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Third party research

Fiskars: Demand situation still fragile - Nordea

Fiskars

This is a third party research report and does not necessarily reflect our views or values

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The overall demand situation has remained soft in most of Fiskars' key markets. H1 is seasonally important for Fiskars BA, and we note cautiousness in the important US market. We also believe a cold winter in the Nordics could affect Q1 gardening sales. The company has actively managed inventories in Vita BA, which could have supported sales but is likely burdening profitability to some extent. The CMD event in May could offer a tangible road map on how to boost top-line development in both business areas (BAs). Driven by slightly lower estimates and reduced peer multiples, we derive a lower DCF- and multiples-based fair value range of EUR 10.3-13.0 (11.1-14.0).
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