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Fiskars Group

Fiskars Group

A consortium of lifestyle brands

Fiskars Group is a consumer brand company split into three segments: Vita, Terra and Crea. The Vita segment sells decorative tableware, fine porcelain and contemporary crystal designs. Terra consists of high-quality gardening tools, activity-specific knives and other products such as watering equipment. Crea focuses on cooking & crafting products, including the iconic Fiskars scissors line. The Group’s brand portfolio consists of names such as Fiskars, Royal Copenhagen, Iittala, Gerber, Waterford, and Wedgwood.

The company is implementing two parallel cost saving programmes, which have the potential to increase margins significantly. Growth drivers include selective M&A, expanding into China (a fast-growing region within the tableware market), and increasing distribution for the high-margin Crea segment.

The main risks are related to currency, economic climate, politics and commodity prices. Furthermore, the company’s financial development is heavily dependent on the success of the current cost saving programmes.

EURm 2021 2022e 2023e
Sales 1254 1293 1355
Sales growth (%) 12,4 3,1 4,8
EBITDA 204 222 234
EBITDA margin (%) 16,3 17,2 17,3
EBIT adj 156 169 173
EBIT adj margin (%) 12,4 13,1 12,8
Pretax profit 144 163 173
EPS rep 1,06 1,58 1,7
EPS growth (%) 28 48,3 8
EPS adj 1,4 1,84 1,9
DPS 0,76 0,8 0,85
EV/EBITDA (x) 10 7,3 6,6
EV/EBIT adj (x) 13,1 9,6 8,9
P/E (x) 21,6 11,6 10,7
P/E adj (x) 16,4 9,9 9,7
EV/sales (x) 1,6 1,3 1,1
FCF yield (%) 4,7 9 11,2
Dividend yield (%) 3,3 4,4 4,6
Net IB debt/EBITDA 0,6 0,4 0,1
Lease adj. FCF yield (%) 3,2 7,2 9,5
Lease adj. ND/EBITDA 0,2 0,2 -0,1
EURm 2021 2022e 2023e
Sales 1254 1293 1355
COGS -715 -722 -761
Gross profit 540 571 594
Other operating items -335 -349 -360
EBITDA 204 222 234
Depreciation on tangibles -49 -48 -52
Depreciation on intangibles -28 -15 -15
EBITA 157 176 188
Goodwill impairment charges 0 0 0
Other impairment and amortisation -16 -15 -15
EBIT 143 162 173
Other financial items 1 0 0
Net financial items 1 1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 144 163 173
Tax -57 -33 -35
Net profit 88 129 138
Minority interest 0 -1 -2
Net profit discontinued 0 0 0
Net profit to shareholders 87 128 136
EPS 1,06 1,58 1,7
EPS Adj 1,4 1,84 1,9
Total extraordinary items after tax -13,2 -7,1 0
Tax rate (%) -39,3 -20,4 -20
Gross margin (%) 43 44,2 43,8
EBITDA margin (%) 16,3 17,2 17,3
EBITA margin (%) 12,5 13,6 13,9
EBIT margin (%) 11,4 12,5 12,8
Pretax margin (%) 11,5 12,6 12,7
Net margin (%) 7 10 10,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 12,4 3,1 4,8
EBITDA growth (%) 19,7 8,6 5,6
EBIT growth (%) 45,7 13,3 7
Net profit growth (%) 27,7 47,9 6,7
EPS growth (%) 28 48,3 8
Profitability 2021 2022 2023
ROE (%) 11,1 15,6 15,8
ROE Adj (%) 14,6 18,2 17,5
ROCE (%) 14,5 15,1 14,7
ROCE Adj(%) 17,3 17,1 16
ROIC (%) 9,2 13,3 14,3
ROIC Adj (%) 10 13,9 14,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 218 229 234
EBITDA Adj margin (%) 17,3 17,7 17,3
EBITA Adj 170 183 188
EBITA Adj margin (%) 13,6 14,2 13,9
EBIT Adj 156 169 173
EBIT Adj margin (%) 12,4 13,1 12,8
Pretax profit Adj 172 184 188
Net profit Adj 115 151 153
Net profit to shareholders Adj 115 150 152
Net Adj margin (%) 9,2 11,7 11,3
Depreciation and amortisation -62 -60 -61
Of which leasing depreciation -25 -26 -26
EO items -13 -7 0
Impairment and PPA amortisation -14 -14 -15
EBITDA lease Adj 188 200 206
EBITDA lease Adj margin (%) 15 15,4 15,2
Leasing payments -29 -29 -29
EURm 2021 2022e 2023e
EBITDA 204 222 234
Net financial items 1 1 -1
Paid tax -37 -27 -35
Non-cash items -25 -31 0
Cash flow before change in WC 144 164 199
Change in WC -21 -27 20
Operating cash flow 123 138 219
