Doro reported sales and EBIT for Q3 of SEK 446.5 and 29.7 million respectively (exp: SEKm 456.5 and 38.1), meaning a 21.6 percent organic growth and 27.7 percent currency-adjusted growth. The order intake of SEK 566.3 million rose 23 percent excluding Caretech. Gross margins was of concern for the market but we believe that the scalability on OPEX alone can lead to margin expansion ahead. We have a new valuation in base case of SEK 58 (54) as Doro fundamentally keeps on approaching our bull case of SEK 90. In the traditionally strong Q4 the comparable gross margins of Q4’14 will be considerably easier to cope with, meaning tailwinds for the share. In addition, Caretech's fast growth will lead to margin- and multiple expansion ahead.