Fiskars

15.56EUR +0.78 %
8,981 investors are following this company

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.

P/E (23e)
12.98
EV/EBIT (23e)
11.15
P/B (23e)
1.46
Dividend yield-% (23e)
5.14 %
Target price
18.00 EUR
Recommendation
Accumulate
Updated
14.3.2023
NASDAQ Helsinki
FSKRS
Daily low / high price
15.4 / 15.56 EUR
Market cap
1.26B EUR
Turnover
24.58K EUR
Volume
1.6K
Risk and recommendation
HighRiskLow
SellRecommendationBuy

Income statement

20192020202120222023e2024e2025e2026e
Revenue1,090.441,116.171,254.351,248.441,187.081,260.171,299.601,340.36
growth-%-2.51 %2.36 %12.38 %-0.47 %-4.91 %6.16 %3.13 %3.14 %
EBITDA119.54173.41204.17193.50190.43220.02234.31240.08
EBIT (adj.)77.70109.14154.40151.00135.43157.28169.49174.54
EBIT60.0098.11142.90134.70130.43157.28169.49174.54
Profit before taxes63.1789.86144.20124.10117.43147.36159.59168.14
Net income51.6467.6886.7098.1891.77115.51123.58128.57
EPS (adj.)0.850.971.211.421.201.431.531.59
growth-%-23.65 %13.60 %24.76 %17.86 %-15.59 %19.37 %6.98 %4.04 %
Dividend0.560.600.760.800.800.820.901.12
Dividend ratio88.42 %72.23 %71.42 %65.66 %70.35 %57.29 %58.77 %70.00 %

Profitability and return on capital

20192020202120222023e2024e2025e2026e
EBITDA-%10.96 %15.54 %16.28 %15.50 %16.04 %17.46 %18.03 %17.91 %
EBIT-% (adj.)7.13 %9.78 %12.31 %12.10 %11.41 %12.48 %13.04 %13.02 %
EBIT-%5.50 %8.79 %11.39 %10.79 %10.99 %12.48 %13.04 %13.02 %
ROE5.25 %8.91 %11.04 %11.95 %10.86 %13.06 %13.17 %12.92 %
ROI5.21 %10.99 %16.43 %12.59 %10.83 %13.90 %14.73 %15.03 %

Valuation

20192020202120222023e2024e2025e2026e
Share price (EUR)11.2614.9823.0015.3815.5615.5615.5615.56
Shares81.5481.4781.4780.5880.7080.7080.7080.70
Market cap918.091,220.441,873.851,239.341,255.691,255.691,255.691,255.69
Enterprise value1,069.021,269.671,906.111,563.431,454.501,397.821,338.471,291.84
EV/S0.981.141.521.251.231.111.030.96
EV/EBITDA8.947.329.348.087.646.355.715.38
EV/EBIT (adj.)13.7611.6312.3510.3510.748.897.907.40
EV/EBIT17.8212.9413.3411.6111.158.897.907.40
P/E (adj.)13.2415.5119.0810.8312.9810.8710.169.77
P/E17.7818.0321.6112.6213.6810.8710.169.77
P/B1.211.612.311.491.461.381.301.23
P/S0.841.091.490.991.061.000.970.94
Dividend yield4.97 %4.01 %3.30 %5.20 %5.14 %5.27 %5.78 %7.17 %
Equity ratio56.04 %56.76 %56.87 %52.71 %58.45 %60.71 %61.95 %65.88 %
Gearing ratio19.71 %6.55 %4.11 %38.91 %23.04 %15.55 %8.52 %3.52 %

Quarter data

Q1/22Q2/22Q3/22Q4/222022Q1/23eQ2/23eQ3/23eQ4/23e
Revenue332.85319.07292.60303.931,248.44291.41301.64281.59312.45
EBITDA56.5454.3644.2038.40193.5040.4847.1149.1753.67
EBIT41.4439.4629.4024.40134.7025.4832.1134.1738.67
Profit before taxes42.6439.2627.6014.60124.1021.9828.6131.1735.67
Net income31.2233.3922.3011.2898.1817.1722.4024.3227.88
Publisher
Extensive research

Fiskars: Earnings on a structural growth trend

We believe, Fiskars has completed its long-term transformation into a consumer goods company and its profitability is already structurally better than its historical levels. We believe that the current strategy supports growth and profitability improvement...

