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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 1015 1068
Sales growth (%) -2,5 -6,9 5,2
EBITDA 143 122 161
EBITDA margin (%) 13,1 12 15,1
EBIT adj 78 60 91
EBIT adj margin (%) 7,1 5,9 8,6
Pretax profit 63 30 67
EPS rep 0,63 0,26 0,65
EPS growth (%) -36,6 -58,4 146,1
EPS adj 1 0,75 1,04
DPS 0,56 0,56 0,6
EV/EBITDA (x) 8,4 9,1 6,7
EV/EBIT adj (x) 15,3 18,5 11,9
P/E (x) 17,8 40,1 16,3
P/E adj (x) 11,2 14 10,1
EV/sales (x) 1,1 1,1 1
FCF yield (%) 6,4 5 8,4
Dividend yield (%) 5 5,3 5,7
Net IB debt/EBITDA 1,7 1,8 1,2
EURm 2019 2020e 2021e
Sales 1090 1015 1068
COGS -643 -606 -620
Gross profit 447 410 447
Other operating items -305 -287 -286
EBITDA 143 122 161
Depreciation on tangibles -47 -49 -48
Depreciation on intangibles -13 -14 -15
EBITA 73 48 88
Goodwill impairment charges 0 0 0
Other impairment and amortisation -13 -14 -15
EBIT 60 34 73
Other financial items 0 0 0
Net financial items 3 -4 -7
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 63 30 67
Tax -11 -8 -13
Net profit 52 22 54
Minority interest -1 0 -1
Net profit discontinued 0 0 0
Net profit to shareholders 52 22 53
EPS 0,63 0,26 0,65
EPS Adj 1 0,75 1,04
Total extraordinary items after tax -17,7 -26,1 -17,9
Tax rate (%) -17,1 -26,5 -20
Gross margin (%) 41 40,3 41,9
EBITDA margin (%) 13,1 12 15,1
EBITA margin (%) 6,7 4,8 8,3
EBIT margin (%) 5,5 3,4 6,9
Pretax margin (%) 5,8 2,9 6,3
Net margin (%) 4,8 2,2 5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -2,5 -6,9 5,2
EBITDA growth (%) 12,4 -14,2 32
EBIT growth (%) -34,3 -43,1 114,7
Net profit growth (%) -35,9 -58,2 144,4
EPS growth (%) -36,6 -58,4 146,1
Profitability 2019 2020 2021
ROE (%) 5,3 2,8 6,9
ROE Adj (%) 8,4 8,1 11,2
ROCE (%) 4,9 3,1 6,2
ROCE Adj(%) 7,5 6,6 8,9
ROIC (%) 4,1 2,4 5,8
ROIC Adj (%) 5,3 4,3 7,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 160 148 179
EBITDA Adj margin (%) 14,7 14,6 16,8
EBITA Adj 91 74 106
EBITA Adj margin (%) 8,3 7,3 9,9
EBIT Adj 78 60 91
EBIT Adj margin (%) 7,1 5,9 8,6
Pretax profit Adj 94 70 100
Net profit Adj 83 62 86
Net profit to shareholders Adj 82 62 86
Net Adj margin (%) 7,6 6,1 8,1
EURm 2019 2020e 2021e
EBITDA 143 122 161
Net financial items 3 -4 -7
Paid tax -18 -11 -13
Non-cash items -38 -14 -25
Cash flow before change in WC 90 93 116
Change in WC 455 -5 -3
Operating cash flow 97 81 113
CAPEX tangible fixed assets -39 -39 -41
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 2 1 0
Free cash flow 59 43 72
Dividend paid -51 -23 -46
Share issues and buybacks -1 0 0
Other non cash items -100 13 24
Decrease in net IB debt -123 16 26
Balance Sheet (EURm) 2019 2020 2021
Goodwill 220 220 220
Indefinite intangible assets 289 276 262
Definite intangible assets 0 0 0
Tangible fixed assets 206 197 189
Other fixed assets 68 66 66
Fixed assets 891 863 841
Inventories 232 223 224
Receivables 232 235 250
Other current assets 0 0 0
