Fiskars: Solid Q4 despite challenging market - Nordea

Fiskars' Q4 results were in line with expectations and the company issued positive guidance for 2025, despite the challenging operating environment. Cash flow has recovered to normal seasonality and shareholder remuneration continues to increase. Fiskars completed its new organisation structure ahead of schedule and it is making a EUR 12m growth investment in Vita, backed by EUR 10m in cost savings. Continuing improvements in its gross margin will be clearly supportive when market demand recovers. We derive a lower fair value range of EUR 13.6-14.9 (14.6-18.1). Marketing material commissioned by Fiskars.

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