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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 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 2019 2020e 2021e
Sales 2063 1775 1955
Sales growth (%) 8,2 -14 10,1
EBITDA 209 181 214
EBITDA margin (%) 10,2 10,2 11
EBIT adj 134 70 109
EBIT adj margin (%) 6,5 3,9 5,6
Pretax profit 107 69 105
EPS rep 3,28 1,97 3,39
EPS growth (%) -14,8 -40 72,4
EPS adj 4,2 1,97 3,39
DPS 0 0,75 1,25
EV/EBITDA (x) 6,5 5,1 4,1
EV/EBIT adj (x) 10,2 13,3 8
P/E (x) 15,4 17 9,9
P/E adj (x) 12 17 9,9
EV/sales (x) 0,7 0,5 0,4
FCF yield (%) 8,3 5,7 11,7
Dividend yield (%) 0 2,2 3,7
Net IB debt/EBITDA 0,8 0,7 0,4
SEKm 2019 2020e 2021e
Sales 2063 1775 1955
COGS -1414 -1190 -1302
Gross profit 650 585 653
Other operating items -440 -405 -439
EBITDA 209 181 214
Depreciation on tangibles -19 -22 -26
Depreciation on intangibles -61 -71 -61
EBITA 112 70 109
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 112 70 109
Other financial items 0 0 0
Net financial items -5 -1 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 107 69 105
Tax -29 -22 -24
Net profit 78 47 81
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 78 47 81
EPS 3,28 1,97 3,39
EPS Adj 4,2 1,97 3,39
Total extraordinary items after tax -22 0 0
Tax rate (%) -27,4 -32,3 -23
Gross margin (%) 31,5 33 33,4
EBITDA margin (%) 10,2 10,2 11
EBITA margin (%) 5,4 3,9 5,6
EBIT margin (%) 5,4 3,9 5,6
Pretax margin (%) 5,2 3,9 5,4
Net margin (%) 3,8 2,6 4,1
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 8,2 -14 10,1
EBITDA growth (%) 7,8 -13,7 18,5
EBIT growth (%) -8,3 -37,8 56,4
Net profit growth (%) -14,9 -40 72,4
EPS growth (%) -14,8 -40 72,4
Profitability 2019 2020 2021
ROE (%) 10,6 5,8 9,2
ROE Adj (%) 13,6 5,8 9,2
ROCE (%) 10,6 5,9 8,7
ROCE Adj(%) 12,7 5,9 8,7
ROIC (%) 9,1 4,9 8,6
ROIC Adj (%) 10,9 4,9 8,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 231 181 214
EBITDA Adj margin (%) 11,2 10,2 11
EBITA Adj 134 70 109
EBITA Adj margin (%) 6,5 3,9 5,6
EBIT Adj 134 70 109
EBIT Adj margin (%) 6,5 3,9 5,6
Pretax profit Adj 129 69 105
Net profit Adj 100 47 81
Net profit to shareholders Adj 100 47 81
Net Adj margin (%) 4,8 2,6 4,1
SEKm 2019 2020e 2021e
EBITDA 209 181 214
Net financial items -5 -1 -4
Paid tax -28 -22 -24
Non-cash items 2 -21 0
Cash flow before change in WC 179 137 186
Change in WC 61 -12 3
Operating cash flow 243 149 188
CAPEX tangible fixed assets -32 -26 -29
CAPEX intangible fixed assets -92 -61 -67
Acquisitions and disposals -19 -17 0
Free cash flow 100 45 93
Dividend paid 0 0 -18
Share issues and buybacks 0 0 0
Other non cash items -100 5 0
Decrease in net IB debt -17 33 57
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 514 514 514
Indefinite intangible assets 0 0 0
Definite intangible assets 185 179 185
Tangible fixed assets 61 81 83
Other fixed assets 23 23 23
Fixed assets 844 859 867
Inventories 244 228 251
Receivables 391 382 391
Other current assets 0 0 0
Cash and liquid assets 199 243 300
Total assets 1678 1713 1809
