Fiskars: Strong brands providing a path towards value creation - Nordea

Following a change of analyst, we make minor changes to our medium-term growth assumptions while keeping our long-term thesis broadly intact. We continue to see long-term value creation potential from a successful turnaround and internationalisation of key brands in BA Vita, continued margin resilience and innovation-led growth in BA Fiskars' category-leading brands, and improving cash generation and leverage. At the same time, we acknowledge uncertainties related to near-term demand and the working capital outlook. Reflecting our slightly lower estimates, we derive a new DCF- and multiples-based fair value range of EUR 11.2-14.5 (11.5-14.5) per Fiskars share.

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