Company Overview
Rapala VMC is a global leader in fishing tackle and outdoor recreation, with a rich history dating back to 1949. The company's mission is to provide high-quality products that inspire anglers to explore the world's oceans and lakes. With a strong focus on innovation, sustainability, and customer satisfaction, Rapala VMC has established itself as a trusted brand in the fishing industry. Through its diverse range of products, including rods, reels, lures, and apparel, Rapala VMC caters to anglers of all levels, from beginners to professional fishermen. By combining cutting-edge technology with a deep understanding of the sport, Rapala VMC has become synonymous with excellence in fishing tackle.
Rapala VMC operates globally, with a presence in over 100 countries. The company has a diverse range of products and services, including fishing tackle, winter sports equipment, and apparel. With a strong focus on innovation, sustainability, and customer satisfaction, Rapala VMC aims to build long-term relationships with its customers, partners, and stakeholders.
Primary Mission and Core Values
Rapala VMC's primary mission is to inspire anglers to explore the world's oceans and lakes through high-quality products and innovative solutions. The company's core values are built around a commitment to excellence, sustainability, and customer satisfaction. These values are reflected in Rapala VMC's approach to product development, manufacturing, and distribution, which prioritizes quality, innovation, and customer needs. By living these values, Rapala VMC aims to build long-term relationships with its customers, partners, and stakeholders, while contributing to the growth and sustainability of the fishing industry.
Key Products/Services and Their Benefits
Rapala VMC offers a wide range of products that cater to anglers' needs, including:
- Rods and reels: High-quality rods and reels designed for various types of fishing, including freshwater and saltwater fishing.
- Lures: A diverse range of lures that mimic natural prey, attracting fish and increasing the chances of a successful catch.
- Apparel: Comfortable and functional clothing and accessories for anglers, including jackets, pants, hats, and gloves.
- Winter sports equipment: High-performance winter sports equipment, including skis, snowboards, and boots.
The benefits of Rapala VMC's products include:
- High-quality materials and craftsmanship ensure durability and performance.
- Innovative designs and technologies provide anglers with a competitive edge.
- Comfortable and functional products enhance the overall angling experience.
- Winter sports equipment enables anglers to enjoy their favorite activities year-round.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 39.0 | 39.0 | 39.0 | 39.0 | 39.0 | 39.0 | 39.0 |
| Target Valuation (MEur) | 203.0 | 97.6 | 80.9 | 102.1 | 120.9 | 130.3 | 130.3 |
| Targer Price | 5.21 | 2.5 | 2.08 | 2.62 | 3.1 | 3.34 | 3.34 |
| Potential, % | 4.1 | -16.6 | 8.3 | 104.6 | 147.7 | 167.0 | 167.0 |
| Recommendation | Hold | Hold | Hold | Buy | Buy | Buy | Buy |
| MCAP (MEur) | 195.0 | 117.0 | 74.7 | 49.9 | 48.8 | 48.8 | 48.8 |
| Price | 5.0 | 3.0 | 1.92 | 1.28 | 1.25 | 1.25 | 1.25 |
| EV | 302.0 | 198.0 | 136.0 | 123.0 | 113.0 | 104.0 | 94.0 |
| P/S | 0.71 | 0.53 | 0.34 | 0.22 | 0.21 | 0.21 | 0.21 |
| EV/S | 1.1 | 0.89 | 0.62 | 0.54 | 0.48 | 0.45 | 0.4 |
| EV/EBIT | 24.56 | 49.48 | 16.06 | 13.65 | 8.2 | 8.29 | 8.28 |
| P/E | 52.7 | -16.03 | -19.15 | -249.6 | 4.75 | 4.87 | 5.37 |
| P/B | 1.4 | 0.93 | 0.6 | 0.45 | 0.42 | 0.39 | 0.36 |
| P/OCF | -15.0 | 5.68 | 3.21 | 9.08 | 3.94 | 3.8 | 3.59 |
| EV/OCF | -23.24 | 9.61 | 5.86 | 22.33 | 9.13 | 8.09 | 6.91 |
| P/FCF | -8.23 | 10.54 | 2.45 | 18.49 | 5.56 | 5.29 | 4.89 |
| EV/FCF | -12.75 | 17.83 | 4.47 | 45.49 | 12.88 | 11.25 | 9.41 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 274.4 | 221.6 | 221.0 | 227.4 | 233.5 | 232.5 | 233.3 |
| Rev. Growth, % | -6.7 | -19.2 | -0.3 | 2.9 | 2.7 | -0.4 | 0.3 |
| Ebit | 12.3 | 4.0 | 8.5 | 9.0 | 13.8 | 12.5 | 11.3 |
| Ebit Growth, % | -61.7 | -67.5 | 112.5 | 5.9 | 53.3 | -9.4 | -9.6 |
| Ebit, % | 4.5 | 1.8 | 3.8 | 4.0 | 5.9 | 5.4 | 4.8 |
| Profit | 3.7 | -7.3 | -3.9 | -0.2 | 10.3 | 10.0 | 9.1 |
| EPS | 0.09 | -0.19 | -0.1 | -0.01 | 0.26 | 0.26 | 0.23 |
| Profit Growth, % | -81.3 | -297.3 | 46.6 | 94.9 | 5250.0 | -2.9 | -9.0 |
| Profit, % | 1.3 | -3.3 | -1.8 | -0.1 | 4.4 | 4.3 | 3.9 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 99.9 | 87.5 | 84.2 | 84.4 | 83.5 | 85.8 | 89.5 |
| Acc. Receivable | 52.1 | 36.1 | 32.7 | 30.0 | 30.3 | 30.8 | 31.3 |
| Cash | 29.0 | 20.0 | 21.7 | 18.2 | 27.0 | 36.2 | 46.2 |
| Equity | 139.0 | 126.3 | 125.3 | 111.4 | 116.3 | 126.3 | 135.3 |
| ROE, % | 2.7 | -5.8 | -3.1 | -0.2 | 8.9 | 7.9 | 6.7 |
| ROCE, % | 4.5 | 1.8 | 4.1 | 4.4 | 6.7 | 5.7 | 5.0 |
| Net Debt | 107.1 | 80.9 | 61.8 | 72.9 | 64.2 | 55.0 | 45.0 |
| Gearing, % | 77.1 | 64.1 | 49.3 | 65.4 | 55.2 | 43.6 | 33.3 |
| Equity ratio, % | 41.1 | 42.1 | 42.7 | 40.2 | 41.7 | 44.4 | 46.9 |
| Acc. Payable | 37.3 | 31.4 | 42.9 | 37.8 | 36.9 | 35.6 | 34.3 |
| Total Assets | 338.1 | 300.2 | 293.6 | 276.9 | 278.7 | 284.1 | 288.9 |
| ROA, % | 1.1 | -2.4 | -1.3 | -0.1 | 3.7 | 3.5 | 3.1 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -13.0 | 20.6 | 23.3 | 5.5 | 12.4 | 12.8 | 13.6 |
| Investment Cash Flow | -10.7 | -9.5 | 7.2 | -2.8 | -3.6 | -3.6 | -3.6 |
| Free Cash Flow | -23.7 | 11.1 | 30.5 | 2.7 | 8.8 | 9.2 | 10.0 |
| OCF/CAPEX | 0.0 | 2.17 | 0.0 | 1.96 | 3.44 | 3.56 | 3.77 |
| Financial Cash Flow | 26.3 | -19.5 | -24.7 | -7.7 | 0.0 | 0.0 | 0.0 |
Disclaimer
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