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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.
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