Fiskars
Fiskars Group - Showing resilience (ABG Sundal Collier)
2020-07-30 08:39
Sales +20% vs ABGSCe
Adj. EBITA EUR 28.6m (ABGSCe 11m)
Terra and Crea positively affected by COVID-19
Q2 detailsSales came in at EUR 280m (+20% vs. ABGSCe 234m). Adj. EBITA 28.6m (ABGSCe 11m) and adj. EBIT 21.9m (ABGSCe 8m). The company recorded NRIs of -1.1m (ABGSCe -7m) resulting in a reported EBIT of 20.8m (ABGSCe 1m).
Beat driven by Terra and Crea – but subsidies unknown
Fiskars Group’s Q2 report was stronger than expected across the board. Terra and Crea has clearly seen tailwinds due to the pandemic, posting y-o-y growth rates of 23% and 16%, respectively. This resulted in margin expansions of 8.5pp. and 3.9pp., respectively. This is driven by (1) pandemic-driven savings (2) the Transformation and Restructuring programs and (3) scale. The magnitude of the first bullet is unknown except that it contributed significantly, playing a significant part in the Group adj. EBITA margin expansion of 4.1 pp. to 10.2%.
Share outperformance expected
Although the Q2 margins are difficult to extrapolate, 2020 adj. EBIT estimates are likely to increase >20% solely driven by the Q2 beat. Expect the share to outperform today.
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