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Doro

Doro

Mobile phones for the elderly

Doro is a market-leading supplier of products (e.g. feature phones) and telecare services, primarily directed to the senior population. The company was founded in 1974, is active in 40+ countries, and has since its inception made several transitions with its operations. It started by offering answering machines to business clients, but this changed into mainly offering mobile phones for the senior segment in 2007, and since 2014 it has largely been focusing on telecare services. The latter has both occurred through M&A and through organic development.

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 1689 1770 1654
Sales growth (%) -18,1 4,8 -6,6
EBITDA 204 255 265
EBITDA margin (%) 12,1 14,4 16
EBIT adj 102 151 147
EBIT adj margin (%) 6 8,5 8,9
Pretax profit 69 135 144
EPS rep 2,05 4,29 4,62
EPS growth (%) -37,6 109,8 7,7
EPS adj 3,1 5,39 5,02
DPS 0 1,25 1,75
EV/EBITDA (x) 6 5,7 5,1
EV/EBIT adj (x) 12,1 9,6 9,2
P/E (x) 22,8 13,8 12,8
P/E adj (x) 15,1 11 11,8
EV/sales (x) 0,7 0,8 0,8
FCF yield (%) 12,7 7,4 10,4
Dividend yield (%) 0 2,1 2,9
Net IB debt/EBITDA 0,5 0,1 -0,3
Lease adj. FCF yield (%) 11,1 6,2 9,2
Lease adj. ND/EBITDA 0,2 -0,2 -0,6
SEKm 2020 2021e 2022e
Sales 1689 1770 1654
COGS -1119 -1135 -1044
Gross profit 570 635 610
Other operating items -366 -379 -345
EBITDA 204 255 265
Depreciation on tangibles -12 -21 -20
Depreciation on intangibles -79 -81 -80
EBITA 95 145 156
Goodwill impairment charges 0 0 0
Other impairment and amortisation -9 -9 -9
EBIT 86 135 147
Other financial items 0 0 0
Net financial items -17 0 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 69 135 144
Tax -20 -32 -33
Net profit 49 103 111
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 49 103 111
EPS 2,05 4,29 4,62
EPS Adj 3,1 5,39 5,02
Total extraordinary items after tax -15,9 -16,3 0
Tax rate (%) -28,4 -23,5 -23
Gross margin (%) 33,7 35,9 36,9
EBITDA margin (%) 12,1 14,4 16
EBITA margin (%) 5,6 8,2 9,4
EBIT margin (%) 5,1 7,6 8,9
Pretax margin (%) 4,1 7,6 8,7
Net margin (%) 2,9 5,8 6,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -18,1 4,8 -6,6
EBITDA growth (%) -2,5 25,3 3,6
EBIT growth (%) -23,6 57,1 9
Net profit growth (%) -37 109,8 7,7
EPS growth (%) -37,6 109,8 7,7
Profitability 2020 2021 2022
ROE (%) 6,2 12 11,7
ROE Adj (%) 9,4 15,1 12,7
ROCE (%) 7,7 11,8 11,9
ROCE Adj(%) 9,9 14,2 12,7
ROIC (%) 6,6 11,2 12,3
ROIC Adj (%) 7,8 12,5 12,3
Adj earnings numbers 2020 2021 2022
EBITDA Adj 220 272 265
EBITDA Adj margin (%) 13 15,4 16
EBITA Adj 111 161 156
EBITA Adj margin (%) 6,6 9,1 9,4
EBIT Adj 102 151 147
EBIT Adj margin (%) 6 8,5 8,9
Pretax profit Adj 94 161 154
Net profit Adj 74 129 120
Net profit to shareholders Adj 74 129 120
Net Adj margin (%) 4,4 7,3 7,3
Leasing payments -18 -18 -18
Depreciation and amortisation -109 -111 -108
Of which leasing depreciation -18 -18 -18
EO items -16 -16 0
Impairment and PPA amortisation -9 -10 -9
EBITDA lease Adj 202 254 247
EBITDA lease Adj margin (%) 12 14,4 14,9
SEKm 2020 2021e 2022e
EBITDA 204 255 265
Net financial items -17 0 -3
Paid tax -27 -32 -33
Non-cash items 12 0 0
Cash flow before change in WC 172 224 229
Change in WC 72 -29 -4
Operating cash flow 244 195 224
CAPEX tangible fixed assets -20 -21 -20
CAPEX intangible fixed assets -43 -57 -56
Acquisitions and disposals -38 -11 0
Free cash flow 142 106 148
Dividend paid 0 0 -30
Share issues and buybacks 0 0 0
Other non cash items -68 0 0
Decrease in net IB debt 57 52 64
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 514 519 519
Indefinite intangible assets 0 0 0
