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DORO AB-g: Redeye - Doro makes a strong comeback

Q2 was a good comeback for Doro compared to their weak Q1. In our bull
case theres an 110 % upside.

Sales in Q2 amounted to SEK 277 million, in line with our expectations
of SEK 272 million. EBIT reached SEK 15 million, compared to our
estimates of SEK 16 million. All in all, Q2 was a strong comeback
from Q1 with no signs of smartphone declines.

In Q2 Doro was listed by Telekom Deutschland and A1, meaning that Doro
kicked out the competitors. Doro's arch enemy Emporia, was for
instance dethroned in their home market. Together with the strong
growth in order intake of 24 percent from Q1 this supports Doro's
growth outlook for the rest of 2014.

Our slightly revised estimates does not change the DCF value of SEK
46. Today's share price indicates an upside and a downside of 110 and
20 percent respectively (in our bull and bear case).


Författare Hugin

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