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Third party research

Fiskars: Not yet out of the woods - Nordea

Fiskars

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

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Fiskars' Q2 adjusted EBIT fell clearly short of Modular Finance consensus expectations, despite the severe profit warning on 12 June. The company has struggled with a weak demand situation and tariff impacts since May, with June being the weakest month of Q2. Ahead of the more important H2, visibility remains limited, and while direct-to-consumer sales have fared clearly better, risks of guidance being lowered linger for H2. We continue to believe that the company could achieve a relatively sharp turnaround once the demand situation improves, but timing is still highly uncertain. We derive a slightly higher DCF- and multiples-based fair value range of EUR 13.0-16.2 (12.7-16.0) owing to higher peer multiples. Marketing material commissioned by Fiskars.
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