Doro’s Q2 sales and EBIT of SEKm 425.8 and 29.3 respectively was slightly better than our prognosis of SEKm 408.0 and 22.0. To put it short, Doro is following Q1 already back at 7 percent EBIT margin, without not yet even improving the gross margin. In addition, an organic, currency-adjusted sales growth of over 20 percent in the first half of 2015 requires respect. We adjust our short-term estimates slightly and receive a new fair value of SEK 54 (51). In base case we use average margins of 7 percent over time, in line with the history. However, with the strong Q2 in mind Doro’s own target of 10 percent, included in our bull case of SEK 90 appears increasingly relevant. The fast growth in Care with corresponding international expansion should mean higher margins and multiples.