Fiskars: A more challenging market than anticipated - Nordea

On 12 October, Fiskars lowered its adjusted EBIT guidance for 2023 from EUR 120-130m to EUR 100-120m. Market conditions have remained challenging and volatile in Q3, and the company expects a similar situation in Q4. In addition to low consumer confidence, retail customers' focus on inventory management has a negative impact on demand and sales. Preliminary figures for Q3 released in conjunction with the profit warning indicated 40% lower adjusted EBIT than anticipated by Refinitiv consensus, implicitly requiring only limited consensus revisions for Q4 in order to reach the midpoint of the guidance. We lower our DCF- and multiples-based fair value to EUR 15.0-18.5 (16.3-20.0), reflecting estimate revisions and lower peer multiples. Marketing material commissioned by Fiskars.

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