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Q3 due on October 29
We expect sales of EUR 273m and adj. EBITA of 26m
Value range lifted to EUR 16-25 (14-23) per share

Fiskars will publish its Q3 report on 29 October, and we expect the Q2 momentum to have continued. We forecast single-digit organic sales growth of 3% to EUR 273m. Like many firms, Fiskars is facing supply chain issues that could potentially restrict the availability of some products and materials; this mainly affects Terra and Crea. However, we think Fiskars will be better off than many others considering its scale and vast in-house production. For the Vita segment, we expect continued growth, with loosening pandemic restrictions boosting its physical shops. More specifically, we expect Vita to expand its EBITA margin by 1.8pp to 15% y-o-y, and up 7pp vs. 2019. We expect profitability and margins to be further supported by the transformation programme, which Fiskars says will become visible during H2’21e and close to YE’21

We raise our ’21e adj. EBITA by 3%. In absolute terms, we believe that Fiskars could deliver adj. EBITA of EUR 161m in ‘21e, which is just above the top-end of the company’s guidance range of EUR 140-160m, implying that the risk could be to the upside. Our updated estimate for adj. EBITA in ‘21e implies a margin of 13.4% (’19 8.3% and ’20 12.2%). On our updated estimates, the shares are trading at an EV/EBITA adj. of 11.3x-11.6x ‘21e-‘23e, which is below the peer group on ‘22e estimates. To reflect this, we raise our valuation range to EUR 16-25 per share.

Lähde: Finwire News

Fiskars on vuonna 1649 perustettu suomalainen kuluttajatuoteyhtiö. Yhtiön päätuoteryhmät liittyvät kotiin, askarteluun, puutarhanhoitoon, ulkoiluun, ruoanlaittoon, sisustamiseen ja kattamiseen ja tuotteita myydään yli 100 maassa. Yhtiön suurimmat markkina-alueet ovat Eurooppa ja Pohjois-Amerikka. Fiskars palvelee ihmisiä ympäri maailmaa brändiportfoliolla, johon kuuluu kansainvälisesti tunnettuja brändejä kuten Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford ja Wedgwdood. Tuotteista noin puolet valmistetaan yhtiön omissa tehtaissa ja noin puolet tulevat alihankkijoilta.