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Redeye: Doro - Solid phone Q3 – but we only care for Care

This is an updated Doro research following the Q3 report. Doro trades in line with our bear case, at a one-digit owner earnings multiple on its trailing 12-months cash flows. We believe this is too pessimistic given the telecare opportunities in UK. Read more and download the research update: http://bit.ly/2qPX2Fw Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered Investment Banking. https://www.redeye.se/about/

Redeye: Doro - It’s not time to give up

This is an update following Doro's Q1 report. Doro continues to gain market share in a tough, declining market. Services now accounts for 18 % of total sales but is likely around 50 % of the earnings. We also expect M&A within Care. All in all, we believe that it is not yet time to give up. Read more and download the research update: http://bit.ly/2VNLdxq Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered Investment Banking. https://www.redeye.se/about/

Redeye: Doro - Malodorous phone market

We have updated our Doro research following the Q4 report. Phone sales continue to disappoint but the growing Care segment will expand margins and increase earnings. We believe the next Care acquisition of a new Welbeing is getting closer and that it could prove to be a game-changer for the weak sentiment. Read more in our new research update: http://bit.ly/2BAIWuc  Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered Investment Banking. https://www.redeye.se/

Redeye: Doro - Acquires a platform for roll-out of new Care services

In this update we look at Doro's acquisition of Welbeing. The acquisition is spot on Doro's strategy and we especially like that Welbeing can be used as a platform to roll out the new Care services.Read more in the Research Update by Viktor Westman at: https://goo.gl/9zEJum Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered Investment Banking. https://www.redeye.se/

Redeye: Doro - The patient feels better

Doro's EBIT margin in Q1 reached 6 percent, which is the average margin in our base case of SEK 56. The current market expectations seems to be significantly lower than that.Read more in the Research Update by Viktor Westman at: https://goo.gl/h7Gjyj Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered Investment Banking. https://www.redeye.se/

Redeye: Doro - Research Update

Doro has suffered two tough years with negative organic growth. Especially Doro's smartphone penetration is alarming as it is 5-6x lower than e.g. seniors the age of 75-79. However, we expect Doro to overcome this problem and thus we believe that Doro is not yet ready for the nursing home. Shares are currently trading at our bear case. This valuation is justified by the phones business alone and Doro Care can therefore be seen as an option free of charge, with potentially large upside. Read more in the Research Update by Viktor Westman at: https://goo.gl/KgFLh3 Start following

Redeye: New ailments revealed in Doro

We had expected a recovery in Q3 and a sales growth of 10 percent but instead sales fell -2 percent. In North America, Doro has failed to introduce a 4G phone in time, meaning the weakness in US & Canada will continue into H2’18. Our EBIT estimates for 2018-2019 drop -40 percent and our base case falls with SEK 13 per share. Read more in the Research Update by Viktor Westman at: https://goo.gl/jVvDVG  Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered Investment Banking.

Redeye: Debilitated US & Canada sales in Doro

The region in North America remains the sinker, but H2’17 offers substantially better comparables, meaning the stock price dive following the report to us seems like an overreaction, especially as cost levels, gross margins and cash flows all remained solid. The stock is trading close to our bear case scenario and thus the advantageous margin of safety remains. Read more and download the Research Update by Viktor Westman at: https://goo.gl/CkLU31 Become a member at Redeye to access the latest research on Life Science and Tech companies. This is a press release from Redeye -

Redeye: Doro Frail 2016 Earnings Explained

Doro’s Q2 report, albeit weak EBIT of SEK 4 million (exp: SEKm 13) answered our questions regarding the profitability problems in Doro Care. Especially the decent gross margin of 36.4 percent, up 2 percentage points from Q1, implies a healthy consumer device segment. This also suggests that the lower Care sales and EBIT from the temporary market stop due to the SKL appeal is the only problem. With the uncertainty surrounding Doro Care now gone we look forward to the outcome of the SKL appeal in H2 to close the price/value gap to our reiterated base case in our fair value range. http://

Redeye - Ailments in Doro’s earnings

This is a short research update following Doro’s full year profit warning of July 6. Doro also announced that the Doro Care CEO will leave the Company due to the Care setbacks which at first hand would appear to be bad news. However, we believe that Doro is looking to find a new Doro Care CEO with an international track record and M&A experience in order to boost the international expansion of Doro Care. Doro’s guidance leads to major, downward, short term estimates revisions. Our base case valuation is lowered by 4 percent. This is much less than the share price drop, meaning that the

