Fiskars' Q2 earnings fell short of Modular Finance consensus expectations. The company delivered continued comparable growth and was able to squeeze the first benefits from Vita BA's profit-improvement programme. Fiskars' BA margin expansion remained intact and the company continued to invest in growth. Its strict focus on cash flow will likely keep weighing on profitability in H2, while the sequential demand improvement seen in Q2 provides a solid platform for the seasonally important H2. We trim our estimates and derive a slightly lower DCF- and multiples-based fair value range of EUR 11.5-14.5 (11.8-14.9).