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Fiskars' Q3 adjusted EBIT was in line with LSEG Data & Analytics consensus. Comparable sales declined by 7% y/y, while the comparable gross margin continued to improve y/y. Key US and China sales declined y/y in Q3, while guidance was kept intact, supported by cost savings and profit-improvement measures. Fiskars is also planning to separate its two business areas into independent entities, aiming for a EUR 12m run-rate of cost savings starting in 2025. We still believe there is an elevated guidance risk towards the end of this year, as we estimate essentially flat y/y adjusted EBIT for 2024. We derive a DCF- and multiples-based fair value range of EUR 14.9-18.4 (14.4-17.9) per share. Marketing material commissioned by Fiskars.
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