Fiskars: Market likely to remain soft in H2 - Nordea

Fiskars' Q2 adjusted EBIT came in largely in line with LSEG Data & Analytics consensus expectations despite 4% lower sales. The company continues to improve underlying gross margins despite soft volumes, which bodes well for when demand recovers. However, Fiskars does not expect market conditions to improve in H2, leaving adjusted EBIT guidance for a slight improvement at risk, we believe. The Georg Jensen integration is progressing well, while the company expects further support from its cost-saving programmes. We derive a DCF- and multiples-based fair value range of EUR 15.6-19.4 (16.0-19.8) per share. Marketing material commissioned by Fiskars.

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