After a relatively quiet 2021 in terms of acquisition announcements, today’s news mark Doro’s tenth Care acquisition. We have previously emphasised a fragmented European telecare market, and that Doro should be well-positioned to consolidate the market: both in terms of its financial position and in terms of its group structure (market leader in several markets, and with a high share of digital telecare connections). We reiterate this view, and are encouraged to see that Doro is now expanding geographically into the Netherlands. According to Berg Insight, there are about 270k connections in the Netherlands. As such, Innocom has a relatively strong position in that market (~10% market share), which we think bodes well for more acquisitions in that region going forward. On our unrevised estimates, Doro’s share is trading at c. 10x ‘22e EV/EBIT.
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