Fiskars: Margin and cash flow protection continues – Nordea


Fiskars’ Q2 2023 adjusted EBIT fell short of Refinitiv consensus expectations, partly due to credit losses. Sales growth remained in the red, and lower own production created some inefficiencies. Direct-to-consumer sales continue to increase, even when adjusting for the strong performance in China, which clearly supports the gross margin development. The company reiterated its lower adjusted EBIT guidance of EUR 120-130m, which we view as achievable. Cost savings from organisational changes will have a more material impact in H2 and the company appeared clearly confident about the path toward its EBIT margin target in the mid-teens. We derive a fair value range of EUR 16.3-20.0 (16.1-19.9) per Fiskars share.

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