2023-03-15 by Rauli Juva
Publisher
Research

Fiskars: Guidance for 2023 relatively good

Fiskars Q4 figures had been published in advance, so the guidance played the main role in the report. Fiskars’ 2023 guidance is that comparable EBIT will be slightly below the 2022 level (2022: 151.0 MEUR). We raised our estimate slightly and expect ...

2023-02-08 by Rauli Juva
Publisher
Video

Fiskars Group Q4'22 – Tuesday, Feb. 7 at 11:00 am EET

Follow Fiskars Group's Q4'22 info on Tuesday, February 7 at 11:00 am EET on inderesTV.

2023-02-07
Publisher
Research

Fiskars: Q4 operating profit in line with expectations, net sales missed

Fiskars published its preliminary Q4 results on Friday, reporting comparable operating profit in line with previous guidance, but net sales were clearly lower year-on-year and thus below our expectations. In the longer term, we don’t see this as a significant...

Publisher
Research

Fiskars: Weaker demand is hitting

Fiskars lowered its guidance last week, which lead us to cut our estimates by 4%. We continue to believe that weak consumer demand will weigh on Fiskars' net sales and earnings next year. Despite this, we see Fiskars' earnings level being structurally...

Publisher
Video

Fiskars Q3’22: In good shape towards a weakening market

Fiskars' Q3'22 was solid. Analyst Rauli Juva summarizes.

2022-11-07 by Isa Hudd
Publisher
Research

Fiskars: Weak market challenges the upcoming quarters

Fiskars' Q3 was solid and the company continues to guide the full-year adjusted EBIT to improve. However, we believe the improvement will be very marginal and the weak market will burden next year's results, especially the beginning of the year, below...

2022-10-31 by Rauli Juva
Publisher
Video

Fiskars Group Q3'22 – Friday, Oct. 28 at 11:00 am EEST

Follow Fiskars Group's Q3'22 info on Friday, October 28 at 11:00 am EEST on inderesTV.

2022-10-28
Publisher
Research

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...

Publisher
Video

Fiskars Q2’22: Better than Expected

Fiskars’ second quarter 2022 was the 9 th consecutive quarter of net sales growth. This was achieved despite several negative factors. Together with a margin level that weakened less than expected, this resulted in a better than-expected comparable EBIT...

2022-08-08
Publisher
Research

Fiskars: Better than expected performance in the face of headwinds

Despite several negative factors, Fiskars was able to grow its comparable net sales by almost 8% in Q2, exceeding expectations. This, together with a margin level that weakened less than expected, resulted in a better-than-expected comparable EBIT. However...

2022-07-29 by Rauli Juva
Publisher
Video

Fiskars Group Q2'22 - Thursday, Jul. 28 at 11:00 am EEST

Follow Fiskars Group's Q2'22 webcast on Thursday July 28th at 11:00 am EEST.

2022-07-28
Publisher
Research

Fiskars: Weak Q2 expected but the share is cheap

The late spring and retailers’ high inventory levels are expected to cause more headwind for Fiskars than we previously estimated resulting in us cutting our estimates. For 2022, we now expect adjusted EBIT to be roughly at last year's level while the...

2022-07-19 by Thomas Westerholm
Publisher
Video

Fiskars Q1'22 – Friday, April 29 at 11:00 am EEST

Follow Fiskars Q1’22 info on Fridsay, April 29th at 11:00 am EEST on inderesTV.

2022-04-29
Publisher
Research

Fiskars: Success on a broad front

Fiskars Q4 report was strong and the company is now doing what was promised during its CMD. Fiskars that has for long had problems with growth continued to grow convincingly in each segment and in each market area, even though it faced a very strong ...

2022-02-07 by Thomas Westerholm
Publisher
Video

Fiskars Group Q4'21 – Friday, Feb. 4 at 11:00 am EET

Follow Fiskars Group Q4’21 info on Friday, February 4th at 11:00 am EET on InderesTV.

2022-02-04
Publisher
Extensive research

Fiskars: Entering a new growth stage with winning brands

Fiskars' equity story has progressed to an interesting turning point when the new strategy period focuses on growth and operational profitability, which has risen to a good level, and non-recurring costs that have weighed on earnings for long are expected...

2021-12-29 by Petri Kajaani