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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 the latent potential of the brands will take more time, even in a good scenario, but the markets are currently not really pricing in the improvement of profit performance and we believe that the return/risk ratio is now in slightly positive territory. 

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Trade. (Rapala VMC)