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Doro

Doro

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Doro is a market-leading supplier of phones for seniors. The company was founded in 1974 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. Doro spun off the telecare services in December 2021, when the company turned the focus towards senior phones again. To prepare for the spin-off, Doro decided in 2020 to leave its lower-profitability markets and improve its presence in countries where margins are higher.

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, which results in decreasing demand for specially made phones for seniors.

Financials

SEKm 2024 2025e
Sales 898 N/A
Sales growth (%) -2 -100
EBITDA 118 N/A
EBITDA margin (%) 13,2 N/A
EBIT adj. 76 0
EBIT adj. margin (%) 8,5 N/A
Pretax profit 78 0
EPS 2,46 N/A
EPS growth (%) 3,1 -100
EPS adj. 2,46 N/A
DPS 0 N/A
EV/EBITDA (x) 1,6 N/A
EV/EBIT adj. (x) 2,5 N/A
P/E (x) 6 N/A
P/E adj. (x) 6 N/A
EV/sales (x) 0,21 N/A
FCF yield (%) 17,9 0
Le. adj. FCF yld. (%) 12,3 0
Dividend yield (%) 0 0
Net IB debt/EBITDA (x) -1,4 N/A
Le. adj. ND/EBITDA (x) 1,7 N/A
SEKm 2024 2025e
Sales 898 N/A
COGS -579 N/A
Gross profit 320 0
Other operating items -201 0
EBITDA 118 N/A
Depreciation and amortisation -42 0
of which leasing depreciation -8 N/A
EBITA 76 N/A
EO Items 0 N/A
Impairment and PPA amortisation 0 0
EBIT 76 N/A
Net financial items 1 N/A
Pretax profit 78 0
Tax -18 N/A
Net profit 60 0
Minority interest 0 N/A
Net profit discontinued 0 N/A
Net profit to shareholders 60 0
EPS 2,46 N/A
EPS adj. 2,46 N/A
Total extraordinary items after tax 0 0
Leasing payments -8 N/A
Tax rate (%) 23 N/A
Gross margin (%) 35,6 N/A
EBITDA margin (%) 13,2 N/A
EBITA margin (%) 8,5 N/A
EBIT margin (%) 8,5 N/A
Pre-tax margin (%) 8,7 N/A
Net margin (%) 6,7 N/A
Growth Rates y-o-y N/A N/A
Sales growth (%) -2 -100
EBITDA growth (%) 0,9 -100
EBITA growth (%) 2,6 -100
EBIT growth (%) 2,6 -100
Net profit growth (%) 3,1 -100
EPS growth (%) 3,1 -100
Profitability N/A N/A
ROE (%) 10,6 0
ROE adj. (%) 10,6 0
ROCE (%) 11,3 0
ROCE adj. (%) 10,9 0
ROIC (%) 21,3 N/A
ROIC adj. (%) 21,3 N/A
Adj. earnings numbers N/A N/A
EBITDA adj. 118 0
EBITDA adj. margin (%) 13,2 N/A
EBITDA lease adj. 111 N/A
EBITDA lease adj. margin (%) 12,3 N/A
EBITA adj. 76 0
EBITA adj. margin (%) 8,5 N/A
EBIT adj. 76 0
EBIT adj. margin (%) 8,5 N/A
Pretax profit Adj. 78 0
Net profit Adj. 60 0
Net profit to shareholders adj. 60 0
Net adj. margin (%) 6,7 N/A
SEKm 2024 2025e
EBITDA 118 N/A
Goodwill 223 N/A
Net financial items 1 N/A
Other intangible assets 70 0
Paid tax -18 N/A
Tangible fixed assets 18 N/A
Non-cash items 0 N/A
Right-of-use asset 55 N/A
Cash flow before change in WC 102 0
Total other fixed assets 65 0
Change in working capital 2 0
Fixed assets 432 0
Operating cash flow 104 N/A