Cash and liquid assets 9 180 183
Total assets 1364 1502 1498
Shareholders equity 761 759 766
Minority 4 4 4
Total equity 765 762 770
Long-term debt 51 91 91
Pension debt 13 13 13
Convertible debt 0 0 0
Deferred tax 33 32 32
Other long-term liabilities 9 8 8
Short-term debt 109 243 243
Accounts payable 268 249 262
Other current liabilities 6 13 13
Total liabilities and equity 1364 1502 1498
Net IB debt 238 222 196
Net IB debt excl. pension debt 225 209 183
Capital invested 1044 1025 1006
Working capital 190 196 199
EV breakdown 2019 2020 2021
Market cap. diluted (m) 922 862 862
Net IB debt Adj 275 256 230
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 1114 1087
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 70,7 70,8 71,2
Capital invested turnover (%) 89,9 98,1 105,1
Capital employed turnover (%) 89,7 90,3 89,6
Inventories / sales (%) 20,7 22,4 21
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,6 25,5 23,9
Working capital / sales (%) 38,3 19 18,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 31,2 29,2 25,5
Net debt / market cap (%) 22 25,8 22,8
Equity ratio (%) 56 50,8 51,4
Net IB debt adj. / equity (%) 36 33,6 29,9
Current ratio (%) 116,8 121 121,6
EBITDA / net interest (%) -4596,8 2716,1 2483
Net IB debt / EBITDA (%) 167,3 182 121,5
Interest cover (%) -2354,8 1071,6 1356,8
EURm 2019 2020e 2021e
Shares outstanding adj. 82 82 82
Fully diluted shares Adj 82 82 82
EPS 0,63 0,26 0,65
Dividend per share Adj 0,6 0,6 0,6
EPS Adj 1 0,75 1,04
BVPS 9,29 9,26 9,35
BVPS Adj 6,61 6,58 6,66
Net IB debt / share 2,9 2,7 2,4
Share price 13,24 10,52 10,52
Market cap. (m) 1085 862 862
Valuation 2019 2020 2021
P/E 17,8 40,1 16,3
EV/sales 1,09 1,1 1,02
EV/EBITDA 8,4 9,1 6,7
EV/EBITA 16,4 23,1 12,3
EV/EBIT 19,9 32,5 14,8
Dividend yield (%) 5 5,3 5,7
FCF yield (%) 6,4 5 8,4
P/BVPS 1,21 1,14 1,13
P/BVPS Adj 1,7 1,6 1,58
P/E Adj 11,2 14 10,1
EV/EBITDA Adj 7,5 7,5 6,1
EV/EBITA Adj 13,2 15 10,2
EV/EBIT Adj 15,3 18,5 11,9
EV/cap. employed 1,1 0,9 0,9
Investment ratios 2019 2020 2021
Capex / sales 3,6 3,8 3,8
Capex / depreciation 65,7 61,4 64,7
Capex tangibles / tangible fixed assets 19 19,6 21,4
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 24,8 25,4

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Main shareholders - Fiskars Group

Main shareholders Share capital % Voting shares % Verified
Virala Oy Ab 15.4 % 15.4 % 30 Jun 2020
Turret Oy Ab 13.3 % 13.3 % 30 Jun 2020
Holdix Oy Ab 12.4 % 12.4 % 30 Jun 2020
Bergsrådinnan Sophie von Julins Stiftelse 3.1 % 3.1 % 30 Jun 2020
Oy Julius Tallberg Ab 3.1 % 3.1 % 30 Jun 2020
Varma Mutual Pension Insurance Company 3.0 % 3.0 % 30 Jun 2020
Margareta Lindsay Gripenberg Db 2.4 % 2.4 % 30 Jun 2020
Sofia Margareta von Julin estate 1.9 % 1.9 % 30 Jun 2020
Nordea Fonder 1.8 % 1.8 % 30 Jun 2020
Ilmarinen Mutual Pension Insurance Company 1.3 % 1.3 % 30 Jun 2020
Source: Holdings by Modular Finance AB