Pretax profit 123 123 143
EPS rep 3,85 3,99 4,62
EPS growth (%) 34,3 3,8 15,6
EPS adj 4,41 3,99 4,62
DPS 1 1 1,25
EV/EBITDA (x) 4,9 4,7 3,7
EV/EBIT adj (x) 7,1 7,5 6
P/E (x) 8,9 9,6 8,3
P/E adj (x) 7,7 9,6 8,3
EV/sales (x) 0,5 0,5 0,5
FCF yield (%) 1,5 11,9 13,3
Dividend yield (%) 2,9 2,6 3,2
Net IB debt/EBITDA 0,8 0,3 -0,1
SEKm 2018 2019e 2020e
Sales 1906 1910 1924
COGS -1269 -1270 -1255
Gross profit 637 640 669
Other operating items -443 -430 -433
EBITDA 194 210 236
Depreciation on tangibles -22 -24 -26
Depreciation on intangibles -50 -56 -62
EBITA 122 130 148
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 122 130 148
Other financial items 0 0 0
Net financial items 1 -7 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 123 123 143
Tax -32 -28 -33
Net profit 92 95 110
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 92 95 110
EPS 3,85 3,99 4,62
EPS Adj 4,41 3,99 4,62
Total extraordinary items after tax -13,4 0 0
Tax rate (%) -25,6 -23 -23
Gross margin (%) 33,4 33,5 34,8
EBITDA margin (%) 10,2 11 12,3
EBITA margin (%) 6,4 6,8 7,7
EBIT margin (%) 6,4 6,8 7,7
Pretax margin (%) 6,5 6,5 7,4
Net margin (%) 4,8 5 5,7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -0,9 0,2 0,7
EBITDA growth (%) 24,4 8,3 12,1
EBIT growth (%) 31,4 6,6 13,4
Net profit growth (%) 35,4 3,7 15,6
EPS growth (%) 34,3 3,8 15,6
Profitability 2018 2019 2020
ROE (%) 14,4 13,2 13,8
ROE Adj (%) 16,6 13,2 13,8
ROCE (%) 16,1 15,8 18,2
ROCE Adj(%) 17,9 15,8 18,2
ROIC (%) 12,2 12,3 14,2
ROIC Adj (%) 13,6 12,3 14,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 208 210 236
EBITDA Adj margin (%) 10,9 11 12,3
EBITA Adj 136 130 148
EBITA Adj margin (%) 7,1 6,8 7,7
EBIT Adj 136 130 148
EBIT Adj margin (%) 7,1 6,8 7,7
Pretax profit Adj 136 123 143
Net profit Adj 105 95 110
Net profit to shareholders Adj 105 95 110
Net Adj margin (%) 5,5 5 5,7
SEKm 2018 2019e 2020e
EBITDA 194 210 236
Net financial items 1 -7 -5
Paid tax -32 -28 -33
Non-cash items 0 0 0
Cash flow before change in WC 164 175 198
Change in WC 18 22 11
Operating cash flow 222 197 208
CAPEX tangible fixed assets -30 -26 -26
CAPEX intangible fixed assets -70 -62 -61
Acquisitions and disposals -111 0 0
Free cash flow 12 109 122
Dividend paid 0 -24 -24
Share issues and buybacks -19 0 0
Other non cash items -40 0 0
Decrease in net IB debt -47 85 98
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 550 550 550
Indefinite intangible assets 0 0 0
Definite intangible assets 63 68 67
Tangible fixed assets 41 44 43
Other fixed assets 14 14 14
Fixed assets 668 676 674
Inventories 264 248 232
Receivables 399 382 383
Other current assets 0 0 0
Cash and liquid assets 134 219 317
Total assets 1464 1524 1606
Shareholders equity 684 755 841
Minority 0 0 0
Total equity 684 755 841
Long-term debt 284 284 284
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 496 485 481
Other current liabilities 0 0 0
Total liabilities and equity 1288 1177 1464
Net IB debt 150 65 -33
Net IB debt excl. pension debt 150 65 -33
Capital invested 820 806 794
Working capital 166 144 134
EV breakdown 2018 2019 2020
Market cap. diluted (m) 812 915 915
Net IB debt Adj 150 65 -33
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 962 980 882
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 144,3 127,8 122,9
Capital invested turnover (%) 256,1 235 240,6
Capital employed turnover (%) 250,8 231 236,4
Inventories / sales (%) 12,1 13,4 12,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,4 25,7 25,1
Working capital / sales (%) 9,2 8,1 7,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 21,9 8,6 -3,9
Net debt / market cap (%) 15,4 7,1 -3,6
Equity ratio (%) 46,7 49,5 52,4
Net IB debt adj. / equity (%) 21,9 8,6 -3,9
Current ratio (%) 160,5 174,9 193,8
EBITDA / net interest (%) -27757,1 2960,6 4484,6
Net IB debt / EBITDA (%) 77,2 30,8 -14
Interest cover (%) -17471,4 1834,6 2810,9
SEKm 2018 2019e 2020e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 3,85 3,99 4,62
Dividend per share Adj 1 1 1,3
EPS Adj 4,41 3,99 4,62
BVPS 28,77 31,76 35,38
BVPS Adj 3 5,76 9,42
Net IB debt / share 6,3 2,7 -1,4
Share price 40,88 38,5 38,5
Market cap. (m) 972 915 915
Valuation 2018 2019 2020
P/E 8,9 9,6 8,3
EV/sales 0,5 0,51 0,46
EV/EBITDA 4,9 4,7 3,7
EV/EBITA 7,9 7,5 6
EV/EBIT 7,9 7,5 6
Dividend yield (%) 2,9 2,6 3,2
FCF yield (%) 1,5 11,9 13,3
P/BVPS 1,19 1,21 1,09
P/BVPS Adj 11,38 6,69 4,09
P/E Adj 7,7 9,6 8,3
EV/EBITDA Adj 4,6 4,7 3,7
EV/EBITA Adj 7,1 7,5 6
EV/EBIT Adj 7,1 7,5 6
EV/cap. employed 1,2 1,2 1,1
Investment ratios 2018 2019 2020
Capex / sales 5,2 4,6 4,5
Capex / depreciation 137,9 110 98,4
Capex tangibles / tangible fixed assets 72,5 60,7 60,3
Capex intangibles / definite intangibles 111,2 90,5 90,3
Depreciation on intangibles / definite intangibles 80,6 82,2 91,8
Depreciation on tangibles / tangibles 52,6 55,2 61,3

