This is a short research update following Doro’s full year profit warning of July 6. Doro also announced that the Doro Care CEO will leave the Company due to the Care setbacks which at first hand would appear to be bad news. However, we believe that Doro is looking to find a new Doro Care CEO with an international track record and M&A experience in order to boost the international expansion of Doro Care. Doro’s guidance leads to major, downward, short term estimates revisions. Our base case valuation is lowered by 4 percent to SEK 73 (76). This is much less than the share price drop, meaning that the Doro share now has an even better risk reward as our fair value range of SEK 32-108 remains. However, increased insecurity from this bland press release will remain an impediment for the share in anticipation of good news.