Fiskars is highly exposed to the US through Fiskars BA. Roughly 50% of Fiskars BA sales come from the US, while sourcing from China is becoming increasingly difficult. In addition to direct impacts, we expect growth to be affected by softer consumer demand, which could also become visible in Vita BA. If trade tensions between the US and China continue, there could even be a risk for a profit warning later this year. We trim our DCF- and multiples-based fair value to EUR 13.1-16.4 (13.6-16.9). Marketing material commissioned by Fiskars.
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