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Third party research

Fiskars: Market remains subdued - Nordea

Fiskars

This is a third party research report and does not necessarily reflect our views or values

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Fiskars' main markets have likely remained subdued during Q1. Although inventory levels have continued to decline, we believe retailers have maintained a cautious stance. For Vita, low activity has likely continued to burden profitability due to higher share of own manufacturing. We believe the company will focus on margin management and cash flows in H1. Following structural changes and sustainably higher gross margins, we find the company to be well positioned when underlying demand recovers. Owing to higher peer group multiples, we raise our DCF- and multiples- based fair value range to EUR 15.8-19.5 (14.5-18.0). Marketing material commissioned by Fiskars.
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