Shareholders equity 782 842 904
Minority 0 0 0
Total equity 782 842 904
Long-term debt 303 315 315
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 530 494 527
Other current liabilities 0 0 0
Total liabilities and equity 1678 1713 1809
Net IB debt 167 135 77
Net IB debt excl. pension debt 167 135 77
Capital invested 949 976 982
Working capital 105 117 114
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1200 794 794
Net IB debt Adj 167 135 77
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 1368 928 871
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 131,3 104,7 111
Capital invested turnover (%) 231,4 184,4 199,7
Capital employed turnover (%) 195 150 156,3
Inventories / sales (%) 12,3 13,3 12,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,9 28,8 26,1
Working capital / sales (%) 6,6 6,3 5,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 21,4 16 8,6
Net debt / market cap (%) 18,5 16,9 9,7
Equity ratio (%) 46,6 49,1 50
Net IB debt adj. / equity (%) 21,4 16 8,6
Current ratio (%) 151,6 166,2 172
EBITDA / net interest (%) 4362,5 27344,7 4792,8
Net IB debt / EBITDA (%) 79,9 74,4 36,1
Interest cover (%) 2335,4 10552 2442,5
SEKm 2019 2020e 2021e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 3,28 1,97 3,39
Dividend per share Adj 0 0,8 1,3
EPS Adj 4,2 1,97 3,39
BVPS 32,9 35,41 38,05
BVPS Adj 3,52 6,26 8,65
Net IB debt / share 7 5,7 3,3
Share price 38,06 33,4 33,4
Market cap. (m) 905 794 794
Valuation 2019 2020 2021
P/E 15,4 17 9,9
EV/sales 0,66 0,52 0,45
EV/EBITDA 6,5 5,1 4,1
EV/EBITA 12,2 13,3 8
EV/EBIT 12,2 13,3 8
Dividend yield (%) 0 2,2 3,7
FCF yield (%) 8,3 5,7 11,7
P/BVPS 1,54 0,94 0,88
P/BVPS Adj 14,36 5,34 3,86
P/E Adj 12 17 9,9
EV/EBITDA Adj 5,9 5,1 4,1
EV/EBITA Adj 10,2 13,3 8
EV/EBIT Adj 10,2 13,3 8
EV/cap. employed 1,2 0,8 0,7
Investment ratios 2019 2020 2021
Capex / sales 6 4,9 4,9
Capex / depreciation 155,3 93,2 109,6
Capex tangibles / tangible fixed assets 53,4 32,3 34,5
Capex intangibles / definite intangibles 49,6 34 36,2
Depreciation on intangibles / definite intangibles 33 39,7 33
Depreciation on tangibles / tangibles 31,1 27,5 31,5

Equity research

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Media

Doro - Company presentation with CEO Carl-Johan Zetterberg Boudrie (in English)
Doro - Interview with CEO Carl-Johan Zetterberg (in Swedish)

Main shareholders - Doro

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 15.5 % 15.5 % 31 Mar 2020
Rite Ventures 10.3 % 10.3 % 31 Mar 2020
Nordea Fonder 9.3 % 9.3 % 31 Mar 2020
Lazard Frères Gestion 5.7 % 5.7 % 31 Mar 2020
Dimensional Fund Advisors 3.0 % 3.0 % 30 Apr 2020
Avanza Pension 2.6 % 2.6 % 31 Mar 2020
Bengt Julander 2.5 % 2.5 % 31 Mar 2020
Originat AB 2.2 % 2.2 % 31 Mar 2020
Thomas Eklund 1.8 % 1.8 % 31 Mar 2020
Doro AB 1.8 % 1.8 % 31 Mar 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
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
Erik Thomas Bergdahl + 70 000 BUY 10 Aug 2018

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