contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Rauli Juva

Thomas Westerholm

Fiskars is a manufacturer of products for the home and household. The product range is broad and consists of, for example, scissors, garden and food tools, as well as other products for the home and garden. Operations are held on a global level where the products are sold under various own brands. The largest operations are found in the European market. The headquarters are located in Helsinki.

Rarely, but they do exist. I also think it’s clear that this split will happen within a few years’ horizon, but I personally see it as an option that they will at least try to improve Vita’s earnings for a couple of years before the demerger. I completely agree (as I’ve written in the reports as well) that with the current earnings, selling Vita is unlikely to succeed at a price that makes sense for Fiskars; so if they want to carry out the split this year, for example, then a listing is indeed the only logical outcome. Well, an updated strategy and Capital Markets Day are coming up in May, so this will likely be discussed there if there is an intention to do something this year.

It’s probably rare in Finland to go for a “conglomerate” approach, where there would actually be several completely separate companies and businesses within the same holding company? I don’t have any statistics on hand, but isn’t it the custom in Finland to either sell off in one go or list on the stock exchange? Of course, it’s possible that I’m still being a complete over-optimist and Fiskars sees no problem in selling the struggling Vita at a steep discount to someone?

It could certainly be that Vita is being spun off as a completely independent company, but publicly, nothing has been communicated about this at any point. So far, there has only been talk about separating segments into independent companies within the group, which will be completed during this quarter. And of course, it was mentioned that this provides structural options etc. That’s why I’m interested in how you came to the conclusion that Vita is being listed?

I finally dumped my Fiskars (and bought Terveystalo instead). For some reason, I was sure for a long time that the folks at Fiskars would be able to “read the room” and cancel the Vita spin-off. Now, since Vita is doing poorly, ergo it can’t be sold as an independent company to anyone for a sensible price, ergo it will be listed on the stock exchange, and because it’s doing poorly, it’s going to dive after the listing. Finally, I had to admit to myself that nope, these lunatics actually mean to move forward with it regardless of everything. Considering the stock is expensive, there’s no sign of an earnings turnaround, and in a year’s time at the latest, the dividend will be slashed, what could be the reason to stay on board with Fiskars?

Here is a fresh company update from Rauli right after the Q4 results  Fiskars’ Q4 results were weak, and we do not expect a quick turnaround this year either. However, the guidance expects a full-year earnings improvement in line with our forecasts. In our view, the stock is already pricing in a significantly better performance. We reiterate our EUR 11.5 target price and Reduce recommendation.                   Inderes              Fiskars Q4'25: Käänne siintää, mutta arvostus on jo edellä - Inderes    Fiskarsin Q4-tulos oli vaisu, eikä nopeaa käännettä ole mielestämme luvassa tänäkään vuonna.

I’ve been thinking about Fiskars lately, which hasn’t been discussed much on the forums for a while (aside from a brief mention of the earnings report), and I hadn’t followed the company myself for a long time either. The company is clearly at the bottom of the consumer cycle. In the US and Europe, demand has been weak, and channel destocking has weighed on volumes and margins. In this sense, the bad news is already well known. For me, the key question isn’t so much whether consumption in the US will start growing strongly—as that is hard to believe given the current political and economic uncertainty—but rather whether mere normalization is enough. In my opinion, Fiskars doesn’t need a new consumer boom, but rather for the purchasing rhythm and inventory levels to return to normal. The brands aren’t broken, and it’s not a matter of price competition in the budget segment. On the other hand, risks cannot be ignored. If consumer demand, especially in the US, remains permanently weak or weakens further, the recovery could be drawn out. Fiskars is not a defensive company, but a clear recovery bet that requires time and patience. It would be interesting to hear how others see this. Is Fiskars more of an opportunity or a trap at current prices? And how much weight do you think should be given to the US development in this case?

The stock reacted positively to the Q4 report; the surprisingly unchanged dividend and the large savings program were likely the positive takeaways here, but overall, both Q4 and the outlook were expectedly subdued. Commentary attached.                   Inderes              Fiskars Q4’25 -pikakommentti: Odotetun vaisu tulos, vakaa osinkoehdotus...    Fiskarsin Q4:n oik. liiketulos jäi hieman ennusteestamme. Heikosta koko vuoden tuloksesta ja taseesta huolimatta yhtiö ehdottaa yllättäen osingon säilymistä vertailukauden tasolla.

Fiskars

We believe, Fiskars has completed its long-term transformation into a consumer goods company and its profitability is already structurally better than its historical levels. We believe that ...

<p>We believe, Fiskars has completed its long-term transformation into a consumer goods company and its profitability is already structurally better than its historical levels. We believe that the current strategy supports growth and profitability improvement in 2024-25, but 2023 will be weaker than 2022 in line with the guidance. </p> 

	2022	23e	24e
Revenue	1,248.4	1,187.1	1,260.2
growth-%	-0.5 %	-4.9 %	6.2 %
EBIT (adj.)	151.0	135.4	157.3
EBIT-% (adj.)	12.1 %	11.4 %	12.5 %
EPS (adj.)	1.42	1.20	1.43
Dividend	0.80	0.80	0.82
Dividend %	5.2 %	6.1 %	6.2 %
P/E (adj.)	10.8	11.0	9.2
EV/EBITDA	8.1	6.6	5.5

Fiskars: Earnings on a structural growth trend

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Key Estimate Figures14.03.2023

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