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Third party research

Fiskars: Recovery likely pushed back - Nordea

Fiskars

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

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Fiskars has been suffering from weak consumer demand for the past three years. With limited positive signs from the market, we expect only modest sales growth for 2026, as tariff uncertainties are keeping visibility low. The company has taken action to improve its profitability, while challenges in the Vita business area (BA) could require a more meaningful demand recovery or capacity adjustments. Hence, we expect the near-term focus to remain on securing cash flows through lower inventories. While we forecast Fiskars to guide for higher adjusted EBIT in 2026, we expect conservative commentary after two profit warnings in 2025. We reset our 2026-27 expectations, with a lower DCF and multiples-based fair value range of EUR 10.6-13.3 (11.5-14.5).
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