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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 1813 1971
Sales growth (%) 8,2 -12,1 8,7
EBITDA 209 145 199
EBITDA margin (%) 10,1 8 10,1
EBIT adj 134 51 105
EBIT adj margin (%) 6,5 2,8 5,4
Pretax profit 107 46 101
EPS rep 3,28 1,19 3,28
EPS growth (%) -14,8 -63,6 174,4
EPS adj 4,2 1,19 3,28
DPS 0 0,75 1,25
EV/EBITDA (x) 6,5 5,3 3,7
EV/EBIT adj (x) 10,2 15,1 7
P/E (x) 15,4 22,3 8,1
P/E adj (x) 12 22,3 8,1
EV/sales (x) 0,7 0,4 0,4
FCF yield (%) 8,5 6,6 9,8
Dividend yield (%) 0 2,8 4,7
Net IB debt/EBITDA 0,8 0,9 0,5
SEKm 2019 2020e 2021e
Sales 2063 1813 1971
COGS -1414 -1228 -1310
Gross profit 650 585 661
Other operating items -440 -440 -462
EBITDA 209 145 199
Depreciation on tangibles -15 -14 -14
Depreciation on intangibles -71 -68 -68
EBITA 112 51 105
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 112 51 105
Other financial items 0 0 0
Net financial items -5 -5 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 107 46 101
Tax -29 -17 -23
Net profit 78 28 78
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 78 28 78
EPS 3,28 1,19 3,28
EPS Adj 4,2 1,19 3,28
Total extraordinary items after tax -22 0 0
Tax rate (%) -27,4 -38,1 -23
Gross margin (%) 31,5 32,3 33,6
EBITDA margin (%) 10,1 8 10,1
EBITA margin (%) 5,4 2,8 5,4
EBIT margin (%) 5,4 2,8 5,4
Pretax margin (%) 5,2 2,5 5,1
Net margin (%) 3,8 1,6 4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 8,2 -12,1 8,7
EBITDA growth (%) 7,8 -30,6 37,4
EBIT growth (%) -8,3 -54,8 108,1
Net profit growth (%) -14,9 -63,6 174,4
EPS growth (%) -14,8 -63,6 174,4
Profitability 2019 2020 2021
ROE (%) 10,6 3,6 9,3
ROE Adj (%) 13,6 3,6 9,3
ROCE (%) 10,6 4,4 8,8
ROCE Adj(%) 12,7 4,4 8,8
ROIC (%) 9,1 3,3 8,5
ROIC Adj (%) 10,9 3,3 8,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 231 145 199
EBITDA Adj margin (%) 11,2 8 10,1
EBITA Adj 134 51 105
EBITA Adj margin (%) 6,5 2,8 5,4
EBIT Adj 134 51 105
EBIT Adj margin (%) 6,5 2,8 5,4
Pretax profit Adj 129 46 101
Net profit Adj 100 28 78
Net profit to shareholders Adj 100 28 78
Net Adj margin (%) 4,8 1,6 4
SEKm 2019 2020e 2021e
EBITDA 209 145 199
Net financial items -5 -5 -4
Paid tax -29 -17 -23
Non-cash items 6 0 0
Cash flow before change in WC 181 123 172
Change in WC 64 10 -13
Operating cash flow 243 132 159
CAPEX tangible fixed assets -32 -27 -29
CAPEX intangible fixed assets -75 -63 -68
Acquisitions and disposals -33 0 0
Free cash flow 102 42 62
Dividend paid 0 0 -18
Share issues and buybacks 0 0 0
Other non cash items -108 0 0
Decrease in net IB debt -14 30 32
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 500 500 500
Indefinite intangible assets 0 0 0
Definite intangible assets 198 193 193
Tangible fixed assets 61 74 88
Other fixed assets 23 23 23
Fixed assets 844 852 867
Inventories 244 213 246
Receivables 391 399 394
Other current assets 0 0 0
Cash and liquid assets 199 228 261
Total assets 1678 1692 1768
Shareholders equity 782 810 870
Minority 0 0 0
Total equity 782 810 870
