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Doro

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 commercialises 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 2020 2021e 2022e
Sales 1714 1721 1743
Sales growth (%) -16,9 0,4 1,3
EBITDA 186 256 274
EBITDA margin (%) 10,9 14,9 15,7
EBIT adj 91 139 159
EBIT adj margin (%) 5,3 8,1 9,1
Pretax profit 60 135 156
EPS rep 1,85 4,34 5,01
EPS growth (%) -43,7 135 15,4
EPS adj 3,09 4,71 5,35
DPS 0,75 1,25 1,75
EV/EBITDA (x) 7,3 5,2 4,9
EV/EBIT adj (x) 14,9 9,6 8,4
P/E (x) 25,5 10,9 9,4
P/E adj (x) 15,2 10 8,8
EV/sales (x) 0,8 0,8 0,8
FCF yield (%) -5,6 5,6 4,6
Dividend yield (%) 1,6 2,7 3,7
Net IB debt/EBITDA 1,3 0,8 0,7
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 1714 1721 1743
COGS -1142 -1120 -1117
Gross profit 573 601 626
Other operating items -386 -345 -353
EBITDA 186 256 274
Depreciation on tangibles -13 -17 -16
Depreciation on intangibles -78 -74 -72
EBITA 77 147 168
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -9 -8
EBIT 69 139 159
Other financial items 0 0 0
Net financial items -9 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 60 135 156
Tax -16 -31 -36
Net profit 44 104 120
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 44 104 120
EPS 1,85 4,34 5,01
EPS Adj 3,09 4,71 5,35
Total extraordinary items after tax -21,7 0 0
Tax rate (%) -26,7 -23 -23
Gross margin (%) 33,4 34,9 35,9
EBITDA margin (%) 10,9 14,9 15,7
EBITA margin (%) 4,5 8,6 9,6
EBIT margin (%) 4 8,1 9,1
Pretax margin (%) 3,5 7,9 9
Net margin (%) 2,6 6,1 6,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -16,9 0,4 1,3
EBITDA growth (%) -11 37,3 7
EBIT growth (%) -38,3 100,4 15,1
Net profit growth (%) -43,7 137,3 15,4
EPS growth (%) -43,7 135 15,4
Profitability 2020 2021 2022
ROE (%) 5,5 12 12,6
ROE Adj (%) 9,1 13 13,4
ROCE (%) 5,9 11,3 12,1
ROCE Adj(%) 8,5 12 12,8
ROIC (%) 5,1 9,8 10,6
ROIC Adj (%) 6,6 9,8 10,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 208 256 274
EBITDA Adj margin (%) 12,1 14,9 15,7
EBITA Adj 99 147 168
EBITA Adj margin (%) 5,8 8,6 9,6
EBIT Adj 91 139 159
EBIT Adj margin (%) 5,3 8,1 9,1
Pretax profit Adj 89 144 164
Net profit Adj 73 113 128
Net profit to shareholders Adj 73 113 128
Net Adj margin (%) 4,3 6,6 7,4
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 186 256 274
Net financial items -9 -3 -3
Paid tax -16 -31 -36
Non-cash items -28 0 0
Cash flow before change in WC 133 221 234
Change in WC 14 5 -10
Operating cash flow 147 226 224
CAPEX tangible fixed assets -44 -40 -43
CAPEX intangible fixed assets -103 -121 -129
Acquisitions and disposals -63 0 0
Free cash flow -63 64 53
Dividend paid 0 -18 -30
Share issues and buybacks 0 0 0
Other non cash items 14 0 0
Decrease in net IB debt -67 28 5
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 529 529 529
Indefinite intangible assets 0 0 0
Definite intangible assets 260 299 348
Tangible fixed assets 77 100 127
Other fixed assets 22 22 22
Fixed assets 951 1014 1089
Inventories 206 221 223
Receivables 345 344 340
Other current assets 0 0 0
Cash and liquid assets 124 152 157
