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Doro

Doro

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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.

Financials

SEKm 2019 2020e 2021e
Sales 2063 1713 1780
Sales growth (%) 8,2 -17 3,9
EBITDA 209 187 275
EBITDA margin (%) 10,2 10,9 15,5
EBIT adj 134 94 161
EBIT adj margin (%) 6,5 5,5 9
Pretax profit 107 58 157
EPS rep 3,28 1,71 5,09
EPS growth (%) -14,8 -47,7 197,3
EPS adj 4,65 3,2 5,5
DPS 0 0,75 1,25
EV/EBITDA (x) 6,5 5,6 3,5
EV/EBIT adj (x) 10,2 11,1 6
P/E (x) 15,4 22,8 7,7
P/E adj (x) 10,9 12,2 7,1
EV/sales (x) 0,7 0,6 0,5
FCF yield (%) 8,3 3,8 13,4
Dividend yield (%) 0 1,9 3,2
Net IB debt/EBITDA 0,8 0,7 0,1
SEKm 2019 2020e 2021e
Sales 2063 1713 1780
COGS -1414 -1133 -1164
Gross profit 650 580 616
Other operating items -440 -393 -341
EBITDA 209 187 275
Depreciation on tangibles -19 -15 -16
Depreciation on intangibles -50 -75 -71
EBITA 123 80 170
Goodwill impairment charges 0 0 0
Other impairment and amortisation -11 -10 -10
EBIT 112 69 161
Other financial items 0 0 0
Net financial items -5 -12 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 107 58 157
Tax -29 -17 -36
Net profit 78 41 121
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 78 41 121
EPS 3,28 1,71 5,09
EPS Adj 4,65 3,2 5,5
Total extraordinary items after tax -22 -25 0
Tax rate (%) -27,4 -29,4 -23
Gross margin (%) 31,5 33,8 34,6
EBITDA margin (%) 10,2 10,9 15,5
EBITA margin (%) 6 4,6 9,6
EBIT margin (%) 5,4 4 9
Pretax margin (%) 5,2 3,4 8,8
Net margin (%) 3,8 2,4 6,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 8,2 -17 3,9
EBITDA growth (%) 7,8 -10,8 47,3
EBIT growth (%) -8,3 -38,3 132
Net profit growth (%) -14,9 -47,7 197,3
EPS growth (%) -14,8 -47,7 197,3
Profitability 2019 2020 2021
ROE (%) 10,6 5,1 14,1
ROE Adj (%) 15,1 9,6 15,2
ROCE (%) 10,6 6 13,4
ROCE Adj(%) 13,7 9,1 14,2
ROIC (%) 9,1 5,2 13,2
ROIC Adj (%) 10,9 7,1 13,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 231 212 275
EBITDA Adj margin (%) 11,2 12,4 15,5
EBITA Adj 145 105 170
EBITA Adj margin (%) 7 6,1 9,6
EBIT Adj 134 94 161
EBIT Adj margin (%) 6,5 5,5 9
Pretax profit Adj 140 93 167
Net profit Adj 111 76 131
Net profit to shareholders Adj 111 76 131
Net Adj margin (%) 5,4 4,4 7,3
SEKm 2019 2020e 2021e
EBITDA 209 187 275
Net financial items -5 -12 -3
Paid tax -28 -17 -36
Non-cash items 2 -26 0
Cash flow before change in WC 179 132 236
Change in WC 61 15 5
Operating cash flow 243 132 241
CAPEX tangible fixed assets -32 -29 -29
CAPEX intangible fixed assets -92 -67 -87
Acquisitions and disposals -19 0 0
Free cash flow 100 36 125
Dividend paid 0 0 -18
Share issues and buybacks 0 0 0
Other non cash items -100 27 0
Decrease in net IB debt -17 45 89
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 514 514 514
Indefinite intangible assets 0 0 0
Definite intangible assets 185 164 170
Tangible fixed assets 61 74 87
Other fixed assets 23 24 24
Fixed assets 844 838 858
Inventories 244 214 228
Receivables 391 358 356
Other current assets 0 0 0
Cash and liquid assets 199 214 303
Total assets 1678 1624 1744
Shareholders equity 782 807 910
Minority 0 0 0
Total equity 782 807 910
Long-term debt 303 336 336
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 530 481 498
Other current liabilities 0 0 0
Total liabilities and equity 1678 1624 1744
Net IB debt 167 122 33
Net IB debt excl. pension debt 167 122 33
Capital invested 949 929 943
Working capital 105 91 86
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1200 927 927
Net IB debt Adj 167 122 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 1368 1049 960
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 131,3 103,8 105,7
Capital invested turnover (%) 231,4 182,4 190,1
Capital employed turnover (%) 195 149,6 149
Inventories / sales (%) 12,3 13,4 12,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,9 29,5 27,5
Working capital / sales (%) 6,6 5,7 5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 21,4 15,1 3,6
Net debt / market cap (%) 18,5 13,2 3,6
Equity ratio (%) 46,6 49,7 52,2
Net IB debt adj. / equity (%) 21,4 15,1 3,6
Current ratio (%) 151,6 163,3 177,9
EBITDA / net interest (%) 4362,5 1620,6 8199
Net IB debt / EBITDA (%) 79,9 65,3 12
Interest cover (%) 2558,3 689,8 5070,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 3,28 1,71 5,09
Dividend per share Adj 0 0,8 1,3
EPS Adj 4,65 3,2 5,5
BVPS 32,9 33,97 38,31
BVPS Adj 3,52 5,47 9,55
Net IB debt / share 7 5,1 1,4
Share price 38,06 39 39
Market cap. (m) 905 927 927
Valuation 2019 2020 2021
P/E 15,4 22,8 7,7
EV/sales 0,66 0,61 0,54
EV/EBITDA 6,5 5,6 3,5
EV/EBITA 11,1 13,2 5,6
EV/EBIT 12,2 15,2 6
Dividend yield (%) 0 1,9 3,2
FCF yield (%) 8,3 3,8 13,4
P/BVPS 1,54 1,15 1,02
P/BVPS Adj 14,36 7,12 4,08
P/E Adj 10,9 12,2 7,1
EV/EBITDA Adj 5,9 5 3,5
EV/EBITA Adj 9,4 10 5,6
EV/EBIT Adj 10,2 11,1 6
EV/cap. employed 1,2 0,9 0,8
Investment ratios 2019 2020 2021
Capex / sales 6 5,6 6,5
Capex / depreciation 179,3 107,2 133
Capex tangibles / tangible fixed assets 53,4 38,9 33,3
Capex intangibles / definite intangibles 49,6 41,2 51,3
Depreciation on intangibles / definite intangibles 27,2 45,8 41,9
Depreciation on tangibles / tangibles 31,1 19,9 18,6

