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DORO AB-g: Redeye - Overreaction after sales drop in Doro

Sales reached SEK 233 million compared to our expected SEK 260. As for
EBIT our forecast was SEK 14 million and the outcome SEK 5 million.
This was due to a declining Nordic market and large depreciations
from investments in smartphones.

The EBITDA margin was stable from last year amounting to 7 percent.
The gross margin was up 3 percentage points to 41 percent due to
product mix.

Our revised estimates provide a new DCF value of SEK 46. This suggests
that investors are not counting on Doro being able to make the shift
to smartphones. However, we are confident with management's strategy.
We thus believe that Doro is undervalued, although we expect a weak
second quarter.

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