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.
To read the full report visit http://www.redeye.se/
Denna information skickades av Cision http://news.cision.com/se
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