We expect negative revisions for consensus due to the lower-than-expected sales (both for Phones and Care). The report alone would mechanically cut our ’21e-‘23e sales by 5%. On our unrevised estimates, the share is trading at c. 11x ‘21e EV/EBIT. Conf call starts at 09.00 CET, https://tv.streamfabriken.com/doro-q3-2021.