Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 2020 2021e 2022e
Sales 1122 1093 1132
Sales growth (%) 2,9 -2,6 3,6
EBITDA 204 149 205
EBITDA margin (%) 18,1 13,6 18,1
EBIT adj 124 96 112
EBIT adj margin (%) 11,1 8,8 9,9
Pretax profit 106 52 106
EPS rep 0,97 0,49 1,01
EPS growth (%) 53,1 -49,1 105
EPS adj 1,31 1,14 1,19
DPS 0,65 0,6 0,65
EV/EBITDA (x) 7,5 10,3 7,3
EV/EBIT adj (x) 12,2 15,9 13,4
P/E (x) 16,5 32,4 15,8
P/E adj (x) 12,2 14 13,3
EV/sales (x) 1,4 1,4 1,3
FCF yield (%) 8,6 5,2 7,6
Dividend yield (%) 4,1 3,8 4,1
Net IB debt/EBITDA 0,9 1,3 0,8
N/A N/A N/A
EURm 2020 2021e 2022e
Sales 1122 1093 1132
COGS -654 -647 -639
Gross profit 468 446 493
Other operating items -264 -297 -288
EBITDA 204 149 205
Depreciation on tangibles -49 -51 -52
Depreciation on intangibles -17 -15 -15
EBITA 129 72 127
Goodwill impairment charges 0 0 0
Other impairment and amortisation -16 -15 -15
EBIT 113 58 112
Other financial items 0 0 0
Net financial items -7 -6 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 106 52 106
Tax -26 -11 -22
Net profit 80 41 84
Minority interest -1 -1 -1
Net profit discontinued 0 0 0
Net profit to shareholders 79 40 83
EPS 0,97 0,49 1,01
EPS Adj 1,31 1,14 1,19
Total extraordinary items after tax -11,7 -38,5 0
Tax rate (%) -24,5 -21 -21
Gross margin (%) 41,7 40,8 43,5
EBITDA margin (%) 18,1 13,6 18,1
EBITA margin (%) 11,5 6,6 11,2
EBIT margin (%) 10 5,3 9,9
Pretax margin (%) 9,4 4,7 9,4
Net margin (%) 7,1 3,7 7,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 2,9 -2,6 3,6
EBITDA growth (%) 42,9 -26,9 37,6
EBIT growth (%) 87,5 -48,8 94,1
Net profit growth (%) 52,6 -48,9 105
EPS growth (%) 53,1 -49,1 105
Profitability 2020 2021 2022
ROE (%) 10,3 5,2 10,6
ROE Adj (%) 13,9 12,2 12,6
ROCE (%) 10,2 4,9 9,5
ROCE Adj(%) 12,7 9,5 10,8
ROIC (%) 8,3 4,6 8,8
ROIC Adj (%) 9,2 7,6 8,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 215 187 205
EBITDA Adj margin (%) 19,2 17,1 18,1
EBITA Adj 141 111 127
EBITA Adj margin (%) 12,5 10,1 11,2
EBIT Adj 124 96 112
EBIT Adj margin (%) 11,1 8,8 9,9
Pretax profit Adj 134 105 121
Net profit Adj 108 94 99
Net profit to shareholders Adj 107 94 98
Net Adj margin (%) 9,6 8,6 8,7
N/A N/A N/A
EURm 2020 2021e 2022e
EBITDA 204 149 205
Net financial items -7 -6 -6
Paid tax -25 -11 -22
Non-cash items -14 -26 -26
Cash flow before change in WC 158 106 151
Change in WC -6 5 -7
Operating cash flow 152 112 144
CAPEX tangible fixed assets -39 -44 -45
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 113 68 99
Dividend paid -46 -53 -49
Share issues and buybacks 0 0 0
Other non cash items 1 0 0
Decrease in net IB debt 54 -9 25
Balance Sheet (EURm) 2020 2021 2022
Goodwill 216 216 216
Indefinite intangible assets 276 262 247
Definite intangible assets 0 0 0
Tangible fixed assets 208 226 245
Other fixed assets 60 60 60
Fixed assets 851 853 855
Inventories 239 233 241
Receivables 239 233 241
Other current assets 0 0 0
Cash and liquid assets 176 166 192