Long-term debt 283 283 283
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 533 519 535
Other current liabilities 0 0 0
Total liabilities and equity 1678 1692 1768
Net IB debt 164 134 102
Net IB debt excl. pension debt 164 134 102
Capital invested 946 944 972
Working capital 102 92 105
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1200 633 633
Net IB debt Adj 164 134 102
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 1364 768 735
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 131,3 107,6 113,9
Capital invested turnover (%) 231,9 191,8 205,7
Capital employed turnover (%) 195,3 156,5 163,9
Inventories / sales (%) 12,3 12,6 11,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 25 29 26,7
Working capital / sales (%) 6,5 5,4 5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 21 16,6 11,7
Net debt / market cap (%) 18,1 21,2 16,1
Equity ratio (%) 46,6 47,9 49,2
Net IB debt adj. / equity (%) 21 16,6 11,7
Current ratio (%) 151,6 156,7 163,3
EBITDA / net interest (%) 4360,4 2998,6 4614,1
Net IB debt / EBITDA (%) 78,4 92,4 51
Interest cover (%) 2335,4 1046,6 2439,4
SEKm 2019 2020e 2021e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 3,28 1,19 3,28
Dividend per share Adj 0 0,8 1,3
EPS Adj 4,2 1,19 3,28
BVPS 32,9 34,09 36,62
BVPS Adj 3,52 4,92 7,46
Net IB debt / share 6,9 5,6 4,3
Share price 38,06 26,65 26,65
Market cap. (m) 905 633 633
Valuation 2019 2020 2021
P/E 15,4 22,3 8,1
EV/sales 0,66 0,42 0,37
EV/EBITDA 6,5 5,3 3,7
EV/EBITA 12,2 15,1 7
EV/EBIT 12,2 15,1 7
Dividend yield (%) 0 2,8 4,7
FCF yield (%) 8,5 6,6 9,8
P/BVPS 1,54 0,78 0,73
P/BVPS Adj 14,36 5,42 3,57
P/E Adj 12 22,3 8,1
EV/EBITDA Adj 5,9 5,3 3,7
EV/EBITA Adj 10,2 15,1 7
EV/EBIT Adj 10,2 15,1 7
EV/cap. employed 1,2 0,7 0,6
Investment ratios 2019 2020 2021
Capex / sales 5,2 5 4,9
Capex / depreciation 125,9 109,9 117,8
Capex tangibles / tangible fixed assets 53,2 37 32,8
Capex intangibles / definite intangibles 38 32,9 35,1
Depreciation on intangibles / definite intangibles 35,7 35,4 35,3
Depreciation on tangibles / tangibles 24,1 19,3 16

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Media

Doro - Interview with CEO Carl-Johan Zetterberg (in Swedish)
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Main shareholders - Doro

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 15.5 % 15.5 % 29 Feb 2020
Rite Ventures 10.3 % 10.3 % 29 Feb 2020
Nordea Fonder 9.3 % 9.3 % 29 Feb 2020
Lazard Frères Gestion 5.7 % 5.7 % 29 Feb 2020
Dimensional Fund Advisors 2.9 % 2.9 % 31 Jan 2020
Avanza Pension 2.8 % 2.8 % 29 Feb 2020
Bengt Julander 2.5 % 2.5 % 31 Jul 2019
Theodor Jeansson 2.2 % 2.2 % 29 Feb 2020
Doro AB 1.8 % 1.8 % 29 Feb 2020
Thomas Eklund 1.8 % 1.8 % 29 Feb 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
ANNIKA BJÖRK + 42 000 BUY 10 Aug 2018
Erik Thomas Bergdahl + 70 000 BUY 10 Aug 2018
Carl-Johan Rijpma + 56 000 BUY 10 Aug 2018
Mathias Carlsson + 10 000 BUY 10 Aug 2018

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