Fiskars: Flattish organic growth for 2024 - Nordea

Fiskars hosted its CMD event in November and reiterated its financial targets for 2025. Given the current macroenvironment, we expect only minor organic growth for 2024, while its profit-improvement programmes and the acquisition of Georg Jensen could offer positive margin trajectory towards its mid-teens EBIT margin target by 2025. We expect solid cash flow development for Q4 and view the targeted leverage level as achievable during 2024. We derive a somewhat lower DCF- and multiples-based fair value range of EUR 14.0-17.2 (14.4-17.7) per Fiskars share. Marketing material commissioned by Fiskars.

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