Rauli has published a new company report on Fiskars following the Q2 results release 
Fiskarsâ Q2 result was weak, which has led us to lower our forecasts. We still expect the full-year result to improve in line with the guidance. In our view, the share is pricing in a clearly better level of earnings, and this yearâs valuation (e.g., P/E 24x) is high.
Excerpts from the report:
Cash flow was good, indebtedness remains high
We consider free cash flow to be the absolute bright spot of the quarter, leaping to EUR 31 million (Q2â25: EUR 2 million), driven by successful working capital management. Despite this, net debt/adj. EBITDA remained high (3.4x) compared to the companyâs target (2.5x).