Fiskars: The transformation continues - Nordea

On top of the EUR 30m cost-savings programme launched in January, Fiskars announced on 13 September that it plans to change its organisational structure, with targeted cost savings of EUR 25m. The next day, the company also announced the acquisition of the luxury brand Georg Jensen, which is expected to close in early Q4 2023. The deal could improve underlying growth via a broader offering, and Fiskars targets material synergies of EUR 18m. The company is steering itself towards its financial targets, but we believe improved market conditions will be needed to reach its mid-teen EBIT margin target by 2025. We maintain our DCF- and multiples-based fair value range of EUR 16.3-20.0 per share. Marketing material commissioned by Fiskars.

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