Doro: Mix continues to drive strong GM for Phones

Doro: Mix continues to drive strong GM for Phones - ABG

Weaker sales than expected, but strong group margins
’21e-‘23e sales & EBIT cut by 9-6% and 2-1%, resp.
11x ‘22e adj. EV/EBIT - spinoff of Care is nearing

For the first time in a while, Doro delivered weaker results than we had expected. On Phone sales, we were too optimistic as we had expected further pent-up demand as was shown in the Q2 report. Instead, Phones’ sales came in at SEK 269m (-21% vs ABGSCe), and -16% y-o-y. That said, Phones’ gross margin of 36% was well-above our forecast at 32%, driven by a good product mix. Although, the strong gross margin will likely be difficult to maintain over time, we believe it will continue to be strong in Q4, driven by price increases that were recently carried out. Care sales were SEK 141m (-9% vs ABGSCe), despite the fact that Doro won several new contracts in H1. This was because of component shortages. We remain optimistic for the future, however, as we believe the new agreements should drive the sales growth for Doro Care as the availability of components improves.

The separate listing of Doro Care is getting closer and is expected to be completed in December. We reiterate our view that Doro Care still has strong organic and inorganic growth opportunities, while Doro Phones continues to deliver strong margins, albeit with soft sales growth. On our new 2022 forecasts, Doro’s share is trading at 11x adj. EV/EBIT.

Doro: Mix continues to drive strong GM for Phones - ABG

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