@Rauli_Juva has also conducted an analysis of Fiskars immediately after Q3.
Fiskars was able to improve its Q3 result organically despite revenue continuing to decline clearly. Reaching the guidance indicating an improving result for this year is still on a knife-edge, with our forecast being at last year’s level. Due to the continuing sluggish consumer environment, we do not see significant earnings improvement in 2025 either. We reiterate the 15 euro target price and raise the recommendation to the Reduce level (prev. Sell).
Quoted from the report:
..Driven by these factors, we have lowered our revenue and earnings forecasts for the coming years. However, we still expect organic revenue to turn to growth next year and earnings to improve, supported by both growth and the new cost savings announced in connection with the Q3 results. On the other hand, we do not expect significant support from Georg Jensen synergies next year, as we see them being mostly realized already in 2024. Fiskars has stated that it expects a total of EUR 18 million in synergies, which should be realized by the end of 2025.