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Eksterne analyser

Fiskars: Supportive top line development - narrows the guidance towards low-end - Nordea

Fiskars

Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.

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Fiskars Q3 adjusted EBIT of EUR 13.9m came 24% (EUR 4.3m) below Modular Finance consensus expectations despite 5% top line beat. Net sales were up 1% y/y to EUR 259m with 4% comparable sales growth (we had modelled -5%). On positive note, comparable direct-to-consumer sales were up 10% y/y while comparable sales in China were up 24% y/y, which bodes well for important Q4. Comparable gross margin was 46.7%, down 140bp y/y. Q3 EBIT miss was driven by Vita BA where high inventories burdened margins and the company has taken actions to adress the situation through furloughs that cause negative impact on EBIT. Q3 operating cash flow was EUR 2m (EUR -3m a year ago). Fiskars lowers top-end of its guidance range and expects 2025 adjusted EBIT to be EUR 90-100m (from EUR 90-110m) after EUR 111m in 2024. Furthermore, the company expects adjusted EBIT towards lower-end of the guidance. Consensus has been expecting EUR 88m adjusted EBIT. Initially, we expect consensus to make minor estimate revisions. We believe strong top line development is needed to reach guidance in Q4.
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