Equity research

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Media

Doro - Company presentation with CEO Carl-Johan Zetterberg Boudrie (in English)
Doro - Interview with CEO Carl-Johan Zetterberg (in Swedish)

Main shareholders - Doro

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 15.5 % 15.5 % 30 Jun 2020
Rite Ventures 10.3 % 10.3 % 30 Jun 2020
Nordea Fonder 10.1 % 10.1 % 30 Jun 2020
Lazard Frères Gestion 5.7 % 5.7 % 30 Jun 2020
Dimensional Fund Advisors 3.0 % 3.0 % 30 Jun 2020
Bengt Julander 2.5 % 2.5 % 30 Jun 2020
Avanza Pension 2.3 % 2.3 % 30 Jun 2020
Originat AB 2.2 % 2.2 % 30 Jun 2020
Thomas Eklund 1.8 % 1.8 % 30 Jun 2020
Doro AB 1.8 % 1.8 % 30 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - Doro

Name Quantity Code Date
Lennart Jacobsen + 10 000 BUY 3 Sep 2019
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
Robert Puskaric + 210 000 BUY 10 Aug 2018
Annika Lillie Hübner + 6 000 SUBS 10 Aug 2018
Carl-Johan Zetterberg Boudrie + 121 100 BUY 10 Aug 2018
Erik Thomas Bergdahl + 70 000 BUY 10 Aug 2018

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