Rauli has published a company report on Fiskars following Q3 
Fiskars’ Q3 earnings beat our expectations, supported by Vita’s cost savings and US customs duty refunds, and we have raised our earnings forecasts, especially for the current year. However, following the rise in the share price, we believe the valuation (e.g., 2026e P/E 24x) is increasingly stretched, and the earnings growth expected over the coming years is not enough to justify it. We raise our target price to EUR 12.0 (previously EUR 11.5), but downgrade our recommendation to Sell (previously Reduce).