Doro Q4: Yet another great quarter

Research Note

2016-02-17

08:37

Doro's EBIT for Q4 of SEK 58.7 million was in line with our estimates of SEK 57.9 million but on higher sales than expected of SEK 625.6 million (exp. SEK 573.7), implying margin pressure in relation to our estimates. However, the EBIT margin was up from 8.7 percent in Q4'14 to 9.4 percent. In addition, the gross margin of 38.5 percent was better than our forecast of 37.1 percent, which is good news as we see strong scalability on OPEX ahead. The order intake of SEK 527.5 million was down only 7 percent from Q3, which is percentually around twice as good as normal. Q1 is normally the weakest quarter of the year but Q1'16 looks strong judging from the strong order intake and the order bookings that was up 198 percent year over year.

VW

Viktor Westman

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