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4/17/2024 5:31:17 AM - Fiskars: Market remains subdued - Nordea - 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.
3/11/2024 7:02:52 AM - Fiskars sätter långsiktigt klimatmål om nettonoll utsläpp - Finländska konsumentvarubolaget Fiskars, som tillverkar allt från knivar till trädgårdsredskap, har spikat ett långsiktigt klimatmål om nettoutsläpp av växthusgaser i hela sin värdekedja till år 2049.
2/9/2024 6:28:31 AM - Fiskars: Soft market could burden H1 performance - Nordea - Fiskars' Q4 was bang in line with consensus expectations (LSEG Data & Analytics). Cash flows were strong and the company reached targeted leverage after the acquisition of Georg Jensen in 2023. Per strong cash flows, the dividend proposal is up from 2022. Market conditions are likely to remain challenging in H1, mirrored by new guidance of only slightly improving adjusted EBIT in 2024. An improving underlying gross margin and structural changes bode well for when demand recovers, and Fiskars is sticking with its mid-teens EBIT margin target by 2025. We derive a slightly higher DCF- and multiples-based fair value range of EUR 14.5-18.0 (14.0-17.2). Marketing material commissioned by Fiskars.
2/8/2024 8:52:46 AM - Fiskars ökar omsättning, utdelning och justerat rörelseresultat - Finländska konsumentvarubolaget Fiskars redovisar ökande omsättning under fjärde kvartalet jämfört med samma period året innan. Rörelsevinsten ökade. Styrelsen föreslår höjd utdelning.
2/8/2024 7:57:46 AM - Fiskars: Bang in line Q4 – guides for slightly improving EBIT in 2024 - Nordea - Fiskars Q4 adjusted EBIT of EUR 37.7m came bang in line with LSEG consensus expectations. Net sales were up 14% y/y to EUR 346m driven by Georg Jensen acquisition. On comparable basis, sales were flat y/y. Comparable direct-to-consumer sales were stable y/y driven by 5% increase in e-commerce and 3% decline in own retail network. On divisional level, Vita missed our estimates slightly while Terra beat our estimates clearly. Q4 operating cash flow improved clearly and was EUR 101m (EUR 61m a year ago). Net debt/LTM EBITDA was 2.5x despite the acquisition of Georg Jensen. Dividend proposal of EUR 0.82 came ahead of consensus expectation of EUR 0.76 and up from EUR 0.80 a year ago. Fiskars guidance for 2024 expects adjusted EBIT to improve slightly. Pre-Q4 consensus has been expecting EUR 124m adjusted EBIT (+12%). Hence we see slight pressure in consensus estimates for 2024, while we note strong cash flows and higher-than-expected dividend proposal.
2/7/2024 10:31:23 AM - Elektrikerförbundet i Finland utlyser strejk vid kärnkraftverk och vattenverk - storstrejk 14-16 februari - Elektrikerförbundet har utlyst strejk vid flera kärnkraftverk och vattenkraftverk i Finland som kommer att pågå 14-16 februari, skriver Svenska Yle.
2/2/2024 12:40:50 PM - Ny storstrejk i Finlands industri planerad till 14-16 februari - Industrifacket i Finland meddelar att nya storstrejker är att vänta i landet i februari. Den kommer att pågå mellan 14-16 februari och påverka flera branscher.
1/31/2024 7:33:27 AM - Fiskars skippar rollen som koncernförsäljningschef - Finländska konsumentvarubolaget Fiskars lägger ner positionen som säljchef för koncernen och Gennady Jilinski, som innehaft rollen, lämnar omedelbart sin post i koncernledningen och företaget. Det framgår av ett pressmeddelande.
1/19/2024 6:28:51 AM - Fiskars: Flattish organic growth for 2024 - Nordea - Fiskars hosted its CMD event in November and reiterated its financial targets for 2025. Given the current macroenvironment, we expect only minor organic growth for 2024, while its profit-improvement programmes and the acquisition of Georg Jensen could offer positive margin trajectory towards its mid-teens EBIT margin target by 2025. We expect solid cash flow development for Q4 and view the targeted leverage level as achievable during 2024. We derive a somewhat lower DCF- and multiples-based fair value range of EUR 14.0-17.2 (14.4-17.7) per Fiskars share. Marketing material commissioned by Fiskars.
1/9/2024 2:22:54 PM - Fiskars: Records EUR 25m gain from negative goodwill related to Georg Jensen acquisition - Nordea - Fiskars has completed the purchase price allocation of the Georg Jensen acquisition and recognizes negative goodwill from it. The gain of EUR 25.4m is treated as item affecting comparability in Q4 2023 and hence does not affect guidance for 2023. In addition, Georg Jensen Q4 contribution is expected to exceed the negative impact from PPA items affecting comparable EBIT. Hence the acquisition does not dilute EPS in 2023 and points to a strong Q4 from Georg Jensen. The acquisition was completed on 1 October with EV of EUR 155m, corresponding to 9.5x EV/EBITDA on a stand-alone basis and 4.7x with expected cost synergies of approximately EUR 18m and net of integration costs. The final price paid for net assets was EUR 125, after post completion adjustment based on the level of net working capital and cash and debt in the acquired business on the closing date. For Q4, we are 12% ahead of LSEG consensus on adjusted EBIT and 1% below on sales.
1/9/2024 2:19:32 PM - Fiskars redovisar positiv engångspost i Q4, påverkar inte guidning för helåret 2023 - Finländska konsumentvarubolaget Fiskars kommer i resultatet för fjärde kvartalet 2023 att redovisa en positiv engångspost på 25,4 miljoner euro i form av upplösning av negativ goodwill kopplat till förvärvet av Georg Jensen. Det framgår av ett pressmeddelande.
