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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 2018 2019e 2020e
Sales 1906 2042 2172
Sales growth (%) -0,9 7,1 6,3
EBITDA 194 219 252
EBITDA margin (%) 10,2 10,7 11,6
EBIT adj 136 139 155
EBIT adj margin (%) 7,1 6,8 7,1
Pretax profit 123 122 149
EPS rep 3,85 3,85 4,77
EPS growth (%) 34,3 0 24,1
EPS adj 4,41 4,33 4,77
DPS 0 1 1,25
EV/EBITDA (x) 5 6,4 5,1
EV/EBIT adj (x) 7,1 10 8,4
P/E (x) 8,9 12,6 10,1
P/E adj (x) 7,7 11,2 10,1
EV/sales (x) 0,5 0,7 0,6
FCF yield (%) 1,5 2,6 10,1
Dividend yield (%) 0 2,1 2,6
Net IB debt/EBITDA 0,8 1,1 0,6
SEKm 2018 2019e 2020e
Sales 1906 2042 2172
COGS -1269 -1379 -1441
Gross profit 637 663 730
Other operating items -443 -444 -479
EBITDA 194 219 252
Depreciation on tangibles -12 -14 -15
Depreciation on intangibles -60 -65 -70
EBITA 122 128 155
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 122 128 155
Other financial items 0 0 0
Net financial items 1 -6 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 123 122 149
Tax -32 -31 -36
Net profit 92 91 113
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 92 91 113
EPS 3,85 3,85 4,77
EPS Adj 4,41 4,33 4,77
Total extraordinary items after tax -13,4 -11,4 0
Tax rate (%) -25,6 -25,1 -24
Gross margin (%) 33,4 32,5 33,6
EBITDA margin (%) 10,2 10,7 11,6
EBITA margin (%) 6,4 6,3 7,1
EBIT margin (%) 6,4 6,3 7,1
Pretax margin (%) 6,5 6 6,9
Net margin (%) 4,8 4,5 5,2
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -0,9 7,1 6,3
EBITDA growth (%) 23,5 12,6 15,1
EBIT growth (%) 31,4 4,4 21,1
Net profit growth (%) 35,4 -0,1 24,1
EPS growth (%) 34,3 0 24,1
Profitability 2018 2019 2020
ROE (%) 14,4 12,4 13,3
ROE Adj (%) 16,6 13,9 13,3
ROCE (%) 14,3 11,8 12,4
ROCE Adj(%) 15,9 12,9 12,4
ROIC (%) 12 10,2 11,3
ROIC Adj (%) 13,3 11,1 11,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 208 230 252
EBITDA Adj margin (%) 10,9 11,3 11,6
EBITA Adj 136 139 155
EBITA Adj margin (%) 7,1 6,8 7,1
EBIT Adj 136 139 155
EBIT Adj margin (%) 7,1 6,8 7,1
Pretax profit Adj 136 133 149
Net profit Adj 105 103 113
Net profit to shareholders Adj 105 103 113
Net Adj margin (%) 5,5 5 5,2
SEKm 2018 2019e 2020e
EBITDA 194 219 252
Net financial items 1 -6 -5
Paid tax -15 -31 -36
Non-cash items -11 0 0
Cash flow before change in WC 169 182 210
Change in WC 18 -33 15
Operating cash flow 222 159 225
CAPEX tangible fixed assets -19 -34 -33
CAPEX intangible fixed assets -81 -79 -76
Acquisitions and disposals -111 -17 0
Free cash flow 12 30 117
Dividend paid 0 0 -24
Share issues and buybacks -19 0 0
Other non cash items -40 -115 24
Decrease in net IB debt -47 -94 105
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 466 466 466
Indefinite intangible assets 0 0 0
Definite intangible assets 146 223 229
Tangible fixed assets 41 59 77
Other fixed assets 14 22 22
Fixed assets 667 841 864
Inventories 264 313 288
Receivables 399 416 436
Other current assets 0 0 0
Cash and liquid assets 134 152 257
