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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 2019 2020e 2021e
Sales 1090 1122 1093
Sales growth (%) -2,5 2,9 -2,6
EBITDA 143 204 149
EBITDA margin (%) 13,1 18,1 13,6
EBIT adj 78 124 96
EBIT adj margin (%) 7,1 11,1 8,8
Pretax profit 63 106 52
EPS rep 0,63 0,97 0,49
EPS growth (%) -36,7 53,1 -49,1
EPS adj 1 1,31 1,14
DPS 0,56 0,65 0,6
EV/EBITDA (x) 8,4 6,9 9,5
EV/EBIT adj (x) 15,3 11,3 14,7
P/E (x) 17,8 15 29,5
P/E adj (x) 11,2 11,1 12,7
EV/sales (x) 1,1 1,2 1,3
FCF yield (%) 6,4 9,5 5,7
Dividend yield (%) 5 4,5 4,1
Net IB debt/EBITDA 1,7 0,9 1,3
N/A N/A N/A
EURm 2019 2020e 2021e
Sales 1090 1122 1093
COGS -643 -654 -647
Gross profit 447 468 446
Other operating items -305 -264 -297
EBITDA 143 204 149
Depreciation on tangibles -47 -49 -51
Depreciation on intangibles -13 -17 -15
EBITA 73 129 72
Goodwill impairment charges 0 0 0
Other impairment and amortisation -13 -16 -15
EBIT 60 113 58
Other financial items 0 0 0
Net financial items 3 -7 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 63 106 52
Tax -11 -26 -11
Net profit 52 80 41
Minority interest -1 -1 -1
Net profit discontinued 0 0 0
Net profit to shareholders 52 79 40
EPS 0,63 0,97 0,49
EPS Adj 1 1,31 1,14
Total extraordinary items after tax -17,7 -11,7 -38,5
Tax rate (%) -17,1 -24,5 -21
Gross margin (%) 41 41,7 40,8
EBITDA margin (%) 13,1 18,1 13,6
EBITA margin (%) 6,7 11,5 6,6
EBIT margin (%) 5,5 10 5,3
Pretax margin (%) 5,8 9,4 4,7
Net margin (%) 4,8 7,1 3,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -2,5 2,9 -2,6
EBITDA growth (%) 12,3 42,9 -26,9
EBIT growth (%) -34,4 87,5 -48,8
Net profit growth (%) -36 52,6 -48,9
EPS growth (%) -36,7 53,1 -49,1
Profitability 2019 2020 2021
ROE (%) 5,3 10,3 5,2
ROE Adj (%) 8,4 13,9 12,2
ROCE (%) 4,9 10,2 4,9
ROCE Adj(%) 7,5 12,7 9,5
ROIC (%) 4,1 8,3 4,6
ROIC Adj (%) 5,3 9,2 7,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 160 215 187
EBITDA Adj margin (%) 14,7 19,2 17,1
EBITA Adj 91 141 111
EBITA Adj margin (%) 8,3 12,5 10,1
EBIT Adj 78 124 96
EBIT Adj margin (%) 7,1 11,1 8,8
Pretax profit Adj 94 134 105
Net profit Adj 83 108 94
Net profit to shareholders Adj 82 107 94
Net Adj margin (%) 7,6 9,6 8,6
N/A N/A N/A
EURm 2019 2020e 2021e
EBITDA 143 204 149
Net financial items 3 -7 -6
Paid tax -18 -25 -11
Non-cash items -38 -14 -26
Cash flow before change in WC 90 158 106
Change in WC 7 -6 5
Operating cash flow 97 152 112
CAPEX tangible fixed assets -39 -39 -44
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 2 0 0
Free cash flow 59 113 68
Dividend paid -51 -46 -53
Share issues and buybacks -1 0 0
Other non cash items -100 1 0
Decrease in net IB debt -123 54 -9
Balance Sheet (EURm) 2019 2020 2021
Goodwill 220 216 216
Indefinite intangible assets 289 276 262
Definite intangible assets 0 0 0
Tangible fixed assets 206 208 226
Other fixed assets 68 60 60
Fixed assets 891 851 853
Inventories 232 239 233
Receivables 232 239 233