11/9/2023 3:06:53 PM - Fiskars emitterar hållbarhetsrelaterade obligationer om 200 miljoner euro - Finländska konsumentvarubolaget Fiskars emitterar hållbarhetslänkade obligationer till ett värde av 200 miljoner euro, enligt ett pressmeddelande. Obligationerna har en löptid på fem år och löper med en årlig ränta på 5,125 procent.
11/6/2023 8:04:56 AM - Fiskars överväger att emittera hållbarhetslänkade obligationer för 175 miljoner euro - Finländska konsumentvarubolaget Fiskars överväger att emittera sina första seniora icke-säkerställda hållbarhetslänkade obligationer på 175 miljoner euro, motsvarande drygt två miljarder kronor. Det framgår av ett pressmeddelande.
11/3/2023 7:06:27 AM - Fiskars: CMD event offered refined steps towards mid-teens EBIT margins – cash flows to remains strong - Nordea - Fiskars arranged its CMD event yesterday where it offered insights to its strategy and to how reach unchanged financial targets by 2025. The company is taking steps to further sharpen its logic with active portfolio management and has simplified its ways to operate with full accountability across brands. The company continues to focus on winning brands, winning channels and winning countries. Key transformation levers are intact with three out of four delivering good progress. With sharpened focus, the company aims for faster growth, higher profitability and improved ROCE. Growth investments will be focused on “accelerate” (Georg Jensen, Royal Copenhagen and Wedgwood) and “anchor” (Fiskars) brands. We note that the company is clearly steering its exposure towards luxury offering where direct-to-consumer (DTC) plays crucial role. New operating structure with two business areas (Fiskars and Vita) aims for clear business ownership and P&L accountability, while the company has created scalable platforms to support growth and to drive efficiencies. The company reiterated its financial targets, while offered new P&L structure towards targeted mid-teens EBIT margins after Georg Jensen acquisition. Gross margin is expected to improve by some 200bp due to Georg Jensen acquisition (in addition to ~100bp support from US Watering divestment), while Marketing and SG&A costs are expected to increase following higher share of Vita sales. Given low sourcing and own production volumes through 2023, we expect strong cash flow generation. The company noted sufficient inventories until H1 2024. For 2024, the company expects flattish organic growth, while financial targets rely on pick-up in growth in 2025. We believe there could be slight downward pressure on Refinitiv consensus top line estimates (+13% on reported basis including Georg Jensen), while consensus’ conservative gross margin assumption for 2025E (48.2%) could maintain adjusted EBIT estimates largely intact, we believe.
10/27/2023 6:47:49 AM - Fiskars: Favourable channel mix in tough market - Nordea - Fiskars pre-released Q3 headline figures on 12 October. Adjusted EBIT of EUR 17.9m came in slightly ahead of the previously announced EUR 17m and was burdened by a comparable net sales decline of 13% y/y. The positive sales development continued in own sales channels and the company was able to continue the positive trend in its gross margin. The company will host a CMD event on 2 November, when we expect to hear more about growth initiatives and the road map towards its mid-teens target for the EBIT margin. We trim our DCF- and multiples-based fair value range to EUR 14.4-17.7 (15.0-18.5), mainly due to lower peer multiples. Marketing material commissioned by Fiskars.
10/26/2023 8:42:42 AM - Fiskars överväger obligationsfinansiering - Finländska konsumentvarubolaget Fiskars överväger obligationsfinansiering som ett alternativ till att konvertera bryggfinansieringen som upptogs i samband med förvärvet av Georg Jensen till långvarig skuldfinansiering. Det framgår av ett pressmeddelande
10/26/2023 8:17:26 AM - Fiskars: Q3 mix better-than-feared – own sales channels performing well - Nordea - Fiskars’ Q3 adjusted EBIT of EUR 17.9m came slightly above preliminary figures released on 12 October (EUR 17m). Net sales of EUR 241m were down 18% y/y (pre-released). Q3 gross margin of 47.1% came above consensus expectations of 46.2%. Direct-to-consumer sales were up 6% y/y driven by both strong performance in own ecommerce and stable development in own retail network. On divisional level, all operating segments beat our estimates while Other missed clearly. Hence, we view result mix as strong. Q3 operating cash flow improved clearly and was EUR 68m (EUR -46m a year ago) supported by EUR 23m decline in inventories q/q. Net debt/LTM EBITDA was 2.2x (1.7x in 2022). There were EUR -4.2m of items affecting comparability on EBIT level. Fiskars lowered its guidance on 12 October and expects adjusted EBIT of EUR 100-120m in 2023. Pre-Q3 consensus has been expecting EUR 107m adjusted EBIT. Initially, we do not expect large consensus revisions owing to profit warning and pre-released figures on 12 October. However, good divisional mix, improving gross margins and strong cash flow can give support for 2024E-25E estimates, we believe.
10/13/2023 5:19:42 AM - Fiskars: A more challenging market than anticipated - Nordea - On 12 October, Fiskars lowered its adjusted EBIT guidance for 2023 from EUR 120-130m to EUR 100-120m. Market conditions have remained challenging and volatile in Q3, and the company expects a similar situation in Q4. In addition to low consumer confidence, retail customers' focus on inventory management has a negative impact on demand and sales. Preliminary figures for Q3 released in conjunction with the profit warning indicated 40% lower adjusted EBIT than anticipated by Refinitiv consensus, implicitly requiring only limited consensus revisions for Q4 in order to reach the midpoint of the guidance. We lower our DCF- and multiples-based fair value to EUR 15.0-18.5 (16.3-20.0), reflecting estimate revisions and lower peer multiples. Marketing material commissioned by Fiskars.
10/12/2023 2:59:16 PM - Konsensus för Fiskars väntas falla med cirka 5 procent efter vinstvarningen - Nordea - Konsensusförväntningarna rörande justerat rörelseresultat väntas komma ned med cirka 5 procent för finländska konsumentvarubolaget Fiskars avseende 2024-2025 efter dagens vinstvarning. Det skriver Nordea i en uppdragsanalys.
