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Doro

Doro

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.

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

SEKm 2021 2022e 2023e
Sales 1040 974 954
Sales growth (%) -38,5 -6,3 -2
EBITDA 184 93 127
EBITDA margin (%) 17,7 9,6 13,3
EBIT adj 119 47 81
EBIT adj margin (%) 11,4 4,8 8,5
Pretax profit 114 43 76
EPS rep 3,47 1,36 2,48
EPS growth (%) 69,8 -60,8 82,4
EPS adj 3,47 1,41 2,48
DPS 0 0 0
EV/EBITDA (x) 4 4,4 2,9
EV/EBIT adj (x) 6,2 8,7 4,5
P/E (x) 8,9 13,7 7,5
P/E adj (x) 8,9 13,2 7,5
EV/sales (x) 0,7 0,4 0,4
FCF yield (%) -8,2 12,2 13,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,3 -1 -1,1
Lease adj. FCF yield (%) -10,9 7,8 9
Lease adj. ND/EBITDA -0,2 -0,8 -1
SEKm 2021 2022e 2023e
Sales 1040 974 954
COGS -660 -663 -635
Gross profit 379 311 320
Other operating items -195 -217 -192
EBITDA 184 93 127
Depreciation on tangibles -12 -21 -20
Depreciation on intangibles -79 -81 -80
EBITA 119 46 81
Goodwill impairment charges 0 0 0
Other impairment and amortisation -9 -9 -9
EBIT 119 46 81
Other financial items 0 0 0
Net financial items -4 -3 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 114 43 76
Tax -31 -10 -16
Net profit 83 33 60
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 83 33 60
EPS 3,47 1,36 2,48
EPS Adj 3,47 1,41 2,48
Total extraordinary items after tax 0 -1,2 0
Tax rate (%) -27,4 -23,5 -20,6
Gross margin (%) 36,5 31,9 33,5
EBITDA margin (%) 17,7 9,6 13,3
EBITA margin (%) 11,4 4,7 8,5
EBIT margin (%) 11,4 4,7 8,5
Pretax margin (%) 11 4,4 8
Net margin (%) 8 3,4 6,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -38,5 -6,3 -2
EBITDA growth (%) -9,7 -49,4 36,7
EBIT growth (%) 38,5 -61,3 76,4
Net profit growth (%) 69 -60,1 82,4
EPS growth (%) 69,8 -60,8 82,4
Profitability 2021 2022 2023
ROE (%) 13,5 7,5 12,4
ROE Adj (%) 13,5 7,8 12,4
ROCE (%) 14,1 7,7 12,9
ROCE Adj(%) 14,1 7,9 12,9
ROIC (%) 13,2 9,1 16,2
ROIC Adj (%) 13,2 9,3 16,2
Adj earnings numbers 2021 2022 2023
EBITDA Adj 184 94 127
EBITDA Adj margin (%) 17,7 9,7 13,3
EBITA Adj 119 47 81
EBITA Adj margin (%) 11,4 4,8 8,5
EBIT Adj 119 47 81
EBIT Adj margin (%) 11,4 4,8 8,5
Pretax profit Adj 114 44 76
Net profit Adj 83 34 60
Net profit to shareholders Adj 83 34 60
Net Adj margin (%) 8 3,5 6,3
Leasing payments -20 -20 -20
Depreciation and amortisation -66 -47 -46
Of which leasing depreciation -8 -8 -8
EO items 0 -1 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 164 74 107
EBITDA lease Adj margin (%) 15,8 7,6 11,3
SEKm 2021 2022e 2023e
EBITDA 184 93 127
Net financial items -4 -3 -5
Paid tax -28 -10 -16
Non-cash items 0 0 0
Cash flow before change in WC 152 80 107
Change in WC -121 29 2
Operating cash flow 31 109 109
CAPEX tangible fixed assets -56 -39 -38
CAPEX intangible fixed assets -15 -15 -10
Acquisitions and disposals -20 0 0
Free cash flow -60 55 61
Dividend paid 0 0 0
Share issues and buybacks 21 0 0
Other non cash items -18 2 4
Decrease in net IB debt 57 52 64
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 223 223 223
Indefinite intangible assets 0 0 0
Definite intangible assets 239 221 222
Tangible fixed assets 2 17 27
Other fixed assets 18 18 18
Fixed assets 363 389 411