Total assets 1626 1730 1809
Shareholders equity 824 910 1001
Minority 0 0 0
Total equity 824 910 1001
Long-term debt 295 295 295
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 443 462 451
Other current liabilities 0 0 0
Total liabilities and equity 1626 1730 1809
Net IB debt 234 206 201
Net IB debt excl. pension debt 234 206 201
Capital invested 1059 1117 1202
Working capital 107 103 113
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1119 1130 1130
Net IB debt Adj 234 206 201
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 1354 1337 1332
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 103,8 102,5 98,5
Capital invested turnover (%) 170,8 158,2 150,4
Capital employed turnover (%) 147,2 140,4 132,7
Inventories / sales (%) 13,1 12,4 12,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 28,4 26,3 26,2
Working capital / sales (%) 6,2 6,1 6,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 28,4 22,6 20,1
Net debt / market cap (%) 24,6 18,2 17,8
Equity ratio (%) 50,7 52,6 55,3
Net IB debt adj. / equity (%) 28,4 22,6 20,1
Current ratio (%) 145,6 148,7 153
EBITDA / net interest (%) 1996,8 7564,9 8093,6
Net IB debt / EBITDA (%) 125,9 80,6 73,6
Interest cover (%) 826,2 4363,7 4960,4
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 1,85 4,34 5,01
Dividend per share Adj 0,8 1,3 1,8
EPS Adj 3,09 4,71 5,35
BVPS 34,69 37,94 41,69
BVPS Adj 1,47 3,42 5,16
Net IB debt / share 9,9 8,6 8,4
Share price 40,1 47,1 47,1
Market cap. (m) 953 1130 1130
Valuation 2020 2021 2022
P/E 25,5 10,9 9,4
EV/sales 0,79 0,78 0,76
EV/EBITDA 7,3 5,2 4,9
EV/EBITA 17,6 9,1 7,9
EV/EBIT 19,6 9,6 8,4
Dividend yield (%) 1,6 2,7 3,7
FCF yield (%) -5,6 5,6 4,6
P/BVPS 1,36 1,24 1,13
P/BVPS Adj 32,13 13,77 9,14
P/E Adj 15,2 10 8,8
EV/EBITDA Adj 6,5 5,2 4,9
EV/EBITA Adj 13,7 9,1 7,9
EV/EBIT Adj 14,9 9,6 8,4
EV/cap. employed 1,1 1,1 1
Investment ratios 2020 2021 2022
Capex / sales 8,6 9,4 9,9
Capex / depreciation 160,3 178,7 194,7
Capex tangibles / tangible fixed assets 57,3 40,3 33,7
Capex intangibles / definite intangibles 39,5 40,6 37,1
Depreciation on intangibles / definite intangibles 30,1 24,6 20,8
Depreciation on tangibles / tangibles 17,2 16,9 12,6
N/A N/A N/A

Equity research

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Media

Doro - Interview with CEO Carl-Johan Zetterberg
Doro - Company presentation with CEO Carl-Johan Zetterberg

Main shareholders - Doro

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 15.5 % 15.5 % 31 Dec 2020
Nordea Fonder 12.5 % 12.5 % 31 Dec 2020
Rite Ventures 10.3 % 10.3 % 31 Dec 2020
Lazard Frères Gestion 5.7 % 5.7 % 31 Dec 2020
Dimensional Fund Advisors 3.0 % 3.0 % 30 Nov 2020
Familjen Eklund 3.0 % 3.0 % 31 Dec 2020
Originat AB 2.3 % 2.3 % 31 Dec 2020
Avanza Pension 2.3 % 2.3 % 31 Dec 2020
Thomas Eklund 1.8 % 1.8 % 31 Dec 2020
Nordea Liv & Pension 1.5 % 1.5 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Doro

Name Quantity Code Date
Jörgen Nilsson - 6 000 SELL 30 Dec 2020
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

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