10/12/2023 10:05:06 AM - Fiskars: Weak Q3 – lowers guidance - Nordea - Fiskars lowers its guidance for 2023 and published preliminary information of Q3. The company now expect EUR 100-120m adjusted EBIT in 2023, down from EUR 120-130m previously. Refinitiv consensus has expected EUR 118m adjusted EBIT in 2023, i.e. 7% above new guidance mid-point. Fiskars notes challenging and volatile market conditions that are expected to continue in the Q4 (important for Vita). Low consumer confidence and retail customers’ focus on inventory management are affecting demand and sales more than the company had earlier anticipated. In addition, the company notes that Georg Jensen acquisition is expected to have a positive impact on adjusted EBIT in Q4 (earlier anticipated negative impact). Q3 net sales declined 18% y/y on reported basis (-13% on comparable FX) while adjusted EBIT was approximately EUR 17m. Refinitiv consensus has been anticipating 11% y/y sales decline and EUR 29m adjusted EBIT in Q3. We note consensus deviation to guidance mid-point stems from Q3 miss. We expect consensus to adjust its estimates close to the new mid-point of the guidance, while 2024E-25E adjusted EBIT estimates are likely to come down around 5%, we believe.
10/12/2023 9:02:22 AM - Fiskars vinstvarnar - Finländska konsumentvarubolaget Fiskars sänker sin helårsprognos och släpper preliminära siffror för det tredje kvartalet.
10/2/2023 4:26:56 AM - Fiskars har slutfört förvärvet av Georg Jensen - Finländska konsumentvarubolaget Fiskars har slutfört förvärvet av det danska lyxvarumärket Georg Jensen.
9/26/2023 5:02:03 AM - Fiskars: The transformation continues - Nordea - On top of the EUR 30m cost-savings programme launched in January, Fiskars announced on 13 September that it plans to change its organisational structure, with targeted cost savings of EUR 25m. The next day, the company also announced the acquisition of the luxury brand Georg Jensen, which is expected to close in early Q4 2023. The deal could improve underlying growth via a broader offering, and Fiskars targets material synergies of EUR 18m. The company is steering itself towards its financial targets, but we believe improved market conditions will be needed to reach its mid-teen EBIT margin target by 2025. We maintain our DCF- and multiples-based fair value range of EUR 16.3-20.0 per share. Marketing material commissioned by Fiskars.
9/15/2023 6:41:16 AM - Fiskars: Expands its luxury portfolio with acquisitions of Georg Jensen - good strategic fit and material synergy potential by 2025 - Nordea - On 14 September, Fiskars Group announced acquisition of Georg Jensen, a Danish luxury lifestyle brand, from Investcorp with USD 165m (EUR 151.5m) enterprise value. Deal value corresponds to LTM EV/sales of 1.0x, EV/EBITDA of 5.6x (9.5x excluding IFRS 16) and EV/EBIT of 11.5x. Acquisition is expected to be completed early Q4 2023, subject to customary closing conditions.
9/14/2023 5:45:25 AM - Fiskars köper danska lyxmärket Georg Jensen - Finländska konsumentvarubolaget Fiskars förvärvar danska lyxlivsstilsvarumärket Georg Jensen för 151,5 miljoner euro, motsvarande 1,8 miljarder kronor, på en kontantfri och skuldfri basis. Det framgår av ett pressmeddelande.
9/13/2023 1:58:56 PM - Fiskars: Simplification of organisational structure continues - Nordea - This morning, Fiskars announced its plans to simplify its organizational structure to speed up the continued transformation of the company and to increase efficiency. The company aims to combine Business areas Terra and Crea into one business area, Fiskars. Current business area Vita would continue to be organized as it is.
9/13/2023 5:02:22 AM - Fiskars ska dra ner på cirka 400 jobb i samband med omstrukturering - Finländska konsumentvarubolaget Fiskars aviserar en förenkling av sin organisationsstruktur vilket innebär att flera hundratals anställda kommer få lämna och att bolaget kommer behöva ta engångskostnader. Det framgår av ett pressmeddelande.
7/21/2023 6:38:05 AM - Fiskars: Margin and cash flow protection continues - Nordea - Fiskars' Q2 2023 adjusted EBIT fell short of Refinitiv consensus expectations, partly due to credit losses. Sales growth remained in the red, and lower own production created some inefficiencies. Direct-to-consumer sales continue to increase, even when adjusting for the strong performance in China, which clearly supports the gross margin development. The company reiterated its lower adjusted EBIT guidance of EUR 120-130m, which we view as achievable. Cost savings from organisational changes will have a more material impact in H2 and the company appeared clearly confident about the path toward its EBIT margin target in the mid-teens. We derive a fair value range of EUR 16.3-20.0 (16.1-19.9) per Fiskars share. Marketing material commissioned by Fiskars.
7/20/2023 6:44:39 AM - Fiskars: Strong gross margin shadowed by weak top line - Nordea - Fiskars Q2 adjusted EBIT of EUR 23.4m came 14% below Refinitiv consensus expectation. Net sales of EUR 268m were down 16% y/y (-13% on comparable basis) and fell 7% below consensus forecast. Q2 gross margin of 46.8% came above consensus expectations of 45.3%. China sales were up 50% y/y while Americas decline 16% y/y. Direct-to-consumer sales were up 8% y/y. On divisional level, Vita missed our adjusted EBIT estimate clearly, while Terra came largely in line and Crea beat our expectation clearly. Q2 operating cash flow improved clearly and was EUR 56m (EUR 16m a year ago) supported by EUR 38m decline in inventories. Net debt/LTM EBITDA was 2.1x (1.7x in 2022). EPS of EUR 0.16 fell short of consensus expectation of EUR 0.24, affected by FX. There were EUR -1.2m of items affecting comparability on EBIT level. Fiskars lowered its guidance on 5 July and expects adjusted EBIT of EUR 120-130m in 2023. Pre-Q2 consensus has been expecting EUR 126m adjusted EBIT. Initially, we expect consensus to make slightly negative estimate revisions (mathematically 2-3%). We note organizational changes that are proceeding according to plan and are expected to support EBIT in H2.
