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Fiskars issued a profit warning on 5 July and now forecasts adjusted EBIT of EUR 120-130m for 2023. Previously, the company had expected a slight decline from the EUR 151m level reported in 2022. The company now expects the weak demand situation to persist during H2, as there have not been any meaningful signs of improving market conditions. We believe the profit warning was fully driven by a top-line impact and we still model a positive gross margin development in 2023E. Fiskars reiterated its EUR 15m cost-savings target from organisational changes in 2023 (EUR 30m in total). We derive a fair value range of EUR 16.1-19.9 (17.5-21.6) per Fiskars share. Marketing material commissioned by Fiskars.
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