Redeye reiterate our Base Case valuation at SEK 28 with a fair value range between SEK19 to SEK33. We also adjust our WACC slightly upwards to 12.6% due to higher yields. At today’s price of SEK 16 Doro is trading below our Bear Case. With an EPS of SEK2.30, Doro trades at P/E 7 2023e.