Fiskars: Solid Q1 with successful margin management - Nordea

Fiskars' Q1 adjusted EBIT was 13% above LSEG Data & Analytics consensus despite a 5% miss on sales. BA Fiskars' gross margins were resilient while a higher share of own manufacturing was visible in BA Vita's margins in a low volume environment. Underlying gross margin continues to improve, while the company is performing well in its own sales channels. Fiskars reiterated its guidance and is progressing with its cost-saving programmes. New investments into glass production support the company's ambition to increase its premium and luxury exposure. Following structural changes and sustainably higher gross margins, Fiskars is well positioned once underlying demand recovers in our view. We derive a DCF- and multiples-based fair value range of EUR 16.0-19.8 (15.8-19.5). Marketing material commissioned by Fiskars.

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