Q2’22 thoughts and takeaways Fiskars Q2’22 report shows a comparable net sales growth of ~8% with a group sales coming in at EUR 319. As expected, Vita was supported by a strong wedding season in the US and sales grew 10% y-o-y. Terra decreased 6% y-o-y, but last year’s figures included the now divested North American watering business. Crea shows strong growth of 23% y-o-y, mainly driven by the scissors supported by a strong back-to-school season. Group adj. EBIT decreased, on tough comps, by 12% y-o-y to EUR 36m (+9% vs ABGSC 33m, +12% vs cons. 31m) yielding a margin of 11.4% (-2.1pp. y-o-y, +0.6pp. vs ABGSCe 10.8%). The EBIT margin decline stems from general cost inflation across operations. Regarding the outlook mgmt. reiterates the guidance for FY’22 with an increase in the adj. EBIT from FY’21’s level of EUR 154m. Nonetheless, we believe that long term visibility remains poor and that the current market environment remains turbulent, but that the actions taken should mitigate negative impacts of input cost inflation and problems related to supply chains.
We expect low single digit est. revisions for cons. The Fiskars share is down 23% YTD and is trading at EV/EBIT adj. of 9x-8x in ‘22e-‘24e on our unrevised estimates. At first glance, we expect consensus to make positive low single digit estimate revisions on both sales and adj. EBIT. The company will host a conference call at 11.00 a.m. EEST which can be followed at: https://fiskars.videosync.fi/q2-2022.
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