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Third party research

Fiskars: A big push for a turnaround - Nordea

Fiskars

This is a third party research report and does not necessarily reflect our views or values

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Fiskars' Q4 adjusted EBIT came in below Modular Finance consensus, owing to the Other segment. The company managed to maintain sales on a growth track on a comparable basis and is putting more effort into a Vita BA turnaround. The EUR 28m profit improvement programme aims to simplify Vita BA's structure and to right-size its capacity. Although the programme is likely to play a crucial role in a turnaround story, increased consumer confidence is likely needed to support growth and operating rates of the business, we argue. We make minor estimate revisions and derive a slightly higher DCF- and multiples-based fair value range of EUR 11.1-14.0 (10.6-13.3), owing to higher peer multiples and stronger cash flows.
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