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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 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 1300 1346
Sales growth (%) 12,4 3,7 3,5
EBITDA 204 209 226
EBITDA margin (%) 16,3 16 16,8
EBIT adj 156 160 165
EBIT adj margin (%) 12,4 12,3 12,3
Pretax profit 144 148 164
EPS rep 1,06 1,45 1,62
EPS growth (%) 28 35,8 11,9
EPS adj 1,4 1,76 1,81
DPS 0,76 0,8 0,85
EV/EBITDA (x) 10 7,6 6,1
EV/EBIT adj (x) 13,1 9,9 8,4
P/E (x) 21,6 10,7 9,5
P/E adj (x) 16,4 8,8 8,5
EV/sales (x) 1,6 1,2 1
FCF yield (%) 4,7 0,2 21,5
Dividend yield (%) 3,3 5,2 5,5
Net IB debt/EBITDA 0,6 1,3 0,4
Lease adj. FCF yield (%) 3,2 -2 19,4
Lease adj. ND/EBITDA 0,2 1,1 0,2
EURm 2021 2022e 2023e
Sales 1254 1300 1346
COGS -715 -727 -758
Gross profit 540 573 588
Other operating items -335 -365 -362
EBITDA 204 209 226
Depreciation on tangibles -49 -48 -52
Depreciation on intangibles -28 -15 -15
EBITA 157 163 180
Goodwill impairment charges 0 0 0
Other impairment and amortisation -16 -15 -15
EBIT 143 149 165
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 144 148 164
Tax -57 -30 -33
Net profit 88 118 131
Minority interest 0 0 -1
Net profit discontinued 0 0 0
Net profit to shareholders 87 118 130
EPS 1,06 1,45 1,62
EPS Adj 1,4 1,76 1,81
Total extraordinary items after tax -13,2 -10,9 0
Tax rate (%) -39,3 -20 -20
Gross margin (%) 43 44,1 43,7
EBITDA margin (%) 16,3 16 16,8
EBITA margin (%) 12,5 12,5 13,4
EBIT margin (%) 11,4 11,4 12,3
Pretax margin (%) 11,5 11,4 12,2
Net margin (%) 7 9,1 9,7
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 12,4 3,7 3,5
EBITDA growth (%) 19,7 2,1 8,5
EBIT growth (%) 45,7 4,1 11
Net profit growth (%) 27,7 35,1 10,9
EPS growth (%) 28 35,8 11,9
Profitability 2021 2022 2023
ROE (%) 11,1 14,1 14,5
ROE Adj (%) 14,6 17,1 16,2
ROCE (%) 14,5 13,2 12,5
ROCE Adj(%) 17,3 15,4 13,7
ROIC (%) 9,2 11,1 11,7
ROIC Adj (%) 10 11,9 11,7
Adj earnings numbers 2021 2022 2023
EBITDA Adj 218 219 226
EBITDA Adj margin (%) 17,3 16,9 16,8
EBITA Adj 170 174 180
EBITA Adj margin (%) 13,6 13,4 13,4
EBIT Adj 156 160 165
EBIT Adj margin (%) 12,4 12,3 12,3
Pretax profit Adj 172 173 179
Net profit Adj 115 144 146
Net profit to shareholders Adj 115 143 146
Net Adj margin (%) 9,2 11 10,9
Depreciation and amortisation -62 -60 -61
Of which leasing depreciation -25 -25 -24
EO items -13 -11 0
Impairment and PPA amortisation -14 -14 -15
EBITDA lease Adj 188 190 197
EBITDA lease Adj margin (%) 15 14,6 14,6
Leasing payments -29 -30 -29
EURm 2021 2022e 2023e
EBITDA 204 209 226
Net financial items 1 -1 -1
Paid tax -37 -26 -33
Non-cash items -25 7 12
Cash flow before change in WC 144 189 204
Change in WC -21 -180 117
Operating cash flow 123 9 321
CAPEX tangible fixed assets -35 -55 -53
CAPEX intangible fixed assets 0 44 0
Acquisitions and disposals 0 4 0
Free cash flow 88 2 268
Dividend paid -49 -63 -64
Share issues and buybacks 0 -23 0
Other non cash items -17 -35 0
Decrease in net IB debt 113 -9 29
Balance Sheet (EURm) 2021 2022 2023
Goodwill 219 227 227
Indefinite intangible assets 268 254 238
Definite intangible assets 0 0 0
Tangible fixed assets 149 160 191
Other fixed assets 64 64 64
