Doro’s Q1 EBIT of 9.3 million was in line with our estimates of SEK 11.0 million, although total sales of SEK 416 million, a 23 percent growth, came in 7 percent lower than expected. Considering last year’s price change effects and the appeal stalling new Care tenders the order intake growth of 11 percent was solid. All in all, Q1 was yet another solid chapter in Doro’s growth story and acquiring Trygghetssentralen at P/S 0.4x marks another smart move in Doro’s Care focus. However, at Redeye we like our pilots chained to the steering wheel and hence we find the insider selling trend sad. Increased non-alignment between owners v/s Board and Management lowers our ownership rating to 2 (5). Our base case is by consequence revised to SEK 76 (83) but we reiterate our fair value range of SEK 32-108.