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Redeye: Doro Frail 2016 Earnings Explained

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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.

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