Sales 6% vs. ABG 4% vs. cons

Adj. EBITA 28% vs. ABG 25% vs. cons

We expect ‘22e-‘23e cons. revisions of +1-3%

Q2 details
Q2'21 report: Net sales EUR 307m (6% vs ABGSC 290m and 4% vs cons 296m), Adj. EBITA EUR 45m (28% vs ABGSC 35m and 25% vs cons 36m), Adj. EBIT EUR 41m (32% vs ABGSC 31m and 40% vs cons 30m), EBIT EUR 39m (64% vs ABGSC 23m and 63% vs cons 24m), Net profit EUR 31m (81% vs ABGSC 17m and 78% vs cons 18m).

Segments Vita & Other driving the beat
Fiskars Q2 report saw continuous trends as was expected, where Terra and Crea growth rates slowed down on tougher comparables and Vita drove the adj. EBITA growth, which resulted in a group adj. EBITA growth of 57% y-o-y. Whereas the adj. EBITA beat on headline numbers was 28% vs. ABGSCe and 25% vs. cons, we note that the Other segment reported a positive adj. EBITA of 0.5m vs. its usual negative result of between 3m and 4m due to timing differences in spending. Adjusting for this, the underlying beat was in the teens. A strong report nonetheless, with Vita being the driver. The company states that the savings program related to Vita is progressing well and reduces the cost guidance for the program by EUR 5m. The company furthermore delays the guidance for the other program by one quarter to Q1’22.

Slight positive revisions from cons. expected
On the back of the report today, 2021e cons. mechanically comes up some 1% on sales and 4-6% on adj. EBITA. For ’22e-‘23e, we could see cons. lifting estimates by some 1-3%. The company will host a conf call at 9 EEST. link: https://fiskars.videosync.fi/2021-q2-results

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