Total assets 1504 1484 1528
Shareholders equity 776 763 796
Minority 4 4 6
Total equity 780 767 802
Long-term debt 51 51 51
Pension debt 13 13 13
Convertible debt 0 0 0
Deferred tax 30 30 30
Other long-term liabilities 7 7 7
Short-term debt 234 234 234
Accounts payable 275 268 278
Other current liabilities 19 19 19
Total liabilities and equity 1504 1484 1528
Net IB debt 184 194 168
Net IB debt excl. pension debt 171 181 155
Capital invested 1001 998 1007
Working capital 184 178 185
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1306 1306 1306
Net IB debt Adj 217 227 201
Market value of minority 0 0 0
Reversal of shares and participations -4 -4 -4
Reversal of conv. debt assumed equity 0 0 0
EV 1519 1528 1503
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 78,2 73,2 75,2
Capital invested turnover (%) 109,7 109,3 112,9
Capital employed turnover (%) 101 93,7 96,1
Inventories / sales (%) 21 21,6 20,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,2 24,9 24,1
Working capital / sales (%) 16,7 16,6 16,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 23,6 25,2 21
Net debt / market cap (%) 19,4 14,8 12,9
Equity ratio (%) 51,9 51,7 52,5
Net IB debt adj. / equity (%) 27,8 29,5 25,1
Current ratio (%) 118,9 116,4 122
EBITDA / net interest (%) 2827,4 2480 3413,1
Net IB debt / EBITDA (%) 90,5 130,1 82,1
Interest cover (%) 1791,3 1206,7 2119,8
N/A N/A N/A
EURm 2020 2021e 2022e
Shares outstanding adj. 82 82 82
Fully diluted shares Adj 82 82 82
EPS 0,97 0,49 1,01
Dividend per share Adj 0,7 0,6 0,7
EPS Adj 1,31 1,14 1,19
BVPS 9,47 9,31 9,72
BVPS Adj 6,84 6,68 7,09
Net IB debt / share 2,2 2,4 2,1
Share price 11,59 15,94 15,94
Market cap. (m) 949 1306 1306
Valuation 2020 2021 2022
P/E 16,5 32,4 15,8
EV/sales 1,35 1,4 1,33
EV/EBITDA 7,5 10,3 7,3
EV/EBITA 11,8 21,1 11,8
EV/EBIT 13,5 26,5 13,4
Dividend yield (%) 4,1 3,8 4,1
FCF yield (%) 8,6 5,2 7,6
P/BVPS 1,68 1,71 1,64
P/BVPS Adj 2,33 2,39 2,25
P/E Adj 12,2 14 13,3
EV/EBITDA Adj 7,1 8,2 7,3
EV/EBITA Adj 10,8 13,8 11,8
EV/EBIT Adj 12,2 15,9 13,4
EV/cap. employed 1,3 1,3 1,3
Investment ratios 2020 2021 2022
Capex / sales 3,5 4 4
Capex / depreciation 59,1 66,8 67,4
Capex tangibles / tangible fixed assets 18,9 19,3 18,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 23,6 22,4 21,2
N/A N/A N/A

Equity research

Read earlier research

Main shareholders - Fiskars Group

Main shareholders Share capital % Voting shares % Verified
Virala Oy Ab 15.4 % 15.4 % 31 Dec 2020
Turret Oy Ab 13.3 % 13.3 % 31 Dec 2020
Holdix Oy Ab 12.4 % 12.4 % 31 Dec 2020
Bergsrådinnan Sophie von Julins Stiftelse 3.1 % 3.1 % 31 Dec 2020
Oy Julius Tallberg Ab 3.1 % 3.1 % 31 Dec 2020
Margareta Lindsay Gripenberg Db 2.4 % 2.4 % 31 Dec 2020
Ilmarinen Mutual Pension Insurance Company 2.2 % 2.2 % 31 Dec 2020
Varma Mutual Pension Insurance Company 2.1 % 2.1 % 31 Dec 2020
Sofia Margareta von Julin estate 1.9 % 1.9 % 31 Dec 2020
Nordea Fonder 1.1 % 1.1 % 31 Dec 2020
Source: Holdings by Modular Finance AB