Rapala VMC

3,72 EUR +5,83 %

5 988 investerare följer bolaget.

Rapala VMC är verksamma inom fritidsfiske. Försäljning av fiskeutrustning sker via bolagets distributionsnät och inkluderar ett flertal varumärken. Produktsortimentet består av fiskekläder samt tillhörande utrustning som fiskespön, metallås, beten och fiskeknivar. Idag innehas verksamhet på global nivå, med störst närvaro inom Europa och Nordamerika. Bolagets huvudkontor ligger i Helsingfors.

P/E (23e)

21,34

EV/EBIT (23e)

17,09

P/B (23e)

Direktavkastnings- % (23e)

2,69 %

Riktkurs

4.50 EUR

Rekommendation

Minska

Uppdaterad

10.2.2023

NASDAQ Helsinki

RAP1V

Dagens lägsta / högsta pris

3,72 / 3,72 EUR

Börsvärde

145,08 mn EUR

Omsättning

44,64 EUR

Volym

Risk och rekommendation

HögRiskLåg

SäljRekommendationKöp

Senaste analyserna

Rapala VMC: Meager catch will improve in coming years

2022-07-18

Rapala VMC: Hooked on turnaround

2022-04-19

Rapala: Big fish caught in the net of those with patience

2022-02-14

Analyst

Olli Vilppo

Analyst

Finansiell kalender

Bolagsstämma

2023-03-29

Årlig dividend

2023-03-30

Delårsrapport

2023-07-14

Income statement

	2019	2020	2021	2022	2023e	2024e	2025e	2026e
Revenue	275,40	261,30	294,30	274,40	267,82	290,18	307,59	319,90
growth-%	4,95 %	−5,12 %	12,63 %	−6,76 %	−2,40 %	8,35 %	6,00 %	4,00 %
EBITDA	26,00	24,70	45,99	23,60	25,45	32,57	40,61	43,52
EBIT (adj.)	17,90	21,50	32,69	15,30	13,85	21,00	29,08	32,01
EBIT	13,40	10,80	32,09	12,30	13,85	21,00	29,08	32,01
Profit before taxes	9,80	6,60	27,99	8,80	10,55	16,55	24,90	28,02
Net income	3,59	1,19	17,04	3,70	6,78	12,41	18,67	21,02
EPS (adj.)	0,21	0,31	0,46	0,17	0,17	0,32	0,48	0,54
growth-%	20,67 %	46,09 %	48,13 %	−62,28 %	1,13 %	83,19 %	50,44 %	12,55 %
Dividend	0,00	0,00	0,15	0,04	0,10	0,20	0,30	0,32
Dividend ratio			33,99 %	42,03 %	57,37 %	62,64 %	62,46 %	60,00 %

Profitability and return on capital

	2019	2020	2021	2022	2023e	2024e	2025e	2026e
EBITDA-%	9,44 %	9,45 %	15,63 %	8,60 %	9,50 %	11,22 %	13,20 %	13,60 %
EBIT-% (adj.)	6,50 %	8,23 %	11,11 %	5,58 %	5,17 %	7,24 %	9,45 %	10,01 %
EBIT-%	4,87 %	4,13 %	10,90 %	4,48 %	5,17 %	7,24 %	9,45 %	10,01 %
ROE	2,48 %	0,84 %	12,30 %	2,66 %	4,78 %	8,36 %	11,80 %	12,49 %
ROI	5,67 %	4,65 %	13,78 %	4,67 %	5,06 %	8,01 %	10,94 %	11,79 %

Valuation

	2019	2020	2021	2022	2023e	2024e	2025e	2026e
Share price (EUR)	2,77	4,36	8,72	5,00	3,72	3,72	3,72	3,72
Shares	38,30	38,55	38,61	38,88	38,88	38,88	38,88	38,88
Market cap	106,09	168,08	336,67	194,38	144,62	144,62	144,62	144,62
Enterprise value	203,92	245,48	414,77	316,18	236,67	225,53	219,56	213,53
EV/S	0,74	0,94	1,41	1,15	0,88	0,78	0,71	0,67
EV/EBITDA	7,84	9,94	9,02	13,40	9,30	6,92	5,41	4,91
EV/EBIT (adj.)	11,39	11,42	12,69	20,67	17,09	10,74	7,55	6,67
EV/EBIT	15,22	22,73	12,93	25,71	17,09	10,74	7,55	6,67
P/E (adj.)	13,12	14,14	19,09	29,01	21,34	11,65	7,74	6,88
P/E	29,59	141,24	19,76	52,54	21,34	11,65	7,74	6,88
P/B	0,72	1,22	2,42	1,40	1,00	0,95	0,88	0,84
P/S	0,39	0,64	1,14	0,71	0,54	0,50	0,47	0,45
Dividend yield			1,72 %	0,80 %	2,69 %	5,38 %	8,06 %	8,72 %
Equity ratio	52,35 %	52,42 %	44,15 %	41,11 %	45,86 %	47,97 %	49,94 %	51,79 %
Gearing ratio	54,39 %	36,64 %	56,07 %	87,63 %	63,83 %	52,97 %	45,80 %	39,84 %

Quarter data

	Q2/22	Q4/22	2022	Q2/23e	Q4/23e
Revenue	148,40	126,00	274,40	141,60	126,23
EBITDA	19,40	4,20	23,60	17,30	8,15
EBIT	13,60	−1,30	12,30	11,50	2,35
Profit before taxes	12,50	−3,70	8,80	9,90	0,65
Net income	8,65	−4,95	3,70	7,13	−0,35

Showing Alla typer av innehåll

Aktieanalys

Rapala VMC: Meager catch will improve in coming years

Result-wise Rapala's H1 report brought no joy and H2 will also remain very modest. In the longer term, earnings growth has clear steps to continue as the journey to reach the full potential of the Rapala brand and the rod & reel category has only started...

Rapala VMC

2022-07-18 av Olli Vilppo

Omfattande aktieanalys

Rapala VMC: Hooked on turnaround

Rapala's earnings growth has all preconditions to continue in the next few years despite the fishing boom slowing down as the journey to reach the full potential of the Rapala brand and the rod & reel category has only started. We lowered our estimates...

Rapala VMC

2022-04-19 av Olli Vilppo

Aktieanalys

Rapala: Big fish caught in the net of those with patience

Rapala’s H2’21 fell clearly short of our high expectations as some key orders were received already in H1’21 as stores ensured availability. 2021 net sales improved by 50% to EUR 32.7 million and thus the company heads into 2022 from a lower earnings...

Rapala VMC

2022-02-14 av Olli Vilppo

Aktieanalys

Pieces falling in place at record speed

Rapala's H1 result was very strong as high-margin sales was efficiently reflected in the lower rows. Sales was clearly helped by the fishing boom generated by the pandemic and good weather but, in our opinion, the main background factor is that the company...

Rapala VMC

2021-07-19 av Olli Vilppo

Aktieanalys

Encouraging progress in turnaround

Rapala raised its guidance clearly late on Tuesday evening. We expect a clear positive share price reaction today, as after the estimate revisions we made, the current valuation is extremely attractive (2021e P/E 15x).

Rapala VMC

2021-04-22 av Olli Vilppo

Omfattande aktieanalys

Patience may yet be rewarded with a great catch

We have grown slightly more confident that, in the hands of new management, the execution of Rapala’s strategy will start to bear fruit and the EBIT margin may return closer to the company’s historical levels and the levels of its competitors. Extracting...

Rapala VMC

2020-10-14 av Olli Vilppo