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Main shareholders

Doro

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 15.5 % 15.5 % 31 Dec 2018
Rite Ventures 10.3 % 10.3 % 31 Dec 2018
Lazard Asset Management 5.7 % 5.7 % 31 Jan 2019
Nordea Fonder 3.1 % 3.1 % 31 Jan 2019
Humle Fonder 3.1 % 3.1 % 28 Feb 2019
Dimensional Fund Advisors 2.8 % 2.8 % 31 Jan 2019
Avanza Pension 2.6 % 2.6 % 31 Dec 2018
Bengt Julander 2.5 % 2.5 % 31 Dec 2018
Argentabank Luxembourg SA 2.4 % 2.4 % 28 Feb 2019
Theodor Jeansson 2.2 % 2.2 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Doro

Name Quantity Code Date
Erik Thomas Bergdahl - 70 000 SELL 20 Dec 2018
Erik Thomas Bergdahl - 9 425 SELL 20 Dec 2018
Erik Thomas Bergdahl - 3 075 SELL 30 Nov 2018
Johan Frogner + 40 000 BUY 15 Nov 2018
Erik Thomas Bergdahl - 11 210 SELL 19 Oct 2018
Jörgen Nilsson + 70 000 BUY 10 Aug 2018
Robert Puskaric + 210 000 BUY 10 Aug 2018
Erik Thomas Bergdahl + 70 000 BUY 10 Aug 2018
Mathias Carlsson + 10 000 BUY 10 Aug 2018
Annika Lillie Hübner + 6 000 TECKN 10 Aug 2018

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