Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 1171 1155
Sales growth (%) 2,4 4,9 -1,3
EBITDA 174 152 188
EBITDA margin (%) 15,6 13 16,2
EBIT adj 121 131 121
EBIT adj margin (%) 10,8 11,2 10,4
Pretax profit 90 82 115
EPS rep 0,83 0,48 1,09
EPS growth (%) 31,7 -42,3 127,4
EPS adj 1,31 1,14 1,28
DPS 0,65 0,6 0,65
EV/EBITDA (x) 7,9 10,6 8,4
EV/EBIT adj (x) 11,4 12,4 13,1
P/E (x) 18 36 15,8
P/E adj (x) 11,5 15,1 13,5
EV/sales (x) 1,2 1,4 1,4
FCF yield (%) 13,8 1,8 8
Dividend yield (%) 4,3 3,5 3,8
Net IB debt/EBITDA 0,7 1,1 0,7
Lease adj. FCF yield (%) 11,9 0 6,3
Lease adj. ND/EBITDA 0,4 0,7 0,5
EURm 2020 2021e 2022e
Sales 1116 1171 1155
COGS -664 -715 -672
Gross profit 452 455 483
Other operating items -278 -303 -296
EBITDA 174 152 188
Depreciation on tangibles -49 -48 -52
Depreciation on intangibles -28 -15 -15
EBITA 126 105 136
Goodwill impairment charges 0 0 0
Other impairment and amortisation -16 -15 -15
EBIT 98 90 121
Other financial items 1 0 0
Net financial items -8 -9 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 90 82 115
Tax -21 -42 -24
Net profit 69 40 90
Minority interest 0 -1 -1
Net profit discontinued 0 0 0
Net profit to shareholders 68 39 89
EPS 0,83 0,48 1,09
EPS Adj 1,31 1,14 1,28
Total extraordinary items after tax -11,3 -40,1 0
Tax rate (%) -23,8 -51,4 -21
Gross margin (%) 40,5 38,9 41,8
EBITDA margin (%) 15,6 13 16,2
EBITA margin (%) 11,3 8,9 11,7
EBIT margin (%) 8,8 7,7 10,4
Pretax margin (%) 8,1 7 9,9
Net margin (%) 6,1 3,4 7,8
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 2,4 4,9 -1,3
EBITDA growth (%) 45,7 -12,6 23,3
EBIT growth (%) 63,1 -7,7 33,2
Net profit growth (%) 30,7 -41,8 126,9
EPS growth (%) 31,7 -42,3 127,4
Profitability 2020 2021 2022
ROE (%) 9 5,3 11,9
ROE Adj (%) 14,1 12,6 13,9
ROCE (%) 9,7 9,4 12,3
ROCE Adj(%) 13,6 15 13,9
ROIC (%) 7,6 4,7 10,1
ROIC Adj (%) 9,3 6,8 10,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 186 192 188
EBITDA Adj margin (%) 16,6 16,4 16,2
EBITA Adj 137 145 136
EBITA Adj margin (%) 12,3 12,4 11,7
EBIT Adj 121 131 121
EBIT Adj margin (%) 10,8 11,2 10,4
Pretax profit Adj 129 136 130
Net profit Adj 108 94 106
Net profit to shareholders Adj 107 94 105
Net Adj margin (%) 9,6 8 9,1
Depreciation and amortisation -76 -62 -67
Of which leasing depreciation -25 -25 -25
EO items -11 -40 0
Impairment and PPA amortisation -28 -14 -15
EBITDA lease Adj 159 165 161
EBITDA lease Adj margin (%) 14,2 14,1 13,9
Leasing payments -27 -27 -27
EURm 2020 2021e 2022e
EBITDA 174 152 188
Net financial items -8 -9 -6
Paid tax -20 -17 -24
Non-cash items -3 -48 0
Cash flow before change in WC 143 79 158
Change in WC 56 -7 2
Operating cash flow 199 72 160
CAPEX tangible fixed assets -30 -47 -46
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 169 25 113
Dividend paid -46 -27 -49
Share issues and buybacks 0 0 0
Other non cash items 10 -25 0
Decrease in net IB debt 113 -9 29
Balance Sheet (EURm) 2020 2021 2022
Goodwill 214 217 217
Indefinite intangible assets 268 254 238
Definite intangible assets 0 0 0
Tangible fixed assets 193 219 239
Other fixed assets 64 64 64
Fixed assets 829 850 853
Inventories 207 217 215