Fixed assets 860 879 898
Inventories 273 403 337
Receivables 230 208 209
Other current assets 41 52 40
Cash and liquid assets 32 93 270
Total assets 1436 1635 1753
Shareholders equity 812 865 931
Minority 4 4 5
Total equity 816 869 936
Long-term debt 1 0 0
Pension debt 13 15 15
Convertible debt 0 0 0
Deferred tax 31 31 31
Other long-term liabilities 8 8 8
Short-term debt 64 296 296
Accounts payable 370 299 350
Other current liabilities 18 13 13
Total liabilities and equity 1436 1635 1753
Net IB debt 122 276 99
Net IB debt excl. pension debt 109 261 84
Capital invested 971 1180 1069
Working capital 156 351 223
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1884 1259 1243
Net IB debt Adj 158 320 143
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 1579 1386
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 90,3 84,7 79,5
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 (%) 11,3 19,5 21,3
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 15 31,7 10,6
Net debt / market cap (%) 8 21,9 8
Equity ratio (%) 56,9 53,2 53,4
Net IB debt adj. / equity (%) 19,3 36,8 15,3
Current ratio (%) 121,1 120,2 125,7
EBITDA / net interest (%) -204300 7082,7 21608,7
Net IB debt / EBITDA (%) 59,8 132,3 43,8
Interest cover (%) -157080 5540,5 17214,8
Lease liability amortisation -26 -27 -26
Other intangible assets 270 275 260
Right-of-use asset 107 98 100
Total other fixed assets 116 119 119
Leasing liability 112 102 102
Total other long-term liabilities 42 41 41
Net IB debt excl. leasing 46 218 41
Net IB debt / EBITDA lease Adj (%) 24,6 114,7 20,9
EURm 2021 2022e 2023e
Shares outstanding adj. 82 82 81
Fully diluted shares Adj 82 82 81
EPS 1,06 1,45 1,62
Dividend per share Adj 0,8 0,8 0,9
EPS Adj 1,4 1,76 1,81
BVPS 9,92 10,59 11,55
BVPS Adj 7,24 7,82 8,74
Net IB debt / share 1,5 3,4 1,2
Share price 18,56 15,42 15,42
Market cap. (m) 1521 1259 1243
Valuation 2021 2022 2023
P/E 21,6 10,7 9,5
EV/sales 1,63 1,21 1,03
EV/EBITDA 10 7,6 6,1
EV/EBITA 13 9,7 7,7
EV/EBIT 14,3 10,6 8,4
Dividend yield (%) 3,3 5,2 5,5
FCF yield (%) 4,7 0,2 21,5
P/BVPS 2,32 1,46 1,33
P/BVPS Adj 3,18 1,97 1,76
P/E Adj 16,4 8,8 8,5
EV/EBITDA Adj 9,4 7,2 6,1
EV/EBITA Adj 12 9,1 7,7
EV/EBIT Adj 13,1 9,9 8,4
EV/cap. employed 2 1,2 1
Investment ratios 2021 2022 2023
Capex / sales 2,8 0,9 4
Capex / depreciation 95,9 32,1 143,1
Capex tangibles / tangible fixed assets 23,8 34,5 27,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 15,2 13 11,5
Lease adj. FCF yield (%) 3,2 -2 19,4

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Main shareholders - Fiskars Group

Main shareholders Share capital % Voting shares % Verified
Virala Oy Ab 15.7 % 15.7 % 1 Nov 2022
Turret Oy Ab 14.0 % 14.0 % 27 Oct 2022
Holdix Oy Ab 12.4 % 12.4 % 27 Oct 2022
Bergsrådinnan Sophie von Julins Stiftelse 3.1 % 3.1 % 27 Oct 2022
Oy Julius Tallberg Ab 3.1 % 3.1 % 27 Oct 2022
Margareta Lindsay Gripenberg dödsbo 2.4 % 2.4 % 27 Oct 2022
Varma Mutual Pension Insurance Company 2.0 % 2.0 % 27 Oct 2022
Ilmarinen Mutual Pension Insurance Company 2.0 % 2.0 % 27 Oct 2022
The estate of Greta von Julin 1.9 % 1.9 % 27 Oct 2022
Nordea Fonder 1.2 % 1.2 % 27 Oct 2022
Source: Holdings by Modular Finance AB