Fiskars: Better than expected performance in the face of headwinds
Despite several negative factors, Fiskars was able to grow its comparable net sales by almost 8% in Q2, exceeding expectations. This, together with a margin level that weakened less than expected, resulted in a better-than-expected comparable EBIT. However, as expected, the result was weaker than in the previous year. Fiskars maintained its guidance and continues to expect full-year adjusted EBIT to improve from last year. We raised our estimates for the current year. If the company achieves at least the EBIT level of last year, we think the stock seems attractive. With our revised estimates, EV/EBIT is about 10x.
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 Figures28.07.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 1,254.4 | 1,323.4 | 1,359.3 |
growth-% | 12.38 % | 5.50 % | 2.71 % |
EBIT (adj.) | 154.4 | 161.9 | 168.7 |
EBIT-% (adj.) | 12.31 % | 12.23 % | 12.41 % |
EPS (adj.) | 1.21 | 1.58 | 1.56 |
Dividend | 0.76 | 0.86 | 0.96 |
Dividend % | 3.30 % | 4.95 % | 5.52 % |
P/E (adj.) | 19.08 | 10.98 | 11.14 |
EV/EBITDA | 9.34 | 7.22 | 6.35 |