Doro has suffered two tough years with negative organic growth. Especially Doro's smartphone penetration is alarming as it is 5-6x lower than e.g. seniors the age of 75-79. However, we expect Doro to overcome this problem and thus we believe that Doro is not yet ready for the nursing home. Shares are currently trading at our bear case. This valuation is justified by the phones business alone and Doro Care can therefore be seen as an option free of charge, with potentially large upside.