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Doro

Doro

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Mobile phones for the elderly

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 2022 2023e 2024e
Sales 926 917 898
Sales growth (%) -10,9 -1 -2
EBITDA 113 117 118
EBITDA margin (%) 12,2 12,8 13,2
EBIT adj. 71 74 76
EBIT adj. margin (%) 7,7 8,1 8,5
Pretax profit 68 75 78
EPS 2,11 2,39 2,46
EPS growth (%) -38,9 12,9 3,1
EPS adj. 2,17 2,39 2,46
DPS 0 0 0
EV/EBITDA (x) 2,5 2 1,6
EV/EBIT adj. (x) 3,9 3,1 2,5
P/E (x) 7 6,2 6
P/E adj. (x) 6,8 6,2 6
EV/sales (x) 0,3 0,26 0,21
FCF yield (%) 11,2 18,4 17,9
Le. adj. FCF yld. (%) 5,6 12,8 12,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -0,7 -1,1 -1,4
Le. adj. ND/EBITDA (x) 0,9 1,3 1,7
SEKm 2022 2023e 2024e
Sales 926 917 898
COGS -600 -594 -579
Gross profit 326 323 320
Other operating items -213 -205 -201
EBITDA 113 117 118
Depreciation and amortisation -43 -43 -42
of which leasing depreciation -8 -8 -8
EBITA 69 74 76
EO Items -2 0 0
Impairment and PPA amortisation 0 0 0
EBIT 69 74 76
Net financial items -1 1 1
Pretax profit 68 75 78
Tax -17 -17 -18
Net profit 51 58 60
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 51 58 60
EPS 2,11 2,39 2,46
EPS adj. 2,17 2,39 2,46
Total extraordinary items after tax -2 0 0
Leasing payments -8 -8 -8
Tax rate (%) 24,9 23 23
Gross margin (%) 35,2 35,2 35,6
EBITDA margin (%) 12,2 12,8 13,2
EBITA margin (%) 7,5 8,1 8,5
EBIT margin (%) 7,5 8,1 8,5
Pre-tax margin (%) 7,4 8,2 8,7
Net margin (%) 5,6 6,3 6,7
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -10,9 -1 -2
EBITDA growth (%) -38,6 4 0,9
EBITA growth (%) -41,3 7 2,6
EBIT growth (%) -41,3 7 2,6
Net profit growth (%) -37,7 12,9 3,1
EPS growth (%) -38,9 12,9 3,1
Profitability N/A N/A N/A
ROE (%) 11,5 11,5 10,6
ROE adj. (%) 11,8 11,5 10,6
ROCE (%) 11,5 11,9 11,3
ROCE adj. (%) 11,8 11,6 10,9
ROIC (%) 21,4 21,4 21,3
ROIC adj. (%) 22 21,4 21,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 115 117 118
EBITDA adj. margin (%) 12,4 12,8 13,2
EBITDA lease adj. 107 110 111
EBITDA lease adj. margin (%) 11,6 12 12,3
EBITA adj. 71 74 76
EBITA adj. margin (%) 7,7 8,1 8,5
EBIT adj. 71 74 76
EBIT adj. margin (%) 7,7 8,1 8,5
Pretax profit Adj. 70 75 78
Net profit Adj. 53 58 60
Net profit to shareholders adj. 53 58 60
Net adj. margin (%) 5,7 6,3 6,7
SEKm 2022 2023e 2024e
EBITDA 113 117 118
Goodwill 223 223 223
Net financial items -1 1 1
Other intangible assets 65 70 70
Paid tax -17 -17 -18
Tangible fixed assets 7 13 18
Non-cash items 0 0 0
Right-of-use asset 31 43 55
Cash flow before change in WC 95 101 102
Total other fixed assets 65 65 65
Change in working capital -4 10 2
Fixed assets 390 413 432
Operating cash flow 91 111 104
Inventories 241 238 234
Capex tangible fixed assets -5 -5 -4
Receivables 213 202 198
Capex intangible fixed assets -46 -41 -36
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 168 213 257
Free cash flow 40 66 64
Total assets 1012 1067 1120
Dividend paid 0 0 0
Shareholders equity 474 532 592
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -20 -20 -20
Total equity 474 532 592
Other non-cash items 0 0 0
Long-term debt 122 122 122
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 18 18 18
Total other long-term liabilities 73 73 73
Short-term debt 0 0 0
Accounts payable 139 138 135
Other current liabilities 185 183 180
Total liabilities and equity 1012 1067 1120
Net IB debt -78 -124 -168
Net IB debt excl. pension debt -78 -124 -168
Net IB debt excl. leasing -97 -142 -186
Capital employed 614 672 732
Capital invested 421 433 449
Working capital 130 119 117
EV breakdown N/A N/A N/A
Market cap. diluted (m) 358 358 358
Net IB debt adj. -78 -124 -168
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 279 234 190
Total assets turnover (%) 92,5 88,2 82,2
Working capital/sales (%) 13,8 13,6 13,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -16,5 -23,3 -28,3
Net debt / market cap (%) -21,9 -34,6 -46,9
Equity ratio (%) 46,9 49,9 52,9
Net IB debt adj. / equity (%) -16,5 -23,3 -28,3
Current ratio 1,92 2,04 2,19
EBITDA/net interest 112,9 117,3 84,6
Net IB debt/EBITDA (x) -0,7 -1,1 -1,4
Net IB debt/EBITDA lease adj. (x) -0,9 -1,3 -1,7
Interest coverage 69,5 74,4 54,5
SEKm 2022 2023e 2024e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 2,11 2,39 2,46
Dividend per share 0 0 0
EPS adj. 2,17 2,39 2,46
BVPS 19,5 21,88 24,34
BVPS adj. 7,67 9,85 12,28
Net IB debt/share -3,21 -5,09 -6,89
Share price 14,7 14,7 14,7
Market cap. (m) 358 358 358
Valuation N/A N/A N/A
P/E (x) 7 6,2 6
EV/sales (x) 0,3 0,26 0,21
EV/EBITDA (x) 2,5 2 1,6
EV/EBITA (x) 4 3,1 2,5
EV/EBIT (x) 4 3,1 2,5
Dividend yield (%) 0 0 0
FCF yield (%) 11,2 18,4 17,9
Le. adj. FCF yld. (%) 5,6 12,8 12,3
P/BVPS (x) 0,75 0,67 0,6
P/BVPS adj. (x) 1,92 1,49 1,2
P/E adj. (x) 6,8 6,2 6
EV/EBITDA adj. (x) 2,4 2 1,6
EV/EBITA adj. (x) 3,9 3,1 2,5
EV/EBIT adj. (x) 3,9 3,1 2,5
EV/CE (x) 0,5 0,3 0,3
Investment ratios N/A N/A N/A
Capex/sales (%) 5,5 5 4,5
Capex/depreciation 1,4 1,3 1,2
Capex tangibles / tangible fixed assets 61,8 35,5 24,5
Capex intangibles / definite intangibles 71,6 59,1 51,1
Depreciation on intang / def. intang 56 52 50
Depreciation on tangibles / tangibles 10,1 6,4 5,25

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 %

Insider list - Doro

Name Quantity Code Date
Josephine Salenstedt +2 486 572 * 26 Feb 2021
Jörgen Nilsson - 6 000 SELL 30 Dec 2020
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
Erik Thomas Bergdahl + 70 000 BUY 10 Aug 2018
ANNIKA BJÖRK + 42 000 BUY 10 Aug 2018

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