Receivables 243 255 252
Other current assets 0 0 0
Cash and liquid assets 63 16 56
Total assets 1342 1338 1375
Shareholders equity 758 730 770
Minority 4 4 6
Total equity 762 734 775
Long-term debt 51 51 51
Pension debt 13 14 14
Convertible debt 0 0 0
Deferred tax 31 31 31
Other long-term liabilities 8 8 8
Short-term debt 61 65 65
Accounts payable 310 325 321
Other current liabilities 11 16 16
Total liabilities and equity 1342 1338 1375
Net IB debt 125 173 134
Net IB debt excl. pension debt 112 160 120
Capital invested 926 946 947
Working capital 129 132 130
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1227 1414 1414
Net IB debt Adj 158 209 169
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 1619 1579
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 82,5 87,3 85,2
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 11,1 11,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 16,4 23,6 17,2
Net debt / market cap (%) 13,2 12,3 9,5
Equity ratio (%) 56,7 54,9 56,4
Net IB debt adj. / equity (%) 20,7 28,5 21,8
Current ratio (%) 126,7 113,7 122,8
EBITDA / net interest (%) 1979,5 1730,6 3128,6
Net IB debt / EBITDA (%) 71,8 113,9 71,2
Interest cover (%) 1428,4 1189,7 2261,9
Lease liability amortisation -24 -24 -24
Other intangible assets 268 258 243
Right-of-use asset 90 90 89
Total other fixed assets 64 66 66
Leasing liability 95 95 95
Total other long-term liabilities 39 38 38
Net IB debt excl. leasing 63 114 74
Net IB debt / EBITDA lease Adj (%) 39,7 69,1 46,3
EURm 2020 2021e 2022e
Shares outstanding adj. 82 82 82
Fully diluted shares Adj 82 82 82
EPS 0,83 0,48 1,09
Dividend per share Adj 0,7 0,6 0,7
EPS Adj 1,31 1,14 1,28
BVPS 9,25 8,91 9,4
BVPS Adj 6,64 6,26 6,75
Net IB debt / share 1,5 2,1 1,6
Share price 11,59 17,26 17,26
Market cap. (m) 949 1414 1414
Valuation 2020 2021 2022
P/E 18 36 15,8
EV/sales 1,24 1,38 1,37
EV/EBITDA 7,9 10,6 8,4
EV/EBITA 11 15,5 11,6
EV/EBIT 14,1 17,9 13,1
Dividend yield (%) 4,3 3,5 3,8
FCF yield (%) 13,8 1,8 8
P/BVPS 1,62 1,94 1,84
P/BVPS Adj 2,25 2,76 2,56
P/E Adj 11,5 15,1 13,5
EV/EBITDA Adj 7,4 8,4 8,4
EV/EBITA Adj 10,1 11,2 11,6
EV/EBIT Adj 11,4 12,4 13,1
EV/cap. employed 1,4 1,7 1,6
Investment ratios 2020 2021 2022
Capex / sales 2,6 4 4
Capex / depreciation 57,3 127,8 110
Capex tangibles / tangible fixed assets 15,3 21,4 19,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 12,3 10,2 11,2
Lease adj. FCF yield (%) 11,9 0 6,3

Equity research

Read earlier research

Main shareholders - Fiskars Group

Main shareholders Share capital % Voting shares % Verified
Virala Oy Ab 15.4 % 15.4 % 30 Apr 2021
Turret Oy Ab 13.3 % 13.3 % 30 Apr 2021
Holdix Oy Ab 12.4 % 12.4 % 30 Apr 2021
Bergsrådinnan Sophie von Julins Stiftelse 3.1 % 3.1 % 30 Apr 2021
Oy Julius Tallberg Ab 3.1 % 3.1 % 30 Apr 2021
Margareta Lindsay Gripenberg Db 2.4 % 2.4 % 30 Apr 2021
Ilmarinen Mutual Pension Insurance Company 2.1 % 2.1 % 30 Apr 2021
Varma Mutual Pension Insurance Company 2.1 % 2.1 % 30 Apr 2021
Sofia Margareta von Julin estate 1.9 % 1.9 % 30 Apr 2021
Nordea Fonder 1.2 % 1.2 % 30 Apr 2021
Source: Holdings by Modular Finance AB