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We expect slowing consumer demand to be visible in Fiskars' development over the coming year. With our estimates the performance improvement indicated by the company’s guidance will be very modest. We do, however, believe that Fiskars' performance is structurally much higher than before COVID. At the current performance level we feel that the valuation (EV/EBIT about 8.5 and PE 10-11x in 2022-23) is favorable, but the weak short-term outlook and the valuation level of peers / increased interest rate level limits the upside potential.

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Trade. (Fiskars Group)