Ahead of Fiskars' Q4 report, we nudge up our Q4 estimates slightly and expect the company to reach the low end of its guidance. For 2025, we take a slightly more cautious view on the H1 outlook, while we expect a gradual market recovery to begin. Fiskars has clearly improved its underlying gross margins in recent years, which bodes well for when volumes recover. We expect the company to issue positive comparable EBIT guidance for 2025 and to increase its 2024 dividend to EUR 0.84 per share. We derive a trimmed DCF- and multiples-based fair value range of EUR 14.6-18.1 (14.9-18.4) per share. Marketing material commissioned by Fiskars.

equityresearch@nordea.com

Nordea Research