Fiskars: Records EUR 25m gain from negative goodwill related to Georg Jensen acquisition - Nordea

Fiskars has completed the purchase price allocation of the Georg Jensen acquisition and recognizes negative goodwill from it. The gain of EUR 25.4m is treated as item affecting comparability in Q4 2023 and hence does not affect guidance for 2023. In addition, Georg Jensen Q4 contribution is expected to exceed the negative impact from PPA items affecting comparable EBIT. Hence the acquisition does not dilute EPS in 2023 and points to a strong Q4 from Georg Jensen. The acquisition was completed on 1 October with EV of EUR 155m, corresponding to 9.5x EV/EBITDA on a stand-alone basis and 4.7x with expected cost synergies of approximately EUR 18m and net of integration costs. The final price paid for net assets was EUR 125, after post completion adjustment based on the level of net working capital and cash and debt in the acquired business on the closing date. For Q4, we are 12% ahead of LSEG consensus on adjusted EBIT and 1% below on sales.

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