Fiskars is a global home for design-driven indoor and outdoor living brands. Its product offering ranges across a wide variety of segments, with gardening and tableware being the most important. Europe and the US are its main markets, but strategically, the company aims to expand further in the US and China. The company's growth-driven strategy leans on commercial excellence and higher direct-to-consumer sales. Fiskars targets mid-single-digit organic growth, with a mid-teens EBIT margin, by 2025. Following what we believe will be a challenging 2023, we expect the company to continue to grow in line with its targets and to reach a 13.4% adjusted EBIT margin for 2025, up from 12.1% in 2022. We initiate coverage with a DCF- and multiples-based fair value range of EUR 17.6-21.7. Marketing material commissioned by Fiskars.
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