7/20/2023 6:04:53 AM - Fiskar definitiva siffror: upprepar prognos - Finländska konsumentvarubolaget Fiskars redovisar minskande omsättning under andra kvartalet jämfört med samma period året innan. Företaget har sedan tidigare vinstvarnat.
7/6/2023 5:33:41 AM - Fiskars: Weaker demand is expected to continue - Nordea - Fiskars issued a profit warning on 5 July and now forecasts adjusted EBIT of EUR 120-130m for 2023. Previously, the company had expected a slight decline from the EUR 151m level reported in 2022. The company now expects the weak demand situation to persist during H2, as there have not been any meaningful signs of improving market conditions. We believe the profit warning was fully driven by a top-line impact and we still model a positive gross margin development in 2023E. Fiskars reiterated its EUR 15m cost-savings target from organisational changes in 2023 (EUR 30m in total). We derive a fair value range of EUR 16.1-19.9 (17.5-21.6) per Fiskars share. Marketing material commissioned by Fiskars.
7/5/2023 12:11:15 PM - Fiskars vinstvarnar för 2023 - Finländska konsumentvarubolaget Fiskars vinstvarnar för 2023 då efterfrågan på dess produkter väntas bli svagare än tidigare förväntat under andra halvåret, framgår det av ett pressmeddelande.
6/21/2023 5:36:03 AM - Fiskars: Challenging market conditions have continued - Nordea - We expect high inventories at retailers to have continued burdening Fiskars' sales in Q2. However, the outlook for H2 appears more promising, with a likely strong performance in China and ongoing normalisation of Fiskars' inventory levels. We believe the share of direct-to-consumer sales has been increasing and that the company looks set to benefit slightly from its EUR 30m strategy acceleration programme as early as Q2, with an improving run-rate heading into H2. The company's focus in 2023 is on cash flows and profit protection, and we expect growth to return to targeted mid-single-digit levels in 2024. We calculate an unchanged DCF- and multiples-based fair value range of EUR 17.5-21.6 per Fiskars share. Marketing material commissioned by Fiskars.
6/12/2023 4:40:59 AM - Börsveckan ger köpråd för Fiskars och säljråd för Actic - Börsveckan rekommenderar köp av finska Fiskars i den senaste utgåvan. Tidningen ger rådet avvakta för danska Matas, Better Collective, Implantica, Pagero och Fagerhult samt lämnar säljråd för Actic.
5/17/2023 5:37:37 AM - Fiskars: Read-across from Home Depot Q1 - Nordea - Home Depot reported its Q1 yesterday and trimmed its full year guidance due to lumber deflation, weather and further softening demand relative to the company expectations. The company notes continued uncertainty regarding consumer demand. Home Depot cut its top line guidance from flat growth in 2023 and now expects sales and comparable sales to decline 2-5% in 2023 with 14.0-14.3% operating margin (from earlier ~14.5%). When considering read-across to Fiskars, we note that the Home Depot commented on good gardening demand and smaller ticket items performing above high ticket items. According to the company, consumer price sensitivity has increased. We have modelled Fiskars’ Terra sales to be flat y/y on comparable basis in Q2 with replenish sales picking up during the quarter. Home Depot inventories were flat y/y in Q1, while the company commented that first two weeks of May have performed in line with full year guidance (i.e. down 2-5% y/y on comparable basis) with continued negative impact from lumber deflation. Home Depot Q1 sales were down 4.5% y/y on comparable basis with March being the weakest month in terms of sales growth. Overall, we still expect replenish sales to occur in Q2, while softening demand creates some uncertainties over Fiskars Q2 sales development, especially within Terra. For Q2, we are 2% above Refinitiv consensus on sales and 6% above on adjusted EBIT. We have a fair value range of EUR 17.5-21.6 per Fiskars share.
4/28/2023 8:19:33 AM - Fiskars: Well on track despite difficult market conditions - Nordea - Fiskars' Q1 was characterised by low demand due to high retailers' inventories and healthy gross margins. Adjusted EBIT fell slightly short of Refinitiv consensus expectations, while the company appeared confident about profit development for the reminder of the year. Lower sourcing volumes and furloughs should further reduce inventory levels, while there have been first signs of replenishment orders in the US gardening segment. China growth has picked up to above 30%, which bodes well for H2. We still expect adjusted EBIT to decline 7% y/y in 2023 but we expect a strong cash flow recovery during the year, and China could offer upside to our estimates for H2. We derive a DCF- and multiples-based fair value range of EUR 17.5-21.6 (17.8-21.9). Marketing material commissioned by Fiskars.
4/27/2023 8:19:05 AM - Fiskars: Slight Q1 miss due to softness in top line - Nordea - Fiskars Q1 adjusted EBIT of EUR 31.2m came 4% below Refinitiv consensus expectation. Net sales of EUR 275m were down 17% y/y (-13% on comparable basis) and fell 5% below consensus forecast. Q1 gross margin of 46.4% came above consensus expectations of 44.0%. US sales decline 21% y/y due to low gardening shipments while China sales were up 14% y/y with pick up towards end of the quarter. Own ecommerce sales were up 12% y/y and drove direct-to-consumer sales growth of 4% y/y. On divisional level, Vita missed our adjusted EBIT estimate, while Terra and Crea beat our expectations. Q1 operating cash flow recovered clearly and was EUR 22.1m (EUR -55.9m a year ago) supported by EUR 18m decline in inventories. Net debt/LTM EBITDA increased to 2.0x (1.7x in 2022). EPS of EUR 0.25 fell slightly short of consensus expectation of EUR 0.27. There were EUR -2.3m of items affecting comparability on EBIT level. Guidance for slightly declining adjusted EBIT was maintained intact. Pre-Q1 consensus has been expecting EUR 137m adjusted EBIT (or 10% y/y decline from EUR 151m in 2022) while we have modelled EUR 140m, or 7% y/y decline. Initially, we expect consensus estimates to remain largely intact ahead of support from organizational changes that are proceeding according to plan and are expected to support EBIT in H2.