Redeye - Doro: Inte tillräckligt stabilt för insiders

Doros EBIT för Q1 på 9,3 MSEK var i linje med våra estimat på 11,0 MSEK och den totala omsättningen uppgick till 416 miljoner, en ökning med 23 procent (7 procent lägre än väntat). Allt som allt var Q1 ännu ett solitt kapitel i Doros tillväxthistoria och förvärvet av Trygghetssentralen på P/S 0,4x markerar ett smart drag i Doros fokus på Care. Men på Redeye vi gillar när piloterna är fastkedjade vid ratten och därmed finner vi den senaste insiderförsäljningsutvecklingen tråkig. Utvecklingen sänker vår poäng för ägarskap till 2 (5). Som konsekvens sänks vårt motiverade värde i basscenariot (

Redeye - Doro ser ut att kunna det här med tillväxt

Doros försäljningstillväxt fortsätter att vara en positiv överraskning och försäljningen i Q4 uppgick till 625.6 MSEK, vilket motsvarar en ökning med 43 procent (exp 573,7 MSEK); varav 32 procent är organiskt. Rörelsemarginalen på 9,4 procent var dock lägre än vår prognos på 10,1 procent, men den goda nyheten är att detta var på OPEX sidan, det vill säga bruttomarginalen har återhämtat sig till starka 38,5 procent (exp. 37,1%). Den utmärkta tillväxten kommer bland annat att fortsätta genom förvärv, som när man köpte Trygghetssentralen i Norge i förra veckan. Vi har reviderat vårt rimliga

Redeye - Förbisedd OPEX-skalbarhet för Doro

Doro rapporterade en omsättning och EBIT för det tredje kvartalet på 446,5 MSEK respektive 29,7 MSEK (förväntat 456,5 och 38,1 MSEK), vilket innebär en organisk tillväxt på 21,6 procent och en valutajusterad tillväxt på 27,7 procent. Orderingången ökade med 23 procent, exklusive Caretech. Bruttomarginalen var ett orosmoment för marknaden, men vi tror att enbart skalbarheten på OPEX kan leda till marginalexpansion framåt. Vi har höjt vårt motiverade värde och Doro har börjat röra sig mot vårt Bull case. Dessutom kommer Caretechs snabba tillväxt leda till marginal- och

Redeye - Doro: Får ordning på marginalerna

Doros Q2-försäljning och EBIT landade på 425,8 Mkr respektive 29,3 Mkr vilket var bättre än vår prognos om 408 Mkr och 22 Mkr. För att uttrycka det kort, är Doro redan efter Q1 tillbaka på 7 procent EBIT-marginal, utan att inte ens ha förbättra bruttomarginalen ännu. Dessutom kan en organisk, valutajusterade försäljningstillväxt på över 20 procent under första halvåret av 2015 förtjäna respekt. Vi anpassar våra kortsiktiga estimat något och får ett nytt motiverat värde. I det motiverade värdet använder vi genomsnittliga marginalerna för 7 procent över tiden, i linje med historien. Läs mer i

Redeye - Sales growth raises estimates for Doro

This is a short update following Doro’s profit warning and decision of no dividend for 2014, last Friday. If one take a closer look on what was stated in the press release it is evident that Doro’s sales growth for Q1, year-over-year will be over 40 percent, including Caretech, compared to our previous estimates of 23 percent. All in all, we believe that the importance of the fast sales growth in Q1 is larger than the currency effects. In addition, Doro ‘s product launches from the Mobile World Congress in Barcelona is promising for the mid-term growth. Thus, our revised short term

Redeye - Doro adds value with care acquisition

Just before christmas, Doro announced that the Company will acquire Caretech, a leading and well-positioned telecare company within digital safety alarms. Caretech benefits from the transition from analogue to digital safety alarms, a transition that has only just gotten started, where Caretech is leading the way. This will be even more the case in 2015 when the only full chain rival gets excluded from the SKL framework agreement. Caretech provides Doro with a new, stable distribution channel, in form of municipalities, combined with substantially higher gross margins of 60 percent.

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