contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Analyst

Olli Vilppo

Rapala VMC is a company focused on sport fishing products. The sale of fishing equipment takes place through the company’s distribution network and includes several brands. The product range includes lures as well as related gear such as rods, reels, hooks, and fishing knives. The company operateCorporations globally, with its largest markets in Europe and North America. The company’s headquarters is located in Helsinki, Finland

The annual report stated, among other things:  “ENSURING MANUFACTURING COMPETITIVE ADVANTAGE – We will continue to enhance the efficiency and improve the productivity of the Pärnu production facility following the production transfers of recent years.” “Cash flow was weakened in the second half of the year by the increase in inventory value caused by customs duties and by the seasonally increased working capital due to the strong winter fishing season in North America.” I wonder how much was shipped to the USA for the winter season, and now things are quieter before the next season.  Measured by headcount, operations in Estonia are already by far Rapala’s largest. There will certainly be recruitments and upfront costs, hopefully sales will pick up once production is in order.  At least Rapala has finally switched to quarterly reporting, so we’ll soon get official figures from the company itself. We’re not just relying on the Estonian commercial register

Numbers from the Estonian Commercial Register again for Q1. They are two-sided and at least for me, it’s difficult to interpret the reasons. This is especially true in Estonia, where more people have been hired compared to the same period last year and the previous reporting quarter, yet the turnover in the distribution company has fallen significantly. Estonian production company turnover Q1 2026 vs Q1 2025 -20% (5.43 million EUR vs 6.76 million EUR). On the other hand, the number of employees in Estonia at the end of Q1 was 524, an increase of 16 employees compared to Q4 2025 and an increase of 10 employees compared to the end of Q1 2025. So, the employment figures do not show weak prospects, and more people have been hired. One possible reason is the reduction of inventories in distribution companies, meaning that production companies would not “sell” as much to distribution companies. Another possible reason is, of course, that fewer hard-bodied lures have been sold in the USA than in the previous season, where 70% of production is directed. Rapala North Europe Oy Q1 2026 vs Q1 2025 + 2% (4.49 million EUR vs 4.38 million EUR) It’s good that the contraction in Northern Europe from H2 2025 does not appear to have continued in light of these figures, but rather has turned into slight growth. Marttiini Oy Q1 2026 vs Q1 2025 + 5% (1.36 million EUR vs 1.29 million EUR) Knives also seem to have moved quite well. Rapala VMC Oy (Parent company) Q1 2026 vs Q1 2025 -16% (8.6 million EUR vs 10.2 million EUR) It’s difficult to say about the parent company’s turnover, as it involves more internal invoicing than production and distribution, but it’s hard to find anything positive there either. Link                   Estonian Tax and Customs Board              Additional information - Statistics and open data    Open data is free of charge and for everyone to use, reuse and share. This data can be used to launch commercial and non-profit ventures, conduct research and to do data-driven decisions. | Open data means data made freely available on the web for...

Starting this Monday, fishing reels and landing nets are no longer subject to aluminum tariffs in the US, a small relief for Rapala, for example, regarding 13 Fishing reels.            Angling International – 7 Apr 26              Trump proclamation removes tariffs on fishing reels and landing nets -...    US tariffs on fishing reels, reel accessories and landing nets have been removed from this week (Monday) following a proclamation issued by President Donald Trump. The longwinded title of the action – Strengthening Actions Taken to Adjust...         Est. reading time: 1 minute

I think Rapala’s own clothing looks decent and I’ve been thinking about ordering some just to show support, even though I’m not really a fisherman.                   rapala.fi              Rapala® Fishing Club Jersey | Rapala® Suomi    Rapala Fishing Club unisex collegepaita on valmistettu 100 % luomupuuvillasta. Paidan etupuolla on brodeerattu ja selkäpuolella printattu valkoinen Rapala Fishing Club -logo.                                              rapala.fi              Rapala® Lure Beanie Red | Rapala® Suomi    Rapala Lure Beanie yhdistää lämmön ja tyylin. Pipon taitteessa on pieni viehekuvioinen etiketti. Pipo on valmistettu 100 % merinovillasta, joten se lämmin ja pehmeä, mutta pysyy kevyenä ja hengittävänä.                                              rapala.fi              Rapala® Staff Shirt | Rapala® Suomi    Rapala Staff Shirt on keskimittainen unisex-päällyspaita. Valmistettu 100 % kierrätetystä polyesterista. Etutaskuun on brodeerattu kaksi Original Floater -viehettä sekä Rapalan logo.                             Sizes are quite poorly available. I wonder if that indicates high demand or small stock quantities…

Unfortunately, the attempt falls a bit flat, or rather, the gear looks a bit stale. This is just my opinion, of course, but they should be able to do better.

Sometimes in the fall, there was a discussion on the forum about Rapala collaborating with higher-quality brands, for example, on clothing. In the USA, this has been happening for the second year now. Today, Rapala x UNRL clothing for the 2026 model year was released there with the UNRL clothing brand (a Minnesota-based sportswear brand that collaborates with, for example, NFL teams), 2025 was the first year of collaboration. The batches are small, of course, sold in about 10 stores through Scheels, on Scheels’ online store, and Rapala’s online store. However, in the important region of Minnesota, I believe the right kind of brand image is being created. Hopefully, now that the US leader has been promoted to the Group’s strategic brand director starting from 2026, a similar vision could be brought to Europe. Link to products: UNRL x Rapala

It was only a year ago that we got the first French CEO. It could also be that they got fed up with the blunders of the Finns/the one Swede. The previous Finnish CEO was perhaps a good salesman, but he boasted that this Frenchman handles the numbers better  And there has been headwinds otherwise too, Trump’s tariffs, the weak dollar, and Russia’s military campaign.

Rapala VMC

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...

<p>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 has been solving its chronic problems. Earnings growth has all preconditions to continue in coming years as there is still a distance to full potential and valuation is also cheap after we raised our estimates.</p> 

	2020	21e	22e
Revenue	261.3	294.6	289.0
growth-%	-5.1 %	12.7 %	-1.9 %
EBIT (adj.)	21.5	38.6	35.8
EBIT-% (adj.)	8.2 %	13.1 %	12.4 %
EPS (adj.)	0.31	0.60	0.61
Dividend	0.00	0.20	0.30
Dividend %	0.0 %	19.4 %	29.1 %
P/E (adj.)	14.1	1.7	1.7
EV/EBITDA	9.9	2.0	1.9

Pieces falling in place at record speed

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Key Estimate Figures17.07.2021

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