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 significantly higher than before the COVID period, and the company's earnings will return to last year's peak level in 2024. Average earnings growth and dividend yields over the next few years bring the expected return to around 15%.
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 Figures2022-12-23
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 1,254.4 | 1,293.1 | 1,242.0 |
growth-% | 12.38 % | 3.09 % | -3.95 % |
EBIT (adj.) | 154.4 | 150.4 | 133.1 |
EBIT-% (adj.) | 12.31 % | 11.63 % | 10.71 % |
EPS (adj.) | 1.21 | 1.49 | 1.17 |
Dividend | 0.76 | 0.76 | 0.82 |
Dividend % | 3.30 % | 4.44 % | 4.79 % |
P/E (adj.) | 19.08 | 11.52 | 14.61 |
EV/EBITDA | 9.34 | 7.58 | 7.56 |