Inventories 225 195 191
Receivables 224 195 191
Other current assets 0 0 0
Cash and liquid assets 179 183 224
Total assets 991 962 1016
Shareholders equity 423 456 516
Minority 0 0 0
Total equity 423 456 516
Long-term debt 153 122 122
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 126 97 95
Other current liabilities 197 195 191
Total liabilities and equity 991 962 1016
Net IB debt -58 -93 -134
Net IB debt excl. pension debt -58 -93 -134
Capital invested 389 387 407
Working capital 126 97 95
EV breakdown 2021 2022 2023
Market cap. diluted (m) 738 452 452
Net IB debt Adj -7 -43 -84
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 731 410 369
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 80,8 99,7 96,5
Capital invested turnover (%) 181,2 178,7 174,2
Capital employed turnover (%) 151,3 147,7 138
Inventories / sales (%) 13,9 11,4 10,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 30,4 26,8 24,8
Working capital / sales (%) 7,1 11,5 10,1
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -13,7 -20,5 -26
Net debt / market cap (%) -7,6 -20,6 -29,7
Equity ratio (%) 42,7 47,4 50,8
Net IB debt adj. / equity (%) -1,7 -9,4 -16,2
Current ratio (%) 190,4 191,4 206,5
EBITDA / net interest (%) 4283,7 3451,8 2547,5
Net IB debt / EBITDA (%) -31,5 -100,1 -105,4
Interest cover (%) 2760,5 1703,2 1622,2
Lease liability amortisation -20 -20 -20
Other intangible assets 55 54 53
Right-of-use asset 18 31 43
Total other fixed assets 65 65 65
Leasing liability 18 18 18
Total other long-term liabilities 73 73 73
Net IB debt excl. leasing -26 -61 -102
Net IB debt / EBITDA lease Adj (%) -15,8 -82,2 -95
SEKm 2021 2022e 2023e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 3,47 1,36 2,48
Dividend per share Adj 0 0 0
EPS Adj 3,47 1,41 2,48
BVPS 17,7 18,75 21,23
BVPS Adj 6,07 7,36 9,87
Net IB debt / share -2,4 -3,8 -5,5
Share price 32,15 18,6 18,6
Market cap. (m) 768 452 452
Valuation 2021 2022 2023
P/E 8,9 13,7 7,5
EV/sales 0,7 0,42 0,39
EV/EBITDA 4 4,4 2,9
EV/EBITA 6,2 8,9 4,5
EV/EBIT 6,2 8,9 4,5
Dividend yield (%) 0 0 0
FCF yield (%) -8,2 12,2 13,5
P/BVPS 1,75 0,99 0,88
P/BVPS Adj 5,09 2,53 1,88
P/E Adj 8,9 13,2 7,5
EV/EBITDA Adj 4 4,3 2,9
EV/EBITA Adj 6,2 8,7 4,5
EV/EBIT Adj 6,2 8,7 4,5
EV/cap. employed 1,2 0,7 0,6
Investment ratios 2021 2022 2023
Capex / sales 6,8 5,5 5
Capex / depreciation 122,5 135,5 123,7
Capex tangibles / tangible fixed assets 2647,6 231,1 143
Capex intangibles / definite intangibles 27,7 27 17,9
Depreciation on intangibles / definite intangibles 104 73,3 72,8
Depreciation on tangibles / tangibles 38,1 -0,9 -1,1
Lease adj. FCF yield (%) -10,9 7,8 9

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 17.0 % 17.0 % 31 Dec 2021
Nordea Fonder 11.6 % 11.6 % 31 Mar 2022
Peter Lindell 11.2 % 11.2 % 31 Mar 2022
Lazard Frères Gestion 6.9 % 6.9 % 31 Mar 2022
Avanza Pension 5.3 % 5.3 % 31 Mar 2022
Rite Ventures 4.7 % 4.7 % 31 Mar 2022
Nordea Liv & Pension 3.7 % 3.7 % 31 Mar 2022
Dimensional Fund Advisors 3.4 % 3.4 % 31 May 2022
Originat AB 2.2 % 2.2 % 31 Mar 2022
Thomas Eklund 1.8 % 1.8 % 31 Mar 2022
Source: Holdings by Modular Finance AB

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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