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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 1228 1133 1251
Sales growth (%) 10 -7,8 10,5
EBITDA 201 196 203
EBITDA margin (%) 16,3 17,3 16,3
EBIT adj 155 129 136
EBIT adj margin (%) 12,6 11,4 10,9
Pretax profit 139 123 130
EPS rep 1,02 1,17 1,24
EPS growth (%) 22,4 15,1 5,9
EPS adj 1,38 1,36 1,43
DPS 0,6 0,65 0,7
EV/EBITDA (x) 9,9 9,8 9,3
EV/EBIT adj (x) 12,8 14,9 13,9
P/E (x) 22,3 19,3 18,3
P/E adj (x) 16,4 16,7 15,9
EV/sales (x) 1,6 1,7 1,5
FCF yield (%) -1,4 0,6 -0,8
Dividend yield (%) 2,6 2,9 3,1
Net IB debt/EBITDA 0,4 0,2 0
Lease adj. FCF yield (%) -1,4 0,6 -0,8
Lease adj. ND/EBITDA 0,2 -0,1 -0,3
EURm 2021 2022e 2023e
Sales 1228 1133 1251
COGS -717 -643 -681
Gross profit 511 489 570
Other operating items -310 -293 -367
EBITDA 201 196 203
Depreciation on tangibles -48 -52 -52
Depreciation on intangibles -15 -15 -15
EBITA 153 144 151
Goodwill impairment charges 0 0 0
Other impairment and amortisation -15 -15 -15
EBIT 139 129 136
Other financial items 0 0 0
Net financial items -1 -6 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 139 123 130
Tax -54 -26 -27
Net profit 84 97 103
Minority interest -1 -1 -1
Net profit discontinued 0 0 0
Net profit to shareholders 83 96 102
EPS 1,02 1,17 1,24
EPS Adj 1,38 1,36 1,43
Total extraordinary items after tax -15,9 0 0
Tax rate (%) -39,3 -21 -21
Gross margin (%) 41,6 43,2 45,6
EBITDA margin (%) 16,3 17,3 16,3
EBITA margin (%) 12,5 12,7 12,1
EBIT margin (%) 11,3 11,4 10,9
Pretax margin (%) 11,3 10,9 10,4
Net margin (%) 6,8 8,6 8,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 10 -7,8 10,5
EBITDA growth (%) 15,2 -2,3 3,7
EBIT growth (%) 41,9 -7,3 5,6
Net profit growth (%) 22,8 15,5 5,9
EPS growth (%) 22,4 15,1 5,9
Profitability 2021 2022 2023
ROE (%) 10,7 11,6 11,6
ROE Adj (%) 14,5 13,4 13,3
ROCE (%) 14,3 12,8 12,9
ROCE Adj(%) 17,3 14,3 14,3
ROIC (%) 9,1 10,9 11,5
ROIC Adj (%) 10,1 10,9 11,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 217 196 203
EBITDA Adj margin (%) 17,6 17,3 16,3
EBITA Adj 169 144 151
EBITA Adj margin (%) 13,8 12,7 12,1
EBIT Adj 155 129 136
EBIT Adj margin (%) 12,6 11,4 10,9
Pretax profit Adj 168 138 145
Net profit Adj 114 112 118
Net profit to shareholders Adj 113 111 117
Net Adj margin (%) 9,3 9,9 9,4
Depreciation and amortisation -62 -67 -67
Of which leasing depreciation -25 -24 -24
EO items -16 0 0
Impairment and PPA amortisation -14 -15 -15
EBITDA lease Adj 189 169 176
EBITDA lease Adj margin (%) 15,4 14,9 14,1
Leasing payments -27 -27 -27
EURm 2021 2022e 2023e
EBITDA 201 196 203
Net financial items -1 -6 -6
Paid tax N/A N/A N/A
Non-cash items 0 0 0
Cash flow before change in WC N/A N/A N/A
Change in WC N/A N/A N/A
Operating cash flow -38 12 -15
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 11 0 0
Acquisitions and disposals 0 0 0
Free cash flow -27 12 -15
Dividend paid 87 131 105
Share issues and buybacks -49 -45 -50
Other non cash items 5 -40 -9
Decrease in net IB debt -9 29 34
Balance Sheet (EURm) 2021 2022 2023
Goodwill 217 217 217
Indefinite intangible assets 254 238 223
Definite intangible assets 0 0 0
Tangible fixed assets 169 187 209
Other fixed assets 64 64 64
Fixed assets 848 850 858
Inventories 228 210 232
