Redeye - Expansion and increased sales for Doro

Doro’s Q1 EBIT loss of SEK -22.5 million was SEK 12.2 million worse than our expectations, although the sales of SEK 340.1 million, meaning a sales growth of 46 percent was in line with our prognosis. Especially Doro’s EMEA sales growth of 78.1 percent stood out as encouraging on this supposedly most mature of Doro’s markets. We believe there is a lot more to come in the newer EMEA markets. In particular, we like the expansion of the Vodafone partnership. As late as today Doro announced that the Company will enter Romania together with Vodafone. As we previously mentioned, we believe that the progress in the sales growth is more important long term than the USD movement. Read more in the analysis below.

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