4/27/2023 7:29:52 AM - Fiskars vinst per aktie strax över förväntningarna - Finländska konsumentvarubolaget Fiskars redovisar en omsättning som var något lägre än väntat under första kvartalet. Rörelsevinsten minskade.
4/17/2023 6:03:09 AM - Fiskars: Digesting inventories - Nordea - Fiskars' H1 2023 is likely to be challenging, with both its own and its customers' inventories being high. The company will likely focus on profitability and cash flow in 2023, while we believe growth in China will support Vita's performance in particular. 2023 looks set to be back-end loaded, with its EUR 30m strategy acceleration programme supporting mainly H2. However, we see potential for gradual improvements from Q2 onwards if the inventory situation eases. Long-term growth and its margin story are intact, aided by improving D2C sales and its expansion in the US and China. We derive a DCF- and multiples-based fair value of EUR 17.8-21.9 (17.6-21.7). Marketing material commissioned by Fiskars.
3/30/2023 12:26:22 PM - Fiskars: Starts employee consultations in Finland - Nordea - Fiskars initiates employee consultations in its Iittala glass factory and retail network in Finland. Owing to high inventories, Fiskars is aiming to temporarily adjust Iittala glass factory production through furloughs due to high inventories. We note that the company was building up inventories in 2022 owing to supply chain uncertainties. In addition, Fiskars is planning to re-organise and optimize its retail network in Finland. The planned measures are expected to lead to the possible closure of three stores in Finland. In total, consultations in Iittala factory and retail network concern around 200 employees (around 3% of the total workforce) of which 26 are within retail network. We believe consultations relate to the strategy acceleration program (launched in January) which aims to EUR 30m annual cost savings, of which around half are expected to be realized during H2 2023. We have anticipated challenging H1 due to high inventories and low consumer confidence. For Q1, we model 16% y/y sales decline and 37% y/y decline in adjusted EBIT. We are 4% below Refinitiv consensus on sales and in line on adjusted EBIT for Q1. We note that possible furloughs and network optimisations relate to Vita segment, while earlier furloughs were related to Crea segment. For Vita, H2 is seasonally more important, while proactive measures could bring inventories to more healthier levels going into H2. This is likely to have positive impact on gross margins, we believe. We have a fair value range of EUR 17.6-21.7 per Fiskars share.
3/30/2023 12:21:37 PM - Fiskars vill dra ned vid Iittala-fabriken - väntas även stänga butiker - Finländska konsumentvarubolaget Fiskars har inlett personalöverläggningar avseende permitteringar vid glasfabriken Iittala i Hämeenlinna, samt detaljhandelsnätverket i Finland. Det framgår av ett pressmeddelande.
3/27/2023 5:52:29 AM - Fiskars utser Aamir Shaukat till chef för leveranskedjan - Finländska konsumentvarubolaget Fiskars har utsett Aamir Shaukat till ny medlem i ledningsgruppen.
3/15/2023 8:05:32 AM - Fiskars: Setting the table for future growth - Nordea - Fiskars is a global home for design-driven indoor and outdoor living brands. Its product offering ranges across a wide variety of segments, with gardening and tableware being the most important. Europe and the US are its main markets, but strategically, the company aims to expand further in the US and China. The company's growth-driven strategy leans on commercial excellence and higher direct-to-consumer sales. Fiskars targets mid-single-digit organic growth, with a mid-teens EBIT margin, by 2025. Following what we believe will be a challenging 2023, we expect the company to continue to grow in line with its targets and to reach a 13.4% adjusted EBIT margin for 2025, up from 12.1% in 2022. We initiate coverage with a DCF- and multiples-based fair value range of EUR 17.6-21.7. Marketing material commissioned by Fiskars.
2/7/2023 7:51:06 AM - Fiskars minskar omsättningen mer än väntat - Finländska konsumentvarubolaget Fiskars redovisar en omsättning som var lägre än väntat under fjärde kvartalet. Styrelsen föreslår höjd utdelning.
2/6/2023 2:11:36 PM - Fiskars slutför förhandlingar om tidsbundna permitteringar på två fabriker i Finland - Finländska konsumentvarubolaget Fiskars har slutfört omställningsförhandlingar om tidsbundna permitteringar på två fabriker i Finland, enligt ett pressmeddelande.
1/23/2023 7:05:14 AM - Fiskars genomför organisationsförändringar - ska minska kostnaderna - 100 personer får gå - Finländska konsumentvarubolaget Fiskars planerar riktade organisationsförändringar för att accelerera verkställandet av sin strategi. Beslutet innebär att cirka 100 personer tvingas att lämna bolaget globalt.
1/14/2023 3:30:17 PM - Fiskars Group: EBIT intact despite 10% miss on topline - ABG - Magnitude of soft year-end misunderstood<br>In mid-December, Fiskars communicated an expected FY'22 adj. EBIT of EUR 150m, down from the previous guidance of EUR 154m. Today's communicated FY'22 adj. EBIT of EUR 151m is hence slightly above guidance, beating ABGSCe by 7% and Factset cons. by 2%. Topline figures were softer than expected, however. At EUR 304m (-14% y-o-y), Fiskars' Q4'22e net sales were 10% below cons. and 11% below ABGSCe. Fiskars continues struggling with retailer demand, especially in the US, but both ourselves and cons. had misjudged the magnitude of previously communicated order cancellations as the retailer part of sales declined by 26% LFL in the quarter. The soft development in US-focused Terra and Crea means, however, that the EBIT decline is not as marked due to the segment mix it entails. We expect that the full print will point to a relative outperformance for Vita. Despite limited deviations on margins, we believe that the significantly lower volumes delivered points to a soft cash flow for Q4'22e on account of a larger inventory build-up than anticipated.
