Fiskars: Slowing demand puts pressure on earnings
We expect slowing consumer demand to be visible in Fiskars' development over the coming year. With our estimates the performance improvement indicated by the company’s guidance will be very modest. We do, however, believe that Fiskars' performance is structurally much higher than before COVID. At the current performance level we feel that the valuation (EV/EBIT about 8.5 and PE 10-11x in 2022-23) is favorable, but the weak short-term outlook and the valuation level of peers / increased interest rate level limits the upside potential.
Fiskars is a manufacturer of products for the home and household. The product range is broad and consists of, for example, scissors, garden and food tools, as well as other products for the home and garden. Operations are held on a global level where the products are sold under various own brands. The largest operations are found in the European market. The headquarters are located in Helsinki.
Read more on company pageKey Estimate Figures26.09.2022
| 2021 | 22e | 23e | |
|---|---|---|---|
| Revenue | 1,254.4 | 1,294.8 | 1,299.9 |
| growth-% | 12.4 % | 3.2 % | 0.4 % |
| EBIT (adj.) | 154.4 | 157.5 | 150.8 |
| EBIT-% (adj.) | 12.3 % | 12.2 % | 11.6 % |
| EPS (adj.) | 1.21 | 1.56 | 1.41 |
| Dividend | 0.76 | 0.82 | 0.82 |
| Dividend % | 3.3 % | 6.3 % | 6.3 % |
| P/E (adj.) | 19.1 | 8.4 | 9.2 |
| EV/EBITDA | 9.3 | 5.7 | 5.2 |
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