CAPEX tangible fixed assets -35 -52 -54
CAPEX intangible fixed assets 0 44 0
Acquisitions and disposals 0 4 0
Free cash flow 88 134 164
Dividend paid -49 -63 -64
Share issues and buybacks 0 -22 -10
Other non cash items -17 4 0
Decrease in net IB debt 113 -9 29
Balance Sheet (EURm) 2021 2022 2023
Goodwill 219 224 224
Indefinite intangible assets 268 254 238
Definite intangible assets 0 0 0
Tangible fixed assets 149 172 206
Other fixed assets 64 64 64
Fixed assets 860 877 896
Inventories 273 304 291
Receivables 230 237 248
Other current assets 41 3 3
Cash and liquid assets 32 167 232
Total assets 1436 1588 1671
Shareholders equity 812 834 896
Minority 4 4 6
Total equity 816 838 903
Long-term debt 1 1 1
Pension debt 13 14 14
Convertible debt 0 0 0
Deferred tax 31 31 31
Other long-term liabilities 8 8 8
Short-term debt 64 190 190
Accounts payable 370 382 400
Other current liabilities 18 17 17
Total liabilities and equity 1436 1588 1671
Net IB debt 122 99 34
Net IB debt excl. pension debt 109 85 20
Capital invested 971 972 971
Working capital 156 145 126
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1884 1488 1465
Net IB debt Adj 158 142 77
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2042 1630 1542
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 90,3 85,6 83,2
Capital invested turnover (%) 113,3 116,7 121,4
Capital employed turnover (%) 109,9 110,7 113,9
Inventories / sales (%) 19,7 18,9 18,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 25,9 28,2 27,2
Working capital / sales (%) 11,4 11,6 10
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 15 11,9 3,8
Net debt / market cap (%) 8 6,7 2,3
Equity ratio (%) 56,9 52,8 54
Net IB debt adj. / equity (%) 19,3 17 8,6
Current ratio (%) 121,1 116,4 123,2
EBITDA / net interest (%) -204300 49550,2 35674,2
Net IB debt / EBITDA (%) 59,8 44,7 14,6
Interest cover (%) -157080 39325,7 28673,9
Lease liability amortisation -26 -27 -26
Other intangible assets 270 266 251
Right-of-use asset 107 99 99
Total other fixed assets 116 116 116
Leasing liability 112 105 105
Total other long-term liabilities 42 42 42
Net IB debt excl. leasing 46 38 -27
Net IB debt / EBITDA lease Adj (%) 24,6 18,9 -13,3
EURm 2021 2022e 2023e
Shares outstanding adj. 82 81 80
Fully diluted shares Adj 82 81 80
EPS 1,06 1,58 1,7
Dividend per share Adj 0,8 0,8 0,9
EPS Adj 1,4 1,84 1,9
BVPS 9,92 10,26 11,21
BVPS Adj 7,24 7,51 8,42
Net IB debt / share 1,5 1,2 0,4
Share price 18,56 18,32 18,32
Market cap. (m) 1521 1488 1465
Valuation 2021 2022 2023
P/E 21,6 11,6 10,7
EV/sales 1,63 1,26 1,14
EV/EBITDA 10 7,3 6,6
EV/EBITA 13 9,3 8,2
EV/EBIT 14,3 10,1 8,9
Dividend yield (%) 3,3 4,4 4,6
FCF yield (%) 4,7 9 11,2
P/BVPS 2,32 1,79 1,63
P/BVPS Adj 3,18 2,44 2,18
P/E Adj 16,4 9,9 9,7
EV/EBITDA Adj 9,4 7,1 6,6
EV/EBITA Adj 12 8,9 8,2
EV/EBIT Adj 13,1 9,6 8,9
EV/cap. employed 2 1,4 1,3
Investment ratios 2021 2022 2023
Capex / sales 2,8 0,6 4
Capex / depreciation 95,9 22,8 155,7
Capex tangibles / tangible fixed assets 23,8 30,1 26,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 15,2 11,6 9,5
Lease adj. FCF yield (%) 3,2 7,2 9,5

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Main shareholders - Fiskars Group

Main shareholders Share capital % Voting shares % Verified
Virala Oy Ab 15.5 % 15.5 % 8 Aug 2022
Turret Oy Ab 14.0 % 14.0 % 27 Jul 2022
Holdix Oy Ab 12.4 % 12.4 % 27 Jul 2022
Bergsrådinnan Sophie von Julins Stiftelse 3.1 % 3.1 % 27 Jul 2022
Oy Julius Tallberg Ab 3.1 % 3.1 % 27 Jul 2022
Margareta Lindsay Gripenberg Db 2.4 % 2.4 % 27 Jul 2022
Varma Mutual Pension Insurance Company 2.0 % 2.0 % 27 Jul 2022
Ilmarinen Mutual Pension Insurance Company 2.0 % 2.0 % 27 Jul 2022
Sofia Margareta von Julin estate 1.9 % 1.9 % 27 Jul 2022
Nordea Fonder 1.2 % 1.2 % 27 Jul 2022
Source: Holdings by Modular Finance AB