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 level than we expected. However, we still believe in preconditions for continued earnings growth also 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. The valuation is cheap despite our estimate revisions.
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Rapala VMC
Rapala VMC är verksamt 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.
Read more on company pageKey Estimate Figures13.02.2022
2021 | 22e | 23e | |
---|---|---|---|
Omsättning | 294,3 | 296,2 | 303,6 |
tillväxt-% | 12,63 % | 0,64 % | 2,50 % |
EBIT (adj.) | 32,7 | 32,7 | 34,0 |
EBIT-% | 11,11 % | 11,03 % | 11,21 % |
EPS (adj.) | 0,46 | 0,53 | 0,57 |
Utdelning | 0,15 | 0,20 | 0,30 |
Direktavkastning | 1,72 % | 8,93 % | 13,39 % |
P/E (just.) | 19,09 | 4,25 | 3,90 |
EV/EBITDA | 9,02 | 3,40 | 3,19 |