Fiskars: Favourable channel mix in tough market - Nordea

Fiskars pre-released Q3 headline figures on 12 October. Adjusted EBIT of EUR 17.9m came in slightly ahead of the previously announced EUR 17m and was burdened by a comparable net sales decline of 13% y/y. The positive sales development continued in own sales channels and the company was able to continue the positive trend in its gross margin. The company will host a CMD event on 2 November, when we expect to hear more about growth initiatives and the road map towards its mid-teens target for the EBIT margin. We trim our DCF- and multiples-based fair value range to EUR 14.4-17.7 (15.0-18.5), mainly due to lower peer multiples. Marketing material commissioned by Fiskars.

Länk till analysen i sin helhet: https://research.nordea.com/api/reportfileapi?id=884231