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SENASTE
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.
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