Fiskars' Q3 results were fairly solid, with profitable growth accelerating q/q in both business areas and BA Vita's turnaround programme clearly visible in its performance. While we expect the gradually improving trajectory to continue, we also highlight that consumer sentiment, durable brand appeal, inflationary pressures and working capital management remain the key uncertainties, especially going into the important Q4. With our broadly unchanged estimates, we derive a new fair value range of EUR 11.0-14.1 (11.2-14.5).