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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.
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