1/13/2023 2:35:50 PM - Fiskars resultat i fjärde kvartalet i linje med utsikterna - Finländska konsumentvarubolaget Fiskars publicerar preliminära tal för fjärde kvartalet och helåret 2022. Det framgår av ett pressmeddelande.
12/15/2022 12:11:01 PM - Fiskars Group - Santa Claus already done buying gifts - ABG - EBIT guidance 17% below cons. for Q4'22e<br>The previous FY'22 adj. EBIT guidance indicated positive y-o-y growth vs. FY'21 adj. EBIT of EUR 154m. Tonight's update now guides for EUR 150m adj. EBIT for FY'22, a 3% y-o-y decline. With one quarter left to report in the fiscal year, the guidance implies Q4'22e adj. EBIT of EUR ~29m, 17% below Factset consensus' EUR 35m. We believe the comment points to a volume-driven margin miss onlower-than-anticipated demand, and see no reason to suspect operational issues.
12/14/2022 3:52:41 PM - Fiskars vinstvarnar och sänker sina utsikter för 2022 - Finländska konsumentvarubolaget Fiskars vinstvarnar och sänker sina utsikter för helåret 2022. Det framgår av ett pressmeddelande.
10/28/2022 5:56:14 AM - Fiskars något sämre än förväntat under tredje kvartalet - Finländska konsumentvarubolaget Fiskars redovisar en omsättning i linje med förväntat under tredje kvartalet. Det justerade rörelseresultatet var sämre än väntat.
10/5/2022 6:14:42 AM - Fiskars investerar 10 miljoner euro i fabrik för att minska utsläppen - Finländska konsumentvarubolaget Fiskars investerar cirka 10 miljoner euro i sin glasfabrik Iittala i Tavastehus (Hämeenlinna), enligt ett pressmeddelande.
9/28/2022 8:22:05 AM - Placera pekar ut 21 billiga nordiska bolag som klarar hårda krav - Börsfallet det senaste året innebär att många nordiska bolag nu framstår som lågt värderade.
7/29/2022 6:15:37 AM - Fiskars Group: Cutting up market headwinds - ABG - Q2 beat on sales and adj. EBIT FY’22 guidance kept intact We leave ’22-‘24e adj. EBIT unchanged Showing resilience towards failing consumer confidence
7/28/2022 6:56:39 AM - Fiskars Group - Continued strong performance in Q2 - ABG - Sales +3% vs ABGSCe, +9% vs FactSet cons. Adj. EBIT +9% vs ABGSCe, +17% vs FactSet cons. We expect cons. to make low single digit est. revisions Q2’22 outcome
7/28/2022 6:03:35 AM - Finländska Fiskars slog förväntningarna - Finländska konsumentvarubolaget Fiskars redovisar ökande omsättning under andra kvartalet jämfört med samma period året innan. Rörelsevinsten ökade.
7/10/2022 4:53:57 PM - Fiskars Group: A bumpy road smoothed out by a simple ‘I do’ - ABG - Q2 report due on July 28 We expect sales of EUR 309m and adj. EBIT of 33m Share trading at EV/EBITA of 8.9x-7.7x in ‘22-‘24e Wedding season could compensate lagging sales volumes Fiskars, like its peers, faces a bumpy Q2 characterised by tough comps, higher costs and declining consumer sentiment. In China, we expect that the market has been negatively affected by lockdowns, but that the effect has been mitigated by a re-opening displaying continued demand. Given the current market environment, as well as the cold weather in the start of Q2, we expect weakened consumer demand across all regions for the quarter. Nonetheless, we believe this will be slightly offset by a higher sell-through rate, mainly in Sweden and Finland. Given this, we estimate organic growth in Q2 of +1% and -5% for Terra and Crea, respectively, and y-o-y adj. EBIT margin contractions of -2.7pp. to 9% and -0.8pp. to 26%. For Vita, we expect sales to have been supported by a strong wedding season, particularly in the US, with purchases of high-ticket products resulting in org. sales growth of 5%. We expect this to lead to largely flat adj. EBIT margin development y-o-y to 10.5% in Vita for Q2. Estimates down on weaker consumer sentiment All in all, we expect sales in Q2 grow by 2% organically on tough comps to EUR 309m, and an adj. EBIT margin of 10.8% for adj. EBIT of EUR 33m. Based on a slow start to the quarter coupled with surging inflation and higher input costs we lower our FY’22-24e sales by 2%, with FX as an offsetting factor. Additionally, we lower margins and cut our FY’22-‘24e EBIT by 2-6%. While visibility regarding consumer sentiment, inflation and China is very low, we continue to view Fiskars’ FY’22 guidance of EBIT growth to be plausible, especially with the support from the two savings programmes. Value range lowered to EUR 19-30 (20-32) per share On our updated estimates, the share is trading at EV/EBITA of 8.9-7.7x in ’22-24e. Following our estimate revisions, we lower our value range ... Läs mer på ABG Sundal Collier
6/7/2022 11:07:19 AM - Placera ser köpläge i Fiskars - Efter att aktien tappat 15 procent i år ser Placera köpläge i finländska konsumentvarubolaget Fiskars, enligt en färsk analys.
