Fiskars: Soft market could burden H1 performance - Nordea

Fiskars' Q4 was bang in line with consensus expectations (LSEG Data & Analytics). Cash flows were strong and the company reached targeted leverage after the acquisition of Georg Jensen in 2023. Per strong cash flows, the dividend proposal is up from 2022. Market conditions are likely to remain challenging in H1, mirrored by new guidance of only slightly improving adjusted EBIT in 2024. An improving underlying gross margin and structural changes bode well for when demand recovers, and Fiskars is sticking with its mid-teens EBIT margin target by 2025. We derive a slightly higher DCF- and multiples-based fair value range of EUR 14.5-18.0 (14.0-17.2). Marketing material commissioned by Fiskars.

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