Doro (Sponsored) - Q4'21 report: Sales SEK 311m (1.5% vs ABGSC 307m and -9.5% vs cons 344m), EBIT SEK 51m (73.3% vs ABGSC 29m and 68.3% vs cons 30m), Net profit SEK 30m (47% vs ABGSC 20m and 48% vs cons 20m), Order intake SEK 264m (-11.1% vs ABGSC 296m).
Q4 thoughts
The first quarter reporting as a stand-alone company, Doro preformed above our expectations with very strong margins. Sales came in line with our expectations, corresponding to a 10% y-o-y decline (ABGSCe -11%). The gross margin was strong in the quarter of 39% (ABGSCe 35%) and not yet largely affected by higher freight rates. The strong EBIT margin in the quarter is explained by the strong GM of 39% (ABG 35%), a lower cost level from the initiatives incorporated through the restructuring program and some NRI after the separation of Care. The order intake was 11% lower than we expected, however, up 16% y-o-y (vs ABGSCe 30%). This was a consequence of the pandemic, with difficulty in physical meetings with customers and with reduced activities in the market. This is expected to continue partly into 2022.
Estimate revisions and valuation
Doro’s share is down 5% YTD and is trading at EV/EBIT of 7x 2022e on our unrevised estimates. We expect cons to raise its 2022e EBIT by ~15-20% based on the Q4 numbers alone. There is a conference call at 9.00 CET.
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