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1. Company Snapshot

1.a. Company Description

Fiskars Oyj Abp manufactures and markets consumer products in Europe, the Americas, and the Asia Pacific.The company operates through Vita, Terra, Crea, and Other segments.It offers various products for the tableware, drinkware, and interior products under Iittala, Royal Copenhagen, Waterford, and Wedgwood brands; and provides gardening, watering, and outdoor products under Fiskars and Gerber brands.


In addition, the company offers scissors and creating, as well as the cooking products under the Fiskars brand.Further, it rents and invests in real estate properties, as well as sells timber.Fiskars Oyj Abp was founded in 1649 and is headquartered in Helsinki, Finland.

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1.b. Last Insights on FSKRS

Fiskars Oyj Abp faces negative drivers, including a decline in investor sentiment. The company's recent share price movements have raised questions about its valuation. Although there were no major announcements, the stock's gentle dip over the past month may indicate a shift in market sentiment. Additionally, the company's fundamentals and long-term growth trends are being closely watched by investors. Any changes in momentum could prompt a revisit of their thesis on the stock.

1.c. Company Highlights

2. Fiskars Group's Q3 Results: Revenue Growth Masks Underlying Challenges

Fiskars Group reported a 4.1% increase in net sales for Q3, driven by an 8.2% growth in the Vita business area. However, the company's comparable EBIT margin declined due to supply chain issues and SG&A costs, resulting in an EPS of 0.08218, significantly lower than the estimated 0.4. The revenue growth was broad-based, with the top 15 countries and top 12 brands showing positive growth. The company's gross margin is improving, but the benefits are being offset by additional costs.

Publication Date: Oct -27

📋 Highlights
  • Net Sales Growth:: Q3 net sales grew 4.1%, driven by 8.2% increase in Vita brands and solid U.S. performance.
  • EBIT Decline:: Comparable EBIT dropped EUR10.4 million due to supply chain costs (EUR10.4M) and inventory reduction expenses.
  • Cash Flow Pressure:: Negative cash flow of EUR10.2 million from inventory buildup, pushing net debt/EBITDA to 3.7x (vs. 2.5x target).
  • Guidance Adjustment:: EBIT guidance narrowed to EUR90–100 million, with expectation to hit lower end due to Q4 challenges.
  • Vita Inventory Actions:: Inventory reduction efforts, including production cuts, expected to continue into Q4, impacting profitability.

Operational Challenges

The company's Vita business area is facing inventory-related challenges, with a significant increase in inventory levels leading to negative cash flow of EUR 10.2 million. The net debt EBITDA ratio increased to 3.7x, above the company's target of 2.5x. Fiskars is taking actions to mitigate inventory inflow and improve cash flow. As Jyri Luomakoski noted, "We're working on curtailing supply and output, but it requires willing purchasers and consumers."

Guidance and Outlook

Fiskars has narrowed its guidance for comparable EBIT to EUR 90-100 million, with a current expectation of being at the lower end of that range. The company expects the fourth quarter to be challenging, with a need to record around 8% growth in EBIT to achieve the lower end of the guidance. Analysts estimate next year's revenue growth at 3.4%, which may be challenging given the current operational headwinds.

Valuation

With a P/E Ratio of 62.33 and an EV/EBITDA of 14.45, the stock appears to be pricing in significant growth expectations. The Net Debt / EBITDA ratio is currently at 4.95, which is a concern. The Dividend Yield is 6.33%, which may be attractive to income investors. However, the company's ability to maintain its dividend payout is uncertain given the current leverage levels.

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Fiskars

Expected Growth: 4.5%

Fiskars' growth is driven by increasing demand for gardening tools and scissors, as well as the company's strategic expansion into new markets and product categories, such as outdoor and camping gear.

Vita

Expected Growth: 4.5%

Growing demand for ergonomic gardening tools, increasing popularity of gardening as a hobby, and Fiskars' strong brand reputation drive growth in the Vita gardening tool line market.

Other

Expected Growth: 4.5%

Fiskars Oyj Abp's 'Other' segment, comprising real estate and investment activities, is expected to grow steadily driven by increasing rental income and investment returns, fueled by a strong real estate market and strategic investment decisions.

7. Detailed Products

Gardening Tools

Fiskars Oyj Abp offers a wide range of gardening tools, including pruning shears, loppers, and garden forks, designed to make gardening easier and more efficient.

Cooking Solutions

Fiskars Oyj Abp provides a variety of cooking solutions, including knives, cutting boards, and kitchen utensils, designed to make food preparation easier and more enjoyable.

School and Craft Scissors

Fiskars Oyj Abp offers a range of school and craft scissors, designed for precision cutting and durability, suitable for students, teachers, and craft enthusiasts.

Outdoor and Sports Equipment

Fiskars Oyj Abp provides outdoor and sports equipment, including axes, knives, and other gear, designed for camping, hiking, and outdoor activities.

Home and Decor Products

Fiskars Oyj Abp offers a range of home and decor products, including candles, vases, and other decorative items, designed to enhance home decor and ambiance.

8. Fiskars Oyj Abp's Porter Forces

Forces Ranking

Threat Of Substitutes

Fiskars Oyj Abp operates in a market with moderate threat of substitutes. While there are some alternatives available, they are not significantly cheaper or better, limiting the threat.

Bargaining Power Of Customers

Fiskars Oyj Abp's customers have limited bargaining power due to the company's strong brand and product offerings, making it difficult for customers to negotiate prices or terms.

Bargaining Power Of Suppliers

Fiskars Oyj Abp's suppliers have moderate bargaining power due to the company's dependence on a few key suppliers, but the company's size and reputation help to mitigate this risk.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in Fiskars Oyj Abp's markets, including significant capital requirements and established brand recognition.

Intensity Of Rivalry

The intensity of rivalry in Fiskars Oyj Abp's markets is high due to the presence of several established competitors, leading to a highly competitive environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 35.76%
Debt Cost 4.76%
Equity Weight 64.24%
Equity Cost 7.98%
WACC 6.83%
Leverage 55.68%

11. Quality Control: Fiskars Oyj Abp passed 6 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
Atal

A-Score: 6.5/10

Value: 6.0

Growth: 3.6

Quality: 5.6

Yield: 10.0

Momentum: 7.0

Volatility: 6.7

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Debica

A-Score: 6.3/10

Value: 8.7

Growth: 3.9

Quality: 4.1

Yield: 8.1

Momentum: 3.5

Volatility: 9.7

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Wickes

A-Score: 6.1/10

Value: 6.1

Growth: 4.1

Quality: 3.3

Yield: 8.8

Momentum: 8.5

Volatility: 6.0

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HORNBACH

A-Score: 5.6/10

Value: 9.1

Growth: 4.1

Quality: 3.6

Yield: 4.4

Momentum: 6.5

Volatility: 6.0

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Fiskars

A-Score: 4.4/10

Value: 3.5

Growth: 2.4

Quality: 2.5

Yield: 8.1

Momentum: 2.0

Volatility: 7.7

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A-Score: 3.2/10

Value: 3.2

Growth: 5.7

Quality: 3.9

Yield: 3.1

Momentum: 1.0

Volatility: 2.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

12.66$

Current Price

12.66$

Potential

-0.00%

Expected Cash-Flows