5/2/2022 11:57:46 AM - Fiskars Group: Growing across all business segments - ABG - Q1 report exceeding both our and cons. expectations<br> Terra was the shining star with adj. EBIT +14% y-o-y<br> Fair value range up to EUR 20-32 (19-29) per share
4/29/2022 8:16:07 AM - Fiskars Group: Beating both sales and EBIT expectations - ABG - Sales +18% vs ABGSCe, +14% vs Infront cons.<br> EBIT +11% vs ABGSCe, +2% vs Infront cons.<br> Terra driving the lion’s share of the growth
4/29/2022 5:42:34 AM - Fiskars ökar omsättning och kärnresultatet - upprepar prognos - Finländska konsumentvarubolaget Fiskars ökade omsättningen och det justerade resultatet.
3/31/2022 6:05:59 AM - Fiskars Group: Heading in the right direction - ABG - Q1 report due on April 29<br> We expect sales of EUR 281m and adj. EBIT of 37m<br> Share trading at EV/EBIT of 11.7-9.9x in ’22e-’24e
3/7/2022 10:03:01 AM - Fiskars drar sig ur Ryssland - ingen betydande finansiell påverkan - Finländska konsumentvarubolaget Fiskars avslutar sin verksamhet i Ryssland, men utträdet har ingen betydande påverkan på bolagets ekonomiska ställning eller resultat för 2022.
2/7/2022 6:43:59 AM - Fiskars Group: A solid end to a strong year - ABG - ATH sales and net profit <br> DPS of EUR 0.76 per share (ABGSCe EUR 0.6)<br> Fair value range unchanged at EUR 18-26 per share
2/4/2022 7:34:27 AM - Fiskars inleder återköp av egna aktier - upp emot 200 000 kan förvärvas - Finländska konsumentvarubolaget Fiskars ska påbörja återköp av egna aktier. Upp emot 200 000 aktier kan förvärvas, vilket motsvarar 0,2 procent av det totala aktiekapitalet. Det framgår av ett pressmeddelande.
2/4/2022 7:09:44 AM - Fiskars Group: Wrapping up a record year - ABG - Sales +8% vs ABG, +11% vs Infront cons.<br> Adj. EBITA +5% vs ABG, -7% vs Infront cons.<br> We expect minor estimate revisions by cons.
2/4/2022 6:46:46 AM - Fiskars ökade omsättningen mer än väntat, höjer utdelningen till 0,76 euro - Finländska konsumentvarubolaget Fiskars redovisar en omsättning som var högre än väntat under fjärde kvartalet. Rörelsevinsten minskade. Styrelsen föreslår höjd utdelning.
2/2/2022 7:34:23 AM - Fiskars har slutfört försäljning av bevattningsverksamhet i Nordamerika - Finländska konsumentvarubolaget Fiskars har slutfört avyttringen av bevattningsverksamheten i Nordamerika, en affär som ursprungligen kommunicerades den 21 december i fjol.
1/31/2022 12:32:42 PM - Fiskars utser ny HR-direktör - Finländska konsumentvarubolaget Fiskars utser Anna Mindelöf till ny HR-direktör med tillträde 1 mars. Det framgår av ett pressmeddelande.
1/18/2022 8:07:20 AM - Fiskars rekryterar ny chef för Terrra - Finländska konsumentvarubolaget Fiskars genomför förändringar i ledningen som ett led i den nya tillväxtstrategin.
1/5/2022 6:48:25 AM - Fiskars Group: Another strong quarter on the cards - ABG - Q4 results due on February 4 We expect sales of EUR 327m and adj. EBITA of 34m Value range lifted to EUR 18-26 (16-25) per share
12/21/2021 6:09:03 AM - Fiskars säljer bevattningsverksamhet i Nordamerika - Finländska konsumentvarubolaget Fiskars säljer sin bevattningsverksamhet i Nordamerika till Lawn &amp; Garden, en affär som väntas slutföras under första kvartalet 2022. Parterna har kommit överens om att inte publicera finansiella detaljer om transaktionen, men försäljningen väntas inte ha en betydande inverkan på Fiskars rörelseresultat eller finansiella ställning 2022. Det framgår av ett pressmeddelande.
11/8/2021 6:13:21 AM - Fiskars har spikat nya finansiella mål - ska växa organiskt med cirka 5 procent per år - Finländska konsumentvarubolaget Fiskars har spikat nya finansiella mål för koncernen. Utsikterna för året upprepas samtidigt.
10/29/2021 6:48:33 AM - Fiskars ökade omsättningen under Q3 - Finländska konsumentvarubolaget Fiskars redovisar en ökad omsättning och minskad rörelsevinst i det tredje kvartalet jämfört med året innan.
10/27/2021 2:31:43 PM - Fiskars besparingsprogram kommer att slutföras i slutet av 2021 - justerar ned kostnadsprognos - Finländska konsumentvarubolaget Fiskars transformations- och omstruktureringsprogram kommer att slutföras i 2021. Det framgår av ett pressmeddelande.
10/13/2021 5:11:03 AM - Fiskars höjer helårsguidningen och släpper preliminära Q3-siffror - Finländska industribolaget Fiskars uppvisar preliminärt en omsättningstillväxt på 9,5 procent i tredje kvartalet, vidare höjs helårsguidningen för det jämförbara ebita-resultatet. Det framgår av en finansiell uppdatering.
9/24/2021 5:47:18 AM - Fiskars: Keeping up the growth with Fiskars - ABG - Q3 due on October 29<br>We expect sales of EUR 273m and adj. EBITA of 26m<br>Value range lifted to EUR 16-25 (14-23) per share
7/29/2021 5:53:41 AM - Ökad omsättning och resultat för Fiskars - Finländska industribolaget Fiskars redovisar en omsättning som var högre än väntat under andra kvartalet. Nettovinsten ökade.
6/24/2021 4:52:07 AM - Fiskars höjer utsikterna för 2021 - Finska industribolaget Fiskars höjer helårsutsikterna efter att den finansiella utvecklingen under det andra kvartalet överskridit förväntningarna. Det framgår av ett pressmeddelande.