Definite intangible assets 239 221 222
Tangible fixed assets 60 69 77
Other fixed assets 18 18 18
Fixed assets 894 879 855
Inventories 224 195 179
Receivables 293 333 322
Other current assets 0 0 0
Cash and liquid assets 171 259 360
Total assets 1581 1666 1716
Shareholders equity 805 908 989
Minority 0 0 0
Total equity 805 908 989
Long-term debt 218 218 218
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 496 478 446
Other current liabilities 0 0 0
Total liabilities and equity 1581 1666 1716
Net IB debt 110 22 -79
Net IB debt excl. pension debt 110 22 -79
Capital invested 915 929 910
Working capital 21 50 55
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1121 1425 1425
Net IB debt Adj 110 22 -79
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 1231 1447 1347
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 103,7 109 97,8
Capital invested turnover (%) 181,2 178,7 174,2
Capital employed turnover (%) 151,3 147,7 138
Inventories / sales (%) 13,9 11,4 10,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 30,4 26,8 24,8
Working capital / sales (%) 3,7 2 3,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 13,7 2,4 -8
Net debt / market cap (%) 11,5 1,5 -5,5
Equity ratio (%) 50,9 54,5 57,6
Net IB debt adj. / equity (%) 13,7 2,4 -8
Current ratio (%) 133,3 158,1 184,5
EBITDA / net interest (%) 1192,4 -375651,8 10136,1
Net IB debt / EBITDA (%) 54,1 8,6 -29,8
Interest cover (%) 556,1 -212857,7 5982,8
Lease liability amortisation -18 -18 -18
Other intangible assets 239 211 179
Right-of-use asset 63 63 63
Total other fixed assets 18 18 18
Leasing liability 63 63 63
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 48 -41 -141
Net IB debt / EBITDA lease Adj (%) 23,6 -16 -57,2
SEKm 2020 2021e 2022e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 2,05 4,29 4,62
Dividend per share Adj 0 1,3 1,8
EPS Adj 3,1 5,39 5,02
BVPS 33,52 37,82 41,19
BVPS Adj 2,16 7,41 12,13
Net IB debt / share 4,6 0,9 -3,3
Share price 40,1 59,4 59,4
Market cap. (m) 962 1425 1425
Valuation 2020 2021 2022
P/E 22,8 13,8 12,8
EV/sales 0,73 0,82 0,81
EV/EBITDA 6 5,7 5,1
EV/EBITA 12,9 10 8,6
EV/EBIT 14,4 10,7 9,2
Dividend yield (%) 0 2,1 2,9
FCF yield (%) 12,7 7,4 10,4
P/BVPS 1,39 1,57 1,44
P/BVPS Adj 21,59 8,01 4,9
P/E Adj 15,1 11 11,8
EV/EBITDA Adj 5,6 5,3 5,1
EV/EBITA Adj 11,1 9 8,6
EV/EBIT Adj 12,1 9,6 9,2
EV/cap. employed 1,1 1,2 1,1
Investment ratios 2020 2021 2022
Capex / sales 3,8 4,4 4,6
Capex / depreciation 69,6 83,6 83,8
Capex tangibles / tangible fixed assets 33,6 30,8 25,8
Capex intangibles / definite intangibles 18,1 26,9 31,5
Depreciation on intangibles / definite intangibles 33,1 38,2 44,2
Depreciation on tangibles / tangibles 20 18,3 15,4
Lease adj. FCF yield (%) 11,1 6,2 9,2

Equity research

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Media

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

Main shareholders - Doro

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 15.5 % 15.5 % 31 Mar 2021
Nordea Fonder 12.2 % 12.2 % 30 Jun 2021
Rite Ventures 10.3 % 10.3 % 30 Jun 2021
Lazard Frères Gestion 6.3 % 6.3 % 30 Jun 2021
Avanza Pension 5.4 % 5.4 % 30 Jun 2021
Dimensional Fund Advisors 3.1 % 3.1 % 30 Jun 2021
Originat AB 2.2 % 2.2 % 30 Jun 2021
eQ Asset Management Oy 2.1 % 2.1 % 30 Jun 2021
Thomas Eklund 1.8 % 1.8 % 30 Jun 2021
JCE Group 1.3 % 1.3 % 30 Jun 2021
Source: Holdings by Modular Finance AB

Insider list - Doro

Name Quantity Code Date
Josephine Salenstedt +2 486 572 * 26 Feb 2021
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
Erik Thomas Bergdahl + 70 000 BUY 10 Aug 2018
ANNIKA BJÖRK + 42 000 BUY 10 Aug 2018

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