We raise our ’21e adj. EBITA by 3%. In absolute terms, we believe that Fiskars could deliver adj. EBITA of EUR 161m in ‘21e, which is just above the top-end of the company’s guidance range of EUR 140-160m, implying that the risk could be to the upside. Our updated estimate for adj. EBITA in ‘21e implies a margin of 13.4% (’19 8.3% and ’20 12.2%). On our updated estimates, the shares are trading at an EV/EBITA adj. of 11.3x-11.6x ‘21e-‘23e, which is below the peer group on ‘22e estimates. To reflect this, we raise our valuation range to EUR 16-25 per share.
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