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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.

Financials

SEKm 2018 2019e 2020e
Sales 1906 2029 2103
Sales growth (%) -0,9 6,4 3,6
EBITDA 194 221 238
EBITDA margin (%) 10,2 10,9 11,3
EBIT adj 136 141 146
EBIT adj margin (%) 7,1 7 7
Pretax profit 123 125 142
EPS rep 3,85 3,99 4,6
EPS growth (%) 34,3 3,7 15,2
EPS adj 4,41 4,48 4,6
DPS 0 1 1,25
EV/EBITDA (x) 5 5,3 4,7
EV/EBIT adj (x) 7,1 8,3 7,6
P/E (x) 8,9 9,8 8,5
P/E adj (x) 7,7 8,7 8,5
EV/sales (x) 0,5 0,6 0,5
FCF yield (%) 1,5 -0,8 9,8
Dividend yield (%) 0 2,6 3,2
Net IB debt/EBITDA 0,8 1,1 0,8
SEKm 2018 2019e 2020e
Sales 1906 2029 2103
COGS -1269 -1360 -1401
Gross profit 637 669 702
Other operating items -443 -448 -464
EBITDA 194 221 238
Depreciation on tangibles -12 -14 -14
Depreciation on intangibles -60 -66 -68
EBITA 122 130 146
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 122 130 146
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 123 125 142
Tax -32 -30 -33
Net profit 92 95 109
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 92 95 109
EPS 3,85 3,99 4,6
EPS Adj 4,41 4,48 4,6
Total extraordinary items after tax -13,4 -11,7 0
Tax rate (%) -25,6 -24 -23
Gross margin (%) 33,4 33 33,4
EBITDA margin (%) 10,2 10,9 11,3
EBITA margin (%) 6,4 6,4 7
EBIT margin (%) 6,4 6,4 7
Pretax margin (%) 6,5 6,2 6,7
Net margin (%) 4,8 4,7 5,2
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -0,9 6,4 3,6
EBITDA growth (%) 23,5 13,9 7,7
EBIT growth (%) 31,4 6,1 12,7
Net profit growth (%) 35,4 3,6 15,2
EPS growth (%) 34,3 3,7 15,2
Profitability 2018 2019 2020
ROE (%) 14,4 12,8 13
ROE Adj (%) 16,6 14,4 13
ROCE (%) 14,3 12,2 12,2
ROCE Adj(%) 15,9 13,3 12,2
ROIC (%) 12 10,5 10,7
ROIC Adj (%) 13,3 11,5 10,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 208 233 238
EBITDA Adj margin (%) 10,9 11,5 11,3
EBITA Adj 136 141 146
EBITA Adj margin (%) 7,1 7 7
EBIT Adj 136 141 146
EBIT Adj margin (%) 7,1 7 7
Pretax profit Adj 136 137 142
Net profit Adj 105 107 109
Net profit to shareholders Adj 105 107 109
Net Adj margin (%) 5,5 5,2 5,2
SEKm 2018 2019e 2020e
EBITDA 194 221 238
Net financial items 1 -5 -4
Paid tax -15 -30 -33
Non-cash items -11 -2 0
Cash flow before change in WC 169 184 201
Change in WC 18 -35 -5
Operating cash flow 222 158 196
CAPEX tangible fixed assets -19 -32 -32
CAPEX intangible fixed assets -81 -74 -74
Acquisitions and disposals -111 -60 0
Free cash flow 12 -8 91
Dividend paid 0 0 -24
Share issues and buybacks -19 0 0
Other non cash items -40 -74 0
Decrease in net IB debt -47 -92 57
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 466 484 484
Indefinite intangible assets 0 0 0
Definite intangible assets 146 207 213
Tangible fixed assets 41 68 85
Other fixed assets 14 13 13
Fixed assets 667 835 858
Inventories 264 318 309
Receivables 399 441 452
Other current assets 0 0 0
Cash and liquid assets 134 116 173
Total assets 1464 1709 1792
Shareholders equity 684 795 880
Minority 0 0 0
Total equity 684 795 880
Long-term debt 284 294 294
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 496 557 555
Other current liabilities 0 0 0
Total liabilities and equity 1288 1177 1464
Net IB debt 150 242 184
Net IB debt excl. pension debt 150 242 184
Capital invested 834 1036 1065
Working capital 166 202 207
EV breakdown 2018 2019 2020
Market cap. diluted (m) 812 927 927
Net IB debt Adj 150 242 184
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 1168 1111
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 144,3 127,9 120,1
Capital invested turnover (%) 250,8 217 200,2
Capital employed turnover (%) 222,8 191,4 176
Inventories / sales (%) 12,1 14,3 14,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,4 26 26,4
Working capital / sales (%) 9,2 9,1 9,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 21,9 30,4 20,9
Net debt / market cap (%) 15,4 26,1 19,9
Equity ratio (%) 46,7 46,5 49,1
Net IB debt adj. / equity (%) 21,9 30,4 20,9
Current ratio (%) 160,5 153,4 164,6
EBITDA / net interest (%) -27742,9 4506 5536,9
Net IB debt / EBITDA (%) 77,2 109,2 77,4
Interest cover (%) -17471,4 2642,2 3398,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 3,85 3,99 4,6
Dividend per share Adj 0 1 1,3
EPS Adj 4,41 4,48 4,6
BVPS 28,77 33,44 37,04
BVPS Adj 3 4,36 7,73
Net IB debt / share 6,3 10,2 7,8
Share price 40,88 39 39
Market cap. (m) 972 927 927
Valuation 2018 2019 2020
P/E 8,9 9,8 8,5
EV/sales 0,5 0,58 0,53
EV/EBITDA 5 5,3 4,7
EV/EBITA 7,9 9 7,6
EV/EBIT 7,9 9 7,6
Dividend yield (%) 0 2,6 3,2
FCF yield (%) 1,5 -0,8 9,8
P/BVPS 1,19 1,17 1,05
P/BVPS Adj 11,37 8,95 5,05
P/E Adj 7,7 8,7 8,5
EV/EBITDA Adj 4,6 5 4,7
EV/EBITA Adj 7,1 8,3 7,6
EV/EBIT Adj 7,1 8,3 7,6
EV/cap. employed 1 1 0,9
Investment ratios 2018 2019 2020
Capex / sales 5,2 5,2 5
Capex / depreciation 138,1 133 128,2
Capex tangibles / tangible fixed assets 45,5 47 37
Capex intangibles / definite intangibles 55,1 35,7 34,6
Depreciation on intangibles / definite intangibles 40,6 31,7 32,1
Depreciation on tangibles / tangibles 30,2 20,3 16,2

Equity research

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Main shareholders - Doro

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 15.5 % 15.5 % 30 Sep 2019
Rite Ventures 10.3 % 10.3 % 30 Sep 2019
Nordea Fonder 9.2 % 9.2 % 30 Sep 2019
Lazard Frères Gestion 5.7 % 5.7 % 31 May 2019
Dimensional Fund Advisors 2.9 % 2.9 % 31 Aug 2019
Avanza Pension 2.7 % 2.7 % 30 Sep 2019
Nordea Liv & Pension 2.6 % 2.6 % 30 Sep 2019
Theodor Jeansson 2.2 % 2.2 % 30 Sep 2019
Argenta Asset Management SA 2.0 % 2.0 % 30 Sep 2019
Doro AB 1.8 % 1.8 % 30 Sep 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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