Inventories 234 N/A
Capex tangible fixed assets -4 N/A
Receivables 198 N/A
Capex intangible fixed assets -36 N/A
Other current assets 0 N/A
Acquisitions and Disposals 0 0
Cash and liquid assets 257 N/A
Free cash flow 64 0
Total assets 1120 0
Dividend paid 0 N/A
Shareholders equity 592 0
Share issues and buybacks 0 0
Minority 0 N/A
Leasing liability amortisation -20 N/A
Total equity 592 0
Other non-cash items 0 -94
Long-term debt 122 N/A
Pension debt 0 N/A
Convertible debt 0 N/A
Leasing liability 18 0
Total other long-term liabilities 73 0
Short-term debt 0 N/A
Accounts payable 135 N/A
Other current liabilities 180 0
Total liabilities and equity 1120 0
Net IB debt -168 0
Net IB debt excl. pension debt -168 0
Net IB debt excl. leasing -186 0
Capital employed 732 0
Capital invested 449 0
Working capital 117 0
EV breakdown N/A N/A
Market cap. diluted (m) 358 0
Net IB debt adj. -168 N/A
Market value of minority 0 N/A
Reversal of shares and participations 0 0
Reversal of conv. debt assumed equity N/A N/A
EV 190 0
Total assets turnover (%) 82,2 0
Working capital/sales (%) 13,1 N/A
Financial risk and debt service N/A N/A
Net debt/equity (%) -28,3 N/A
Net debt / market cap (%) -46,9 N/A
Equity ratio (%) 52,9 N/A
Net IB debt adj. / equity (%) -28,3 N/A
Current ratio 2,19 N/A
EBITDA/net interest 84,6 N/A
Net IB debt/EBITDA (x) -1,4 N/A
Net IB debt/EBITDA lease adj. (x) -1,7 N/A
Interest coverage 54,5 N/A
SEKm 2024 2025e
Shares outstanding adj. 24 N/A
Diluted shares adj. 24 0
EPS 2,46 N/A
Dividend per share 0 N/A
EPS adj. 2,46 N/A
BVPS 24,34 N/A
BVPS adj. 12,28 N/A
Net IB debt/share -6,89 N/A
Share price 14,7 14,7
Market cap. (m) 358 0
Valuation N/A N/A
P/E (x) 6 N/A
EV/sales (x) 0,21 N/A
EV/EBITDA (x) 1,6 N/A
EV/EBITA (x) 2,5 N/A
EV/EBIT (x) 2,5 N/A
Dividend yield (%) 0 0
FCF yield (%) 17,9 0
Le. adj. FCF yld. (%) 12,3 0
P/BVPS (x) 0,6 N/A
P/BVPS adj. (x) 1,2 14,7
P/E adj. (x) 6 N/A
EV/EBITDA adj. (x) 1,6 N/A
EV/EBITA adj. (x) 2,5 N/A
EV/EBIT adj. (x) 2,5 N/A
EV/CE (x) 0,3 N/A
Investment ratios N/A N/A
Capex/sales (%) 4,5 N/A
Capex/depreciation 1,2 N/A
Capex tangibles / tangible fixed assets 24,5 N/A
Capex intangibles / definite intangibles 51,1 N/A
Depreciation on intang / def. intang 50 N/A
Depreciation on tangibles / tangibles 5,25 N/A

Equity research

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Media

Doro - Company presentation with President & CEO Jörgen Nilsson
Interview with Doro's incoming CEO Jörgen Nilsson

Main shareholders - Doro

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 15.5 % 15.5 %
Rite Ventures 9.9 % 9.9 %
Lazard Asset Management 5.3 % 5.3 %
Humle Fonder 4.1 % 4.1 %
Nordea Fonder 3.1 % 3.1 %
Avanza Pension 2.8 % 2.8 %
Dimensional Fund Advisors 2.7 % 2.7 %
Bengt Julander 2.5 % 2.5 %
Theodor Jeansson 2.2 % 2.2 %
Origo Fonder 2.1 % 2.1 %