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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 2020 2021e 2022e
Sales 1116 1081 1127
Sales growth (%) 2,4 -3,2 4,3
EBITDA 188 147 205
EBITDA margin (%) 16,8 13,6 18,2
EBIT adj 109 99 114
EBIT adj margin (%) 9,8 9,2 10,1
Pretax profit 90 54 108
EPS rep 0,83 0,52 1,03
EPS growth (%) 31,7 -37,9 99,2
EPS adj 1,17 1,17 1,21
DPS 0,65 0,6 0,65
EV/EBITDA (x) 7,4 9,4 6,6
EV/EBIT adj (x) 12,6 13,9 11,9
P/E (x) 18 28,8 14,5
P/E adj (x) 12,8 12,7 12,3
EV/sales (x) 1,2 1,3 1,2
FCF yield (%) 13,8 5,5 8,3
Dividend yield (%) 4,3 4 4,4
Net IB debt/EBITDA 0,7 0,9 0,5
N/A N/A N/A
EURm 2020 2021e 2022e
Sales 1116 1081 1127
COGS -664 -640 -630
Gross profit 452 440 497
Other operating items -265 -293 -292
EBITDA 188 147 205
Depreciation on tangibles -49 -48 -52
Depreciation on intangibles -28 -15 -15
EBITA 114 75 129
Goodwill impairment charges 0 0 0
Other impairment and amortisation -16 -15 -15
EBIT 98 60 114
Other financial items 1 0 0
Net financial items -8 -6 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 90 54 108
Tax -21 -11 -23
Net profit 69 43 85
Minority interest 0 -1 -1
Net profit discontinued 0 0 0
Net profit to shareholders 68 42 84
EPS 0,83 0,52 1,03
EPS Adj 1,17 1,17 1,21
Total extraordinary items after tax -11,3 -39 0
Tax rate (%) -23,8 -21 -21
Gross margin (%) 40,5 40,8 44,1
EBITDA margin (%) 16,8 13,6 18,2
EBITA margin (%) 10,2 6,9 11,5
EBIT margin (%) 8,8 5,6 10,1
Pretax margin (%) 8,1 5 9,6
Net margin (%) 6,1 4 7,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 2,4 -3,2 4,3
EBITDA growth (%) 31,6 -21,4 39,3
EBIT growth (%) 63,1 -38,6 89,4
Net profit growth (%) 30,7 -37,5 99,2
EPS growth (%) 31,7 -37,9 99,2
Profitability 2020 2021 2022
ROE (%) 9 5,6 11
ROE Adj (%) 12,6 12,8 13
ROCE (%) 9,7 6,2 11,5
ROCE Adj(%) 12,4 11,7 13,1
ROIC (%) 7,6 5,1 9,7
ROIC Adj (%) 8,5 8,5 9,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj 199 186 205
EBITDA Adj margin (%) 17,8 17,2 18,2
EBITA Adj 126 114 129
EBITA Adj margin (%) 11,3 10,5 11,5
EBIT Adj 109 99 114
EBIT Adj margin (%) 9,8 9,2 10,1
Pretax profit Adj 118 108 123
Net profit Adj 96 97 101
Net profit to shareholders Adj 96 96 99
Net Adj margin (%) 8,6 8,9 8,9
N/A N/A N/A
EURm 2020 2021e 2022e
EBITDA 188 147 205
Net financial items -8 -6 -6
Paid tax -20 -11 -23
Non-cash items -16 -24 -24
Cash flow before change in WC 143 106 153
Change in WC 56 4 -6
Operating cash flow 199 110 147
CAPEX tangible fixed assets -30 -43 -45
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 169 67 102
Dividend paid -46 -53 -49
Share issues and buybacks 0 0 0
Other non cash items 10 0 0
Decrease in net IB debt 113 -9 29
Balance Sheet (EURm) 2020 2021 2022
Goodwill 214 214 214
Indefinite intangible assets 268 254 238
Definite intangible assets 0 0 0
Tangible fixed assets 193 212 229
Other fixed assets 64 64 64
Fixed assets 829 833 834