Receivables 235 217 240
Other current assets 32 30 33
Cash and liquid assets 49 107 138
Total assets 1392 1414 1501
Shareholders equity 803 849 902
Minority 4 6 7
Total equity 807 855 909
Long-term debt 51 51 51
Pension debt 14 14 14
Convertible debt 0 0 0
Deferred tax 31 31 31
Other long-term liabilities 8 8 8
Short-term debt 23 23 23
Accounts payable 341 314 347
Other current liabilities 30 30 30
Total liabilities and equity 1392 1414 1501
Net IB debt 90 33 1
Net IB debt excl. pension debt 77 19 -12
Capital invested 937 928 950
Working capital 125 113 128
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1855 1855 1855
Net IB debt Adj 126 69 37
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 1981 1924 1892
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 89,8 80,7 85,8
Capital invested turnover (%) 116,7 121,4 124,5
Capital employed turnover (%) 110,7 113,9 113,3
Inventories / sales (%) 18,9 18,2 18,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 28,2 27,2 27,3
Working capital / sales (%) 10,4 10,5 9,6
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 11,2 3,8 0,1
Net debt / market cap (%) 5,9 1,8 0,1
Equity ratio (%) 57,9 60,5 60,5
Net IB debt adj. / equity (%) 15,6 8 4,1
Current ratio (%) 131,1 144,9 152,4
EBITDA / net interest (%) 13380,1 3268,8 3389,4
Net IB debt / EBITDA (%) 45 16,7 0,6
Interest cover (%) 10204,1 2402,2 2522,7
Lease liability amortisation 0 0 0
Other intangible assets 265 250 235
Right-of-use asset 83 83 83
Total other fixed assets 114 114 114
Leasing liability 87 87 87
Total other long-term liabilities 40 40 40
Net IB debt excl. leasing 39 -19 -50
Net IB debt / EBITDA lease Adj (%) 20,5 -11,1 -28,5
EURm 2021 2022e 2023e
Shares outstanding adj. 82 82 82
Fully diluted shares Adj 82 82 82
EPS 1,02 1,17 1,24
Dividend per share Adj 0,6 0,7 0,7
EPS Adj 1,38 1,36 1,43
BVPS 9,8 10,37 11,01
BVPS Adj 7,14 7,72 8,36
Net IB debt / share 1,1 0,4 0
Share price 18,56 22,65 22,65
Market cap. (m) 1521 1855 1855
Valuation 2021 2022 2023
P/E 22,3 19,3 18,3
EV/sales 1,61 1,7 1,51
EV/EBITDA 9,9 9,8 9,3
EV/EBITA 12,9 13,3 12,5
EV/EBIT 14,2 14,9 13,9
Dividend yield (%) 2,6 2,9 3,1
FCF yield (%) -1,4 0,6 -0,8
P/BVPS 2,31 2,18 2,06
P/BVPS Adj 3,17 2,94 2,71
P/E Adj 16,4 16,7 15,9
EV/EBITDA Adj 9,1 9,8 9,3
EV/EBITA Adj 11,7 13,3 12,5
EV/EBIT Adj 12,8 14,9 13,9
EV/cap. employed 2 1,9 1,7
Investment ratios 2021 2022 2023
Capex / sales -0,9 0 0
Capex / depreciation -30,1 0 0
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 13,6 15 13,4
Lease adj. FCF yield (%) -1,4 0,6 -0,8

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Main shareholders - Fiskars Group

Main shareholders Share capital % Voting shares % Verified
Virala Oy Ab 15.4 % 15.4 % 31 Dec 2021
Turret Oy Ab 13.3 % 13.3 % 31 Dec 2021
Holdix Oy Ab 12.4 % 12.4 % 31 Dec 2021
Bergsrådinnan Sophie von Julins Stiftelse 3.1 % 3.1 % 31 Dec 2021
Oy Julius Tallberg Ab 3.1 % 3.1 % 31 Dec 2021
Margareta Lindsay Gripenberg Db 2.4 % 2.4 % 31 Dec 2021
Ilmarinen Mutual Pension Insurance Company 2.1 % 2.1 % 31 Dec 2021
Varma Mutual Pension Insurance Company 2.1 % 2.1 % 31 Dec 2021
Sofia Margareta von Julin estate 1.9 % 1.9 % 31 Dec 2021
Nordea Fonder 1.2 % 1.2 % 31 Dec 2021
Source: Holdings by Modular Finance AB