Other current assets 0 0 0
Cash and liquid assets 9 176 166
Total assets 1364 1504 1484
Shareholders equity 761 776 763
Minority 4 4 4
Total equity 765 780 767
Long-term debt 51 51 51
Pension debt 13 13 13
Convertible debt 0 0 0
Deferred tax 33 30 30
Other long-term liabilities 9 7 7
Short-term debt 109 234 234
Accounts payable 268 275 268
Other current liabilities 6 19 19
Total liabilities and equity 1364 1504 1484
Net IB debt 238 184 194
Net IB debt excl. pension debt 225 171 181
Capital invested 1044 1001 998
Working capital 190 184 178
EV breakdown 2019 2020 2021
Market cap. diluted (m) 922 1189 1189
Net IB debt Adj 275 217 227
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 1194 1402 1412
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 70,7 78,2 73,2
Capital invested turnover (%) 89,9 109,7 109,3
Capital employed turnover (%) 89,7 101 93,7
Inventories / sales (%) 20,7 21 21,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,6 24,2 24,9
Working capital / sales (%) 38,3 16,7 16,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 31,2 23,6 25,2
Net debt / market cap (%) 22 15,5 16,3
Equity ratio (%) 56 51,9 51,7
Net IB debt adj. / equity (%) 36 27,8 29,5
Current ratio (%) 116,8 118,9 116,4
EBITDA / net interest (%) -4596,8 2827,4 2480
Net IB debt / EBITDA (%) 167,3 90,5 130,1
Interest cover (%) -2354,8 1791,3 1206,7
N/A N/A N/A
EURm 2019 2020e 2021e
Shares outstanding adj. 82 82 82
Fully diluted shares Adj 82 82 82
EPS 0,63 0,97 0,49
Dividend per share Adj 0,6 0,7 0,6
EPS Adj 1 1,31 1,14
BVPS 9,29 9,47 9,31
BVPS Adj 6,61 6,84 6,68
Net IB debt / share 2,9 2,2 2,4
Share price 13,24 14,52 14,52
Market cap. (m) 1085 1189 1189
Valuation 2019 2020 2021
P/E 17,8 15 29,5
EV/sales 1,09 1,25 1,29
EV/EBITDA 8,4 6,9 9,5
EV/EBITA 16,4 10,9 19,5
EV/EBIT 19,9 12,4 24,5
Dividend yield (%) 5 4,5 4,1
FCF yield (%) 6,4 9,5 5,7
P/BVPS 1,21 1,53 1,56
P/BVPS Adj 1,7 2,12 2,17
P/E Adj 11,2 11,1 12,7
EV/EBITDA Adj 7,5 6,5 7,5
EV/EBITA Adj 13,2 10 12,7
EV/EBIT Adj 15,3 11,3 14,7
EV/cap. employed 1,1 1,2 1,2
Investment ratios 2019 2020 2021
Capex / sales 3,6 3,5 4
Capex / depreciation 65,7 59,1 66,8
Capex tangibles / tangible fixed assets 19 18,9 19,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 22,7 23,6 22,4
N/A N/A N/A

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Main shareholders - Fiskars Group

Main shareholders Share capital % Voting shares % Verified
Virala Oy Ab 15.4 % 15.4 % 31 Oct 2020
Turret Oy Ab 13.3 % 13.3 % 31 Oct 2020
Holdix Oy Ab 12.4 % 12.4 % 31 Oct 2020
Bergsrådinnan Sophie von Julins Stiftelse 3.1 % 3.1 % 31 Oct 2020
Oy Julius Tallberg Ab 3.1 % 3.1 % 31 Oct 2020
Margareta Lindsay Gripenberg Db 2.4 % 2.4 % 31 Oct 2020
Ilmarinen Mutual Pension Insurance Company 2.3 % 2.3 % 31 Oct 2020
Varma Mutual Pension Insurance Company 2.1 % 2.1 % 31 Oct 2020
Sofia Margareta von Julin estate 1.9 % 1.9 % 31 Oct 2020
Nordea Fonder 1.3 % 1.3 % 31 Oct 2020
Source: Holdings by Modular Finance AB