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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 1072 1078
Sales growth (%) -2,5 -1,7 0,6
EBITDA 143 142 163
EBITDA margin (%) 13,1 13,3 15,1
EBIT adj 78 74 93
EBIT adj margin (%) 7,1 6,9 8,6
Pretax profit 63 43 68
EPS rep 0,63 0,39 0,66
EPS growth (%) -36,7 -38,4 69,5
EPS adj 1 0,88 1,06
DPS 0,56 0,56 0,6
EV/EBITDA (x) 8,4 8,5 7,5
EV/EBIT adj (x) 15,3 16,3 13,2
P/E (x) 17,8 30,6 18,1
P/E adj (x) 11,2 13,5 11,3
EV/sales (x) 1,1 1,1 1,1
FCF yield (%) 6,4 7,8 5,6
Dividend yield (%) 5 4,7 5
Net IB debt/EBITDA 1,7 1,5 1,4
EURm 2019 2020e 2021e
Sales 1090 1072 1078
COGS -643 -646 -626
Gross profit 447 425 452
Other operating items -305 -283 -289
EBITDA 143 142 163
Depreciation on tangibles -47 -50 -48
Depreciation on intangibles -13 -17 -15
EBITA 73 66 89
Goodwill impairment charges 0 0 0
Other impairment and amortisation -13 -16 -15
EBIT 60 50 75
Other financial items 0 0 0
Net financial items 3 -7 -7
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 63 43 68
Tax -11 -11 -14
Net profit 52 32 55
Minority interest -1 0 -1
Net profit discontinued 0 0 0
Net profit to shareholders 52 32 54
EPS 0,63 0,39 0,66
EPS Adj 1 0,88 1,06
Total extraordinary items after tax -17,7 -24,2 -18
Tax rate (%) -17,1 -24,7 -20
Gross margin (%) 41 39,7 41,9
EBITDA margin (%) 13,1 13,3 15,1
EBITA margin (%) 6,7 6,2 8,3
EBIT margin (%) 5,5 4,7 6,9
Pretax margin (%) 5,8 4 6,3
Net margin (%) 4,8 3 5,1
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -2,5 -1,7 0,6
EBITDA growth (%) 12,3 -0,3 14,7
EBIT growth (%) -34,4 -16,7 49,4
Net profit growth (%) -36 -38,5 69,6
EPS growth (%) -36,7 -38,4 69,5
Profitability 2019 2020 2021
ROE (%) 5,3 4,2 7
ROE Adj (%) 8,4 9,5 11,2
ROCE (%) 4,9 4,4 6
ROCE Adj(%) 7,5 7,9 8,6
ROIC (%) 4,1 3,7 5,8
ROIC Adj (%) 5,3 5,4 7,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 160 166 181
EBITDA Adj margin (%) 14,7 15,5 16,8
EBITA Adj 91 90 107
EBITA Adj margin (%) 8,3 8,4 10
EBIT Adj 78 74 93
EBIT Adj margin (%) 7,1 6,9 8,6
Pretax profit Adj 94 83 101
Net profit Adj 83 73 87
Net profit to shareholders Adj 82 72 87
Net Adj margin (%) 7,6 6,8 8,1
EURm 2019 2020e 2021e
EBITDA 143 142 163
Net financial items 3 -7 -7
Paid tax -18 -11 -14
Non-cash items -38 -14 -26
Cash flow before change in WC 90 110 117
Change in WC 7 3 -22
Operating cash flow 97 113 96
CAPEX tangible fixed assets -39 -38 -41
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 2 0 0
Free cash flow 59 76 55
Dividend paid -51 -23 -46
Share issues and buybacks -1 0 0
Other non cash items -100 -4 0
Decrease in net IB debt -123 31 -15
Balance Sheet (EURm) 2019 2020 2021
Goodwill 220 218 218
Indefinite intangible assets 289 276 261
Definite intangible assets 0 0 0
Tangible fixed assets 206 211 230
Other fixed assets 68 64 64
Fixed assets 891 871 873
Inventories 232 228 226
Receivables 232 228 252
Other current assets 0 0 0
Cash and liquid assets 9 241 226
Total assets 1364 1568 1578
Shareholders equity 761 766 774
Minority 4 4 4
Total equity 765 770 779
Long-term debt 51 191 191
Pension debt 13 13 13
Convertible debt 0 0 0
Deferred tax 33 33 33
Other long-term liabilities 9 8 8
Short-term debt 109 169 169
Accounts payable 268 263 264
Other current liabilities 6 14 14
Total liabilities and equity 1364 1568 1578
Net IB debt 238 207 223
Net IB debt excl. pension debt 225 194 210
Capital invested 1044 1018 1042
Working capital 190 180 201
EV breakdown 2019 2020 2021
Market cap. diluted (m) 922 975 975
Net IB debt Adj 275 240 255
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 1210 1226
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 70,7 73,1 68,6
Capital invested turnover (%) 89,9 104 104,7
Capital employed turnover (%) 89,7 93,2 85,9
Inventories / sales (%) 20,7 21,5 21,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,6 24,8 24,5
Working capital / sales (%) 38,3 17,2 17,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 31,2 26,9 28,6
Net debt / market cap (%) 22 21,3 22,9
Equity ratio (%) 56 49,1 49,3
Net IB debt adj. / equity (%) 36 31,2 32,8
Current ratio (%) 116,8 148,5 149,7
EBITDA / net interest (%) -4596,8 1844,8 2507,3
Net IB debt / EBITDA (%) 167,3 146 136,7
Interest cover (%) -2354,8 860,4 1376,5
EURm 2019 2020e 2021e
Shares outstanding adj. 82 82 82
Fully diluted shares Adj 82 82 82
EPS 0,63 0,39 0,66
Dividend per share Adj 0,6 0,6 0,6
EPS Adj 1 0,88 1,06
BVPS 9,29 9,35 9,45
BVPS Adj 6,61 6,69 6,79
Net IB debt / share 2,9 2,5 2,7
Share price 13,24 11,9 11,9
Market cap. (m) 1085 975 975
Valuation 2019 2020 2021
P/E 17,8 30,6 18,1
EV/sales 1,09 1,13 1,14
EV/EBITDA 8,4 8,5 7,5
EV/EBITA 16,4 18,3 13,7
EV/EBIT 19,9 24,2 16,4
Dividend yield (%) 5 4,7 5
FCF yield (%) 6,4 7,8 5,6
P/BVPS 1,21 1,27 1,26
P/BVPS Adj 1,7 1,78 1,75
P/E Adj 11,2 13,5 11,3
EV/EBITDA Adj 7,5 7,3 6,8
EV/EBITA Adj 13,2 13,4 11,4
EV/EBIT Adj 15,3 16,3 13,2
EV/cap. employed 1,1 1 1
Investment ratios 2019 2020 2021
Capex / sales 3,6 3,5 3,8
Capex / depreciation 65,7 55,6 65,4
Capex tangibles / tangible fixed assets 19 17,8 17,8
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 22,7 23,8 20,9

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Main shareholders - Fiskars Group

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