Total assets 1464 1722 1845
Shareholders equity 684 795 909
Minority 0 0 0
Total equity 684 795 909
Long-term debt 284 326 326
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 496 531 540
Other current liabilities 0 0 0
Total liabilities and equity 1288 1177 1464
Net IB debt 150 244 140
Net IB debt excl. pension debt 150 244 140
Capital invested 834 1040 1048
Working capital 166 199 184
EV breakdown 2018 2019 2020
Market cap. diluted (m) 812 1151 1151
Net IB debt Adj 150 244 140
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 1396 1291
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 144,3 128,2 121,8
Capital invested turnover (%) 250,8 218 208
Capital employed turnover (%) 222,8 189,1 174
Inventories / sales (%) 12,1 14,1 13,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,4 25,1 24,7
Working capital / sales (%) 9,2 8,9 8,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 21,9 30,7 15,4
Net debt / market cap (%) 15,4 21,2 12,1
Equity ratio (%) 46,7 46,2 49,2
Net IB debt adj. / equity (%) 21,9 30,7 15,4
Current ratio (%) 160,5 161 176,1
EBITDA / net interest (%) -27742,9 3885,4 4736,9
Net IB debt / EBITDA (%) 77,2 111,8 55,5
Interest cover (%) -17471,4 2268,4 2910,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 3,85 3,85 4,77
Dividend per share Adj 0 1 1,3
EPS Adj 4,41 4,33 4,77
BVPS 28,77 33,46 38,23
BVPS Adj 3 4,46 9
Net IB debt / share 6,3 10,3 5,9
Share price 40,88 48,45 48,45
Market cap. (m) 972 1151 1151
Valuation 2018 2019 2020
P/E 8,9 12,6 10,1
EV/sales 0,5 0,68 0,59
EV/EBITDA 5 6,4 5,1
EV/EBITA 7,9 10,9 8,4
EV/EBIT 7,9 10,9 8,4
Dividend yield (%) 0 2,1 2,6
FCF yield (%) 1,5 2,6 10,1
P/BVPS 1,19 1,45 1,27
P/BVPS Adj 11,37 10,85 5,38
P/E Adj 7,7 11,2 10,1
EV/EBITDA Adj 4,6 6,1 5,1
EV/EBITA Adj 7,1 10 8,4
EV/EBIT Adj 7,1 10 8,4
EV/cap. employed 1 1,2 1
Investment ratios 2018 2019 2020
Capex / sales 5,2 5,5 5
Capex / depreciation 138,1 142,5 127,7
Capex tangibles / tangible fixed assets 45,5 57,3 42,3
Capex intangibles / definite intangibles 55,1 35,3 33,2
Depreciation on intangibles / definite intangibles 40,6 29,3 30,8
Depreciation on tangibles / tangibles 30,2 23,2 18,9

Equity research

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Media

Doro - Company presentation with CEO Carl-Johan Zetterberg
Doro - Intervju med VD Robert Puskaric (Q2 2017)

Main shareholders - Doro

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 15.5 % 15.5 % 30 Nov 2019
Rite Ventures 10.3 % 10.3 % 30 Nov 2019
Nordea Fonder 9.3 % 9.3 % 30 Nov 2019
Lazard Frères Gestion 5.7 % 5.7 % 30 Nov 2019
Dimensional Fund Advisors 2.9 % 2.9 % 31 Oct 2019
Avanza Pension 2.7 % 2.7 % 30 Nov 2019
Nordea Liv & Pension 2.6 % 2.6 % 30 Nov 2019
Theodor Jeansson 2.2 % 2.2 % 30 Nov 2019
Argenta Asset Management SA 1.9 % 1.9 % 30 Nov 2019
Doro AB 1.8 % 1.8 % 30 Nov 2019
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
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

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