Inventories 207 201 209
Receivables 243 235 245
Other current assets 0 0 0
Cash and liquid assets 63 53 83
Total assets 1342 1322 1371
Shareholders equity 758 747 782
Minority 4 4 5
Total equity 762 751 787
Long-term debt 51 51 51
Pension debt 13 13 13
Convertible debt 0 0 0
Deferred tax 31 31 31
Other long-term liabilities 8 8 8
Short-term debt 61 61 61
Accounts payable 310 300 313
Other current liabilities 11 11 11
Total liabilities and equity 1342 1322 1371
Net IB debt 125 134 105
Net IB debt excl. pension debt 112 121 92
Capital invested 926 925 932
Working capital 129 125 131
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1227 1219 1219
Net IB debt Adj 158 167 137
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 1380 1382 1352
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 82,5 81,1 83,7
Capital invested turnover (%) 113,3 116,7 121,4
Capital employed turnover (%) 109,9 110,7 113,9
Inventories / sales (%) 19,7 18,9 18,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 25,9 28,2 27,2
Working capital / sales (%) 14,3 11,8 11,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 16,4 17,9 13,3
Net debt / market cap (%) 13,2 11 8,6
Equity ratio (%) 56,7 56,8 57,4
Net IB debt adj. / equity (%) 20,7 22,2 17,5
Current ratio (%) 126,7 123,9 131,7
EBITDA / net interest (%) 2130,7 2455 3419,9
Net IB debt / EBITDA (%) 66,7 91,1 51,2
Interest cover (%) 1298,9 1248,4 2153,2
N/A N/A N/A
EURm 2020 2021e 2022e
Shares outstanding adj. 82 82 82
Fully diluted shares Adj 82 82 82
EPS 0,83 0,52 1,03
Dividend per share Adj 0,7 0,6 0,7
EPS Adj 1,17 1,17 1,21
BVPS 9,25 9,12 9,55
BVPS Adj 6,64 6,51 6,94
Net IB debt / share 1,5 1,6 1,3
Share price 11,59 14,88 14,88
Market cap. (m) 949 1219 1219
Valuation 2020 2021 2022
P/E 18 28,8 14,5
EV/sales 1,24 1,28 1,2
EV/EBITDA 7,4 9,4 6,6
EV/EBITA 12,1 18,4 10,5
EV/EBIT 14,1 22,9 11,9
Dividend yield (%) 4,3 4 4,4
FCF yield (%) 13,8 5,5 8,3
P/BVPS 1,62 1,63 1,56
P/BVPS Adj 2,25 2,29 2,14
P/E Adj 12,8 12,7 12,3
EV/EBITDA Adj 6,9 7,4 6,6
EV/EBITA Adj 11 12,1 10,5
EV/EBIT Adj 12,6 13,9 11,9
EV/cap. employed 1,4 1,4 1,3
Investment ratios 2020 2021 2022
Capex / sales 2,6 4 4
Capex / depreciation 38,7 68,5 67,1
Capex tangibles / tangible fixed assets 15,3 20,4 19,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 25,1 22,8 22,7
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 % 28 Feb 2021
Turret Oy Ab 13.3 % 13.3 % 28 Feb 2021
Holdix Oy Ab 12.4 % 12.4 % 28 Feb 2021
Bergsrådinnan Sophie von Julins Stiftelse 3.1 % 3.1 % 28 Feb 2021
Oy Julius Tallberg Ab 3.1 % 3.1 % 28 Feb 2021
Margareta Lindsay Gripenberg Db 2.4 % 2.4 % 28 Feb 2021
Varma Mutual Pension Insurance Company 2.1 % 2.1 % 28 Feb 2021
Ilmarinen Mutual Pension Insurance Company 2.1 % 2.1 % 28 Feb 2021
Sofia Margareta von Julin estate 1.9 % 1.9 % 28 Feb 2021
Nordea Fonder 1.2 % 1.2 % 28 Feb 2021
Source: Holdings by Modular Finance AB