Fiskars: Slowing demand puts pressure on earnings
We expect slowing consumer demand to be visible in Fiskars' development over the coming year. With our estimates the performance improvement indicated by the company’s guidance will be very modest. We do, however, believe that Fiskars' performance is structurally much higher than before COVID. At the current performance level we feel that the valuation (EV/EBIT about 8.5 and PE 10-11x in 2022-23) is favorable, but the weak short-term outlook and the valuation level of peers / increased interest rate level limits the upside potential.
Login required
This content is only available for logged in users
Fiskars
Fiskars is a manufacturer of products for homes and households. The product portfolio is broad and consists, for example, of scissors, garden and food tools, as well as other products for home and garden. The company operates worldwide, where the products are sold under various own brands. The largest business is found in the European market. The head office is located in Helsinki.
Read more on company pageKey Estimate Figures26.09.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 1,254.4 | 1,294.8 | 1,299.9 |
growth-% | 12.38 % | 3.23 % | 0.39 % |
EBIT (adj.) | 154.4 | 157.5 | 150.8 |
EBIT-% (adj.) | 12.31 % | 12.17 % | 11.60 % |
EPS (adj.) | 1.21 | 1.56 | 1.41 |
Dividend | 0.76 | 0.82 | 0.82 |
Dividend % | 3.30 % | 4.93 % | 4.93 % |
P/E (adj.) | 19.08 | 10.68 | 11.80 |
EV/EBITDA | 9.34 | 7.12 | 6.58 |