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1. Company Snapshot

1.a. Company Description

Fenix Outdoor International AG, together with its subsidiaries, develops, manufactures, and sells outdoor products primarily in Switzerland, Sweden, other Nordic countries, Germany, Benelux, other European countries, the Americas, and internationally.The company operates through three segments: Brands, Global Sales, and Frilufts.It offers apparel, daypacks, backpacks, sleeping bags, tents, stoves, bags, outdoor shoes and boots, lanterns, fuel, and accessories.


The company sells its products under the Fjällräven, Tierra, Primus, Hanwag, and Royal Robbins brand names through 95 stores in Sweden, Norway, Germany, Finland, Denmark, and the United Kingdom, as well as through Brandretail, the e-com and brand retail shops.Fenix Outdoor International AG was founded in 1960 and is based in Zug, Switzerland.

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1.b. Last Insights on FOI

Fenix Outdoor International AG's recent performance was negatively impacted by a 4.2% decrease in total income, amounting to TEUR 146,503, compared to TEUR 152,964 in the same period last year. The company's EBITDA also declined to TEUR 6,591 from TEUR 7,229. Operating profit and profit before tax were notably weak, at TEUR -7,156 and TEUR -9,414, respectively. The significant drop in earnings per share, although not quantified, likely reflects the substantial decline in profitability.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Fenix Outdoor: Quarter 3 report Fenix Outdoor International AG

Oct -31

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Q2 report Fenix Outdoor International AG

Jul -22

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Press release Annual General Meeting Fenix Outdoor International AG

May -05

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Q1 Report Fenix Outdoor International AG

May -05

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Fenix Outdoor International AG Later payment of extra dividend

Apr -23

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Fenix Outdoor International AG Invitation to AGM May 5th

Apr -11

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Fenix Outdoor completes acquisition of majority stake in Devold

Mar -05

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Fenix Outdoor International AG REVOKE OF RESOLUTION, FROM 2024-02-11, TO REDUCE CAPITAL

Mar -04

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.76%)

6. Segments

Outdoors

Expected Growth: 3.5%

Fenix Outdoor International AG's Outdoors segment growth of 3.5% is driven by increasing consumer participation in outdoor activities, rising demand for sustainable and eco-friendly products, and expansion into new markets. Additionally, the company's strategic acquisitions and investments in e-commerce platforms have enhanced its online presence, contributing to the segment's growth.

Brands

Expected Growth: 3.8%

Fenix Outdoor International AG's brands, such as Fjallraven and Hanwag, have achieved 3.8% growth driven by increasing outdoor enthusiast demographics, expanding e-commerce presence, and strategic partnerships. Additionally, innovative product lines, sustainable manufacturing practices, and effective marketing campaigns have contributed to the growth.

Global

Expected Growth: 4.2%

Fenix Outdoor International AG's 4.2% global growth is driven by increasing outdoor enthusiasts, expanding e-commerce platforms, and strategic acquisitions. The company's diversified brand portfolio, including Fjallraven and Hanwag, benefits from growing demand for sustainable and high-quality outdoor gear. Additionally, investments in digital marketing and omnichannel retailing enhance customer engagement and drive sales.

Group-wide

Expected Growth: 4.0%

Fenix Outdoor International AG's 4.0% group-wide growth is driven by increasing outdoor enthusiast demand, successful brand portfolio expansion, and strategic e-commerce investments. Additionally, the company's focus on sustainability and innovative product offerings have contributed to its growth momentum.

7. Detailed Products

Tents

High-quality, waterproof, and durable tents for camping and outdoor activities

Sleeping Bags

Insulated, comfortable, and lightweight sleeping bags for camping and outdoor activities

Backpacks

Durable, comfortable, and feature-rich backpacks for hiking, camping, and outdoor activities

Clothing

Waterproof, breathable, and insulated clothing for outdoor activities

Footwear

Waterproof, breathable, and insulated footwear for outdoor activities

Cooking Gear

Portable, lightweight, and efficient cooking gear for outdoor activities

Lighting

Reliable, waterproof, and energy-efficient lighting solutions for outdoor activities

Navigation Tools

Accurate, reliable, and easy-to-use navigation tools for outdoor activities

8. Fenix Outdoor International AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Fenix Outdoor International AG operates in the outdoor gear and apparel industry, where substitutes are available but not highly threatening. Consumers have some alternatives, but the company's strong brand portfolio and product offerings mitigate the threat.

Bargaining Power Of Customers

Fenix Outdoor International AG's customers have limited bargaining power due to the company's strong brand recognition and diversified product offerings. The company's focus on sustainability and innovation also helps to maintain customer loyalty.

Bargaining Power Of Suppliers

Fenix Outdoor International AG's suppliers have some bargaining power due to the company's dependence on a few key suppliers for raw materials. However, the company's long-term relationships and diversified supply chain mitigate the risk.

Threat Of New Entrants

The outdoor gear and apparel industry has high barriers to entry, including significant capital requirements and established brand recognition. New entrants would face significant challenges in competing with Fenix Outdoor International AG's established brands and distribution networks.

Intensity Of Rivalry

The outdoor gear and apparel industry is highly competitive, with several established players competing for market share. Fenix Outdoor International AG faces intense competition from companies like VF Corporation, Columbia Sportswear, and others, which drives innovation and pricing pressure.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 33.00%
Debt Cost 3.95%
Equity Weight 67.00%
Equity Cost 9.10%
WACC 7.40%
Leverage 49.25%

11. Quality Control: Fenix Outdoor International AG passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
BHG

A-Score: 4.0/10

Value: 7.6

Growth: 2.4

Quality: 2.9

Yield: 0.0

Momentum: 9.5

Volatility: 1.7

1-Year Total Return ->

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Ceconomy

A-Score: 3.7/10

Value: 6.4

Growth: 2.7

Quality: 2.3

Yield: 0.6

Momentum: 8.0

Volatility: 2.0

1-Year Total Return ->

Stock-Card
Fenix Outdoor

A-Score: 3.6/10

Value: 5.2

Growth: 4.0

Quality: 3.8

Yield: 3.1

Momentum: 0.5

Volatility: 5.0

1-Year Total Return ->

Stock-Card
Momentum Group

A-Score: 3.6/10

Value: 1.6

Growth: 6.4

Quality: 6.0

Yield: 0.6

Momentum: 2.0

Volatility: 4.7

1-Year Total Return ->

Stock-Card
WH Smith

A-Score: 3.5/10

Value: 5.7

Growth: 5.8

Quality: 3.4

Yield: 4.4

Momentum: 0.5

Volatility: 1.3

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

506.0$

Current Price

506$

Potential

-0.00%

Expected Cash-Flows