Fiskars: Weak Q2 expected but the share is cheap
The late spring and retailers’ high inventory levels are expected to cause more headwind for Fiskars than we previously estimated resulting in us cutting our estimates. For 2022, we now expect adjusted EBIT to be roughly at last year's level while the company’s guidance is increasing EBIT. Even with this conservative estimate, the share valuation is relatively low, considering the company's improved performance and growth expectations for the next few years.
Fiskars
Fiskars is a manufacturer of products for homes and households. The product portfolio is broad and consists, for example, of scissors, garden and food tools, as well as other products for home and garden. The company operates worldwide, where the products are sold under various own brands. The largest business is found in the European market. The head office is located in Helsinki.
Read more on company pageKey Estimate Figures18.07.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 1,254.4 | 1,279.3 | 1,320.2 |
growth-% | 12.38 % | 1.99 % | 3.19 % |
EBIT (adj.) | 154.4 | 152.7 | 165.9 |
EBIT-% (adj.) | 12.31 % | 11.93 % | 12.57 % |
EPS (adj.) | 1.21 | 1.45 | 1.54 |
Dividend | 0.76 | 0.86 | 0.96 |
Dividend % | 3.30 % | 4.95 % | 5.52 % |
P/E (adj.) | 19.08 | 12.03 | 11.32 |
EV/EBITDA | 9.34 | 7.63 | 6.46 |