Fiskars reports a Q4 report with sales EUR 353m (8% vs ABGSC 327m), Adj. EBITA EUR 36m (5% vs ABGSC 34m), EBIT EUR 32m (64% vs ABGSC 20m), Net profit EUR 18m (27% vs ABGSC 14m), EPS EUR 0.22 (28% vs ABGSC 0.17). In all, Fiskars is wrapping up 2021 by growing full-year sales by 12.4% y-o-y and adj. EBITA with 23.4% y-o-y to EUR 168.8m (+1% vs ABGSC 167m), which is in the upper-end of its full-year 2021 guidance of EUR 160-170m.
Q4 thoughts: Terra showing highest organic growth of 21%
The Q4 report reveals a group sales growth of 13% y-o-y to EUR 353m. Q4 is seasonally the most important quarter for Fiskars, especially for the Vita segment which is driven by the demand from the gifting season. All three segments posted positive organic growth, where Terra posted the highest growth of 21% y-o-y, while Vita was up 9% and Crea 8%. The strong beat vs ABGSC in Terra is primarily driven by the growth in the gardening category. However, adj. EBITA declined in all segments, which was reflected on group level where the adj. EBITA dropped with 28% y-o-y to EUR 36m, due to tough comps and increased spending to accelerate growth. This corresponds to a group margin of 10.2% (vs ABGSC 10.5%), which is a contraction of 5.7pp y-o-y. In all, Fiskars is reporting its strongest year ever by far. On the outlook, management mentions that the global supply chain issues and cost inflation remain a challenge for 2022 performance. However, we note that Fiskars during 2021 successfully has off-set these hikes with price hikes.
Minor estimate revisions from cons. expected
The share is -3% YTD and trades at EV/EBITA adj. of 13x on our unrevised estimates. At a first glance, we expect consensus to raise its sales, but slightly lower adj. EBITA, by low- to mid-single digits.
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