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Fiskars' Q1 was characterised by low demand due to high retailers' inventories and healthy gross margins. Adjusted EBIT fell slightly short of Refinitiv consensus expectations, while the company appeared confident about profit development for the reminder of the year. Lower sourcing volumes and furloughs should further reduce inventory levels, while there have been first signs of replenishment orders in the US gardening segment. China growth has picked up to above 30%, which bodes well for H2. We still expect adjusted EBIT to decline 7% y/y in 2023 but we expect a strong cash flow recovery during the year, and China could offer upside to our estimates for H2. We derive a DCF- and multiples-based fair value range of EUR 17.5-21.6 (17.8-21.9). Marketing material commissioned by Fiskars.
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