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Third party research

Fiskars: Finally some top-line traction - Nordea

Fiskars

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

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While Fiskars' adjusted EBIT fell short of Modular Finance consensus, broad-based top-line growth is clearly supportive when considering the outlook for 2026. The company was able to grow in nearly all main markets and brands during Q3, while adjusted EBIT was weighed down by production curtailments causing underabsorption of costs. The company expects to reach the lower end of its specified adjusted EBIT guidance of EUR 90-100m, which seems to require continued solid growth in Q4. The October sales development supports this view. We derive a higher DCF- and multiples-based fair value range of EUR 12.0-15.0 (11.2-14.1), driven by slightly higher estimates and peer multiples.
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