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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 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.

SEKm 2018 2019e 2020e
Sales 1906 1993 2014
Sales growth (%) -0,9 4,5 1
EBITDA 194 211 221
EBITDA margin (%) 10,2 10,6 11
EBIT adj 136 134 133
EBIT adj margin (%) 7,1 6,7 6,6
Pretax profit 123 120 129
EPS rep 3,85 3,85 4,17
EPS growth (%) 34,3 0,1 8,3
EPS adj 4,41 4,22 4,17
DPS 0 1 1,25
EV/EBITDA (x) 5 4,8 4,2
EV/EBIT adj (x) 7,1 7,6 7
P/E (x) 8,9 9,5 8,8
P/E adj (x) 7,7 8,7 8,8
EV/sales (x) 0,5 0,5 0,5
FCF yield (%) 1,5 8,1 11,9
Dividend yield (%) 0 2,7 3,4
Net IB debt/EBITDA 0,8 0,7 0,3
SEKm 2018 2019e 2020e
Sales 1906 1993 2014
COGS -1269 -1340 -1348
Gross profit 637 653 666
Other operating items -443 -442 -445
EBITDA 194 211 221
Depreciation on tangibles -12 -26 -26
Depreciation on intangibles -60 -60 -61
EBITA 122 125 133
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 122 125 133
Other financial items 0 0 0
Net financial items 1 -5 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 123 120 129
Tax -32 -29 -30
Net profit 92 92 99
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 92 92 99
EPS 3,85 3,85 4,17
EPS Adj 4,41 4,22 4,17
Total extraordinary items after tax -13,4 -8,7 0
Tax rate (%) -25,6 -24 -23
Gross margin (%) 33,4 32,8 33,1
EBITDA margin (%) 10,2 10,6 11
EBITA margin (%) 6,4 6,3 6,6
EBIT margin (%) 6,4 6,3 6,6
Pretax margin (%) 6,5 6 6,4
Net margin (%) 4,8 4,6 4,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -0,9 4,5 1
EBITDA growth (%) 24,3 8,6 4,6
EBIT growth (%) 31,4 2,5 6,2
Net profit growth (%) 35,4 0 8,3
EPS growth (%) 34,3 0,1 8,3
Profitability 2018 2019 2020
ROE (%) 14,4 12,4 12
ROE Adj (%) 16,6 13,6 12
ROCE (%) 14,3 11,9 11,3
ROCE Adj(%) 15,9 12,7 11,3
ROIC (%) 12 10,8 11
ROIC Adj (%) 13,3 11,5 11
Adj earnings numbers 2018 2019 2020
EBITDA Adj 208 220 221
EBITDA Adj margin (%) 10,9 11 11
EBITA Adj 136 134 133
EBITA Adj margin (%) 7,1 6,7 6,6
EBIT Adj 136 134 133
EBIT Adj margin (%) 7,1 6,7 6,6
Pretax profit Adj 136 129 129
Net profit Adj 105 100 99
Net profit to shareholders Adj 105 100 99
Net Adj margin (%) 5,5 5 4,9
SEKm 2018 2019e 2020e
EBITDA 194 211 221
Net financial items 1 -5 -4
Paid tax -32 -29 -30
Non-cash items 0 0 0
Cash flow before change in WC 163 177 187
Change in WC 18 3 10
Operating cash flow 222 175 197
CAPEX tangible fixed assets -30 -31 -28
CAPEX intangible fixed assets -70 -73 -65
Acquisitions and disposals -111 0 0
Free cash flow 12 71 104
Dividend paid 0 0 -24
Share issues and buybacks -19 0 0
Other non cash items -40 -65 0
Decrease in net IB debt -47 6 80
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 466 466 466
Indefinite intangible assets 0 0 0
Definite intangible assets 146 178 182
Tangible fixed assets 41 116 117
Other fixed assets 14 13 13
Fixed assets 667 773 778
Inventories 264 303 288
Receivables 399 404 399
Other current assets 0 0 0
Cash and liquid assets 134 200 280
Total assets 1464 1679 1745
Shareholders equity 684 791 867
Minority 0 0 0