4/29/2021 5:59:54 AM - Fiskars ökar omsättning och rörelseresultatet i linje med preliminära siffor - Finländska industribolaget Fiskars redovisar ökad omsättning och vinst i första kvartalet i linje med de preliminära siffrorna som släpptes tidigare under månaden. Till följd av den starka utvecklingen i kvartalet höjde Fiskars även helårsguidningen.
4/28/2021 10:13:57 AM - Fiskars stänger fyra butiker i Finland - Finländska industribolaget Fiskars har nu förhandlat färdigt med försäljningsnätverk i Finland, vilket har berört totalt 113 anställda och innebär att fyra butiker kommer att stängas ned under 2021. Det framgår av ett pressmeddelande.
4/20/2021 4:54:54 AM - Fiskars höjer utsikter för 2021 efter stark utveckling i första kvartalet (Oms) - Finländska industribolaget Fiskars släpper preliminära siffror för första kvartalet och justerar upp helårsutsikten då man räknar med att den starka utvecklingen kommer att fortsätta.
4/19/2021 6:54:09 PM - Fiskars höjer utsikter för 2021 efter stark utveckling i första kvartalet - Finländska industribolaget Fiskars släpper preliminära siffror för första kvartalet och justerar upp helårsutsikten då man räknar med att den starka utvecklingen kommer att fortsätta.
3/25/2021 5:41:12 AM - Fiskars lämnar omvänd vinstvarning - Finländska industribolaget Fiskars resultatutveckling under första kvartalet har varit bättre än väntat och bolaget höjer nu utsikterna för helåret.
3/15/2021 12:56:03 PM - Fiskars förändrar i försäljningsnätverk - kan förändra anställningsvillkor och minska personal - Finländska industribolaget Fiskars har nu inlett samarbetsförhandlingar i sitt försäljningsnätverk, vilket skulle kunna förändra anställningsvillkor och/eller minska personalen. Det framgår av ett pressmeddelande.
3/5/2021 2:36:01 PM - Fiskars nekas prövningstillstånd hos Högsta förvaltningsdomstolen gällande efterbeskattning - Fiskars nekas prövningstillstånd hos Högsta förvaltningsdomstolen gällande beslutet om efterbeskattning.
2/5/2021 6:46:55 AM - Fiskars ökar omsättning och rörelseresultat - höjer utdelning mindre än väntat - Finländska Fiskars, som är en tillverkare av produkter för hem och hushåll, redovisar en omsättning i linje med förväntat under fjärde kvartalet. Rörelsevinsten ökade. Utdelningen föreslås att höjas.
1/22/2021 9:27:44 AM - Fiskars slutför försäljning av fabrik i Kina - Fiskars har slutfört försäljningen av monteringsfabriken för bevattningsprodukter i Ningbo, Kina. <br>Fabriken såldes till Daye och affären spås inte ha en betydande inverkan på Fiskars finansiella position eller resultat år 2021, enligt ett pressmeddelande.
1/18/2021 6:14:49 AM - Fiskars släpper preliminära siffror för 2020 - i linje med bolagets förväntningar - Finländska Fiskars, som är en tillverkare av produkter för hem och hushåll, släpper preliminära siffror för 2020. De är i linje med bolagets förväntningar, uppges det i ett pressmeddelande.
12/22/2020 9:00:20 AM - Skatteförvaltningen justerar beskattningen för Wärtsilä-utdelning från Fiskars - Fiskars skriver i ett pressmeddelande att Skatteförvaltningen kommer att justera 2019 års inkomstskatt för personer som erhållit aktieutdelning.
12/1/2020 6:21:15 AM - Fiskars säljer monteringsfabrik för bevattningsprodukter i Kina - Fiskars planerar att sälja monteringsfabriken för bevattningsprodukter i Ningbo i Kina. Det sker som en del av bolagets omstruktureringsprogram som presenterades i december 2019 och syftar till att minska kostnader samt öka effektiviteten.
10/30/2020 8:35:46 AM - Stark rapport från Fiskars - aktien stiger - Fiskars redovisar en tredje kvartalsrapport som var betydligt bättre än fjolårets. Omsättningen blev högre än vad analytikerna räknat med och aktien stiger nära 9 procent på Helsingforsbörsen.
10/13/2020 5:40:29 AM - Fiskars återinför helårsguidning, förväntar sig ökande jämförbart ebita - Fiskars uppger att de återinfört sina utsikter för 2020 års resultat efter ha tidigare ha dragit tillbaka prognosen. De förväntar sig att koncernens jämförbara ebita-resultat kommer ha ökat jämfört med 2019 års resultat.
9/2/2020 7:17:51 AM - Nathalie Ahlström tillträder som vd för Fiskars den 30 november - Fiskars uppger idag att Nathalie Ahlström avgår från Fiskars styrelse för att tillträda rollen som vd för bolaget den 30 november. Hon har tidigare varit vd för Fazer Konfektyr.
7/30/2020 7:52:02 AM - Fiskars ökar omsättning och nettoresultat under andra kvartalet - aktien rusar - Fiskars redovisar ökad omsättning under andra kvartalet jämfört med samma period året innan. Bolaget rapporterar även högre nettovinst, varpå aktien rusar på den finska börsen.
6/6/2019 2:58:16 PM - Fiskars delar ut innehavet i Wärtsilä - Fiskars delar ut innehavet i Wärtsilä
2/7/2019 7:33:03 AM - Fiskars föreslår att aktierna Wärtsilä delas ut - Fiskars föreslår att aktierna Wärtsilä delas ut
2/7/2019 7:28:01 AM - Fiskars föreslår att dela ut Wärtsilä-innehavet genom extra utdelning - Fiskars föreslår att dela ut Wärtsilä-innehavet genom extra utdelning
4/12/2018 7:12:39 AM - Affärsvärlden har sex köpråd och ett säljråd - "Köp lax, kasinospel och cigarrer" - Affärsvärlden har sex köpråd och ett säljråd - "Köp lax, kasinospel och cigarrer"