Total equity 684 791 867
Long-term debt 284 344 344
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 496 544 534
Other current liabilities 0 0 0
Total liabilities and equity 1288 1177 1464
Net IB debt 150 144 64
Net IB debt excl. pension debt 150 144 64
Capital invested 834 936 931
Working capital 166 163 153
EV breakdown 2018 2019 2020
Market cap. diluted (m) 812 873 873
Net IB debt Adj 150 144 64
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 1018 937
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 144,3 126,8 117,6
Capital invested turnover (%) 250,8 225,3 215,8
Capital employed turnover (%) 222,8 189,5 171,6
Inventories / sales (%) 12,1 14,2 14,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,4 26,1 26,7
Working capital / sales (%) 9,2 8,3 7,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 21,9 18,2 7,4
Net debt / market cap (%) 15,4 16,5 7,3
Equity ratio (%) 46,7 47,1 49,7
Net IB debt adj. / equity (%) 21,9 18,2 7,4
Current ratio (%) 160,5 166,8 181,2
EBITDA / net interest (%) -27742,9 4295,4 5127,2
Net IB debt / EBITDA (%) 77,2 68,4 28,9
Interest cover (%) -17471,4 2553,8 3093,5
SEKm 2018 2019e 2020e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 3,85 3,85 4,17
Dividend per share Adj 0 1 1,3
EPS Adj 4,41 4,22 4,17
BVPS 28,77 33,3 36,47
BVPS Adj 3 6,19 9,21
Net IB debt / share 6,3 6,1 2,7
Share price 40,88 36,75 36,75
Market cap. (m) 972 873 873
Valuation 2018 2019 2020
P/E 8,9 9,5 8,8
EV/sales 0,5 0,51 0,47
EV/EBITDA 5 4,8 4,2
EV/EBITA 7,9 8,1 7
EV/EBIT 7,9 8,1 7
Dividend yield (%) 0 2,7 3,4
FCF yield (%) 1,5 8,1 11,9
P/BVPS 1,19 1,1 1,01
P/BVPS Adj 11,37 5,93 3,99
P/E Adj 7,7 8,7 8,8
EV/EBITDA Adj 4,6 4,6 4,2
EV/EBITA Adj 7,1 7,6 7
EV/EBIT Adj 7,1 7,6 7
EV/cap. employed 1 0,9 0,8
Investment ratios 2018 2019 2020
Capex / sales 5,2 5,2 4,6
Capex / depreciation 138,1 121,6 105,9
Capex tangibles / tangible fixed assets 72,5 26,9 23,7
Capex intangibles / definite intangibles 47,5 40,8 35,6
Depreciation on intangibles / definite intangibles 40,6 33,6 33,7
Depreciation on tangibles / tangibles 30,2 22,1 22,4

Equity research

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Media

Doro - Intervju med VD Robert Puskaric (Q2 2017)
Doro - Interview with CEO Jérôme Arnaud (Q3 2016)

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Main shareholders

Doro

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 15.5 % 15.5 % 31 Mar 2019
Rite Ventures 10.3 % 10.3 % 30 Jun 2019
Lazard Frères Gestion 5.7 % 5.7 % 31 May 2019
Nordea Fonder 3.1 % 3.1 % 30 Jun 2019
Dimensional Fund Advisors 2.9 % 2.9 % 31 May 2019
Avanza Pension 2.5 % 2.5 % 30 Jun 2019
Bengt Julander 2.5 % 2.5 % 30 Jun 2019
Erik Penser Fonder 2.3 % 2.3 % 30 Jun 2019
Theodor Jeansson 2.2 % 2.2 % 30 Jun 2019
Argenta Asset Management SA 2.0 % 2.0 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

Doro

Name Quantity Code Date
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
Annika Lillie Hübner + 6 000 TECKN 10 Aug 2018

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