olivLaw · European equity research
Rapala VMC Oyj RAP1V.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Rapala VMC is a Finnish group specialised in fishing tackle for sport and recreational fishing, with brands such as Rapala, VMC, Sufix and Storm sold through a global distribution network. North America is its largest market, and the group's own manufactured products make up a significant share of net sales.
At the close of 05 Nov 2026, Rapala VMC Oyj (RAP1V.HE) stock was 1.64 EUR (−0.91% on the day), with market capitalisation 34.8 m EUR, beta 0.42, 52-week range 0.95–1.72 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.2
- weak (30–45)
- Bollinger (20, 2)
- 1.64 – 1.73
- below the lower band · %B -0.07 · band width 5.5%
- SMA 50 / 200
- 1.68 / 1.31
- mixed trend
- MACD (12, 26, 9)
- -0.00 / 0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.7% | +0.4% | −3.1 pp | — |
| 3 months | +23.9% | −3.3% | +27.1 pp | — |
| 6 months | +52.1% | +4.0% | +48.1 pp | — |
| Year to date | +27.7% | +8.1% | +19.6 pp | — |
| 1 year | +32.4% | +10.7% | +21.7 pp | −1.2% |
| 3 years | −44.9% | +50.1% | −95.0 pp | +6.8% |
| 5 years | −82.2% | +43.6% | −125.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 221.6 m | 220.9 m | 227.5 m |
| Revenue YoY | unavailable | −0.3% | +3.0% |
| Net income | -7.3 m | 400.0 k | -4.9 m |
| Net income YoY | unavailable | unavailable | −1,325.0% |
| Diluted EPS | -0.20 | -0.07 | -0.23 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -3.3% | 0.2% | -2.2% |
| Free cash flow | 14.9 m | 19.5 m | 1.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 18.2 m EUR
- Financial debt
- 82.0 m EUR
- Net debt
- 63.8 m EUR
- Equity
- 136.4 m EUR
- Total assets
- 276.9 m EUR
- Debt / equity
- 0.60x
- Current ratio
- 2.19x
- ROE
- -3.4%
- ROA
- -1.7%
- FCF margin
- 0.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 221.6 m | 220.9 m | 227.5 m | esef· 09 Apr 2026verified |
| Operating income | 4.0 m | 8.6 m | 4.2 m | esef· 09 Apr 2026verified |
| Depreciation & amortisation | 11.6 m | 12.5 m | — | esef· 15 Apr 2025verified |
| EBITDA | 15.6 m ≈ | 21.1 m ≈ | — | esef· 15 Apr 2025derived |
| Interest expense | 13.5 m | 11.7 m | — | esef· 15 Apr 2025verified |
| Pre-tax income | -6.7 m | 500.0 k | -4.4 m | esef· 09 Apr 2026verified |
| Income tax | 600.0 k | 0 | 500.0 k | esef· 09 Apr 2026verified |
| Net income | -7.3 m | 400.0 k | -4.9 m | esef· 09 Apr 2026verified |
| Diluted EPS | -0.20 | -0.07 | -0.23 | esef· 09 Apr 2026verified |
| Weighted average diluted shares | 39.0 m | 39.0 m | 38.6 m | esef· 09 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 20.0 m | 21.7 m | 18.2 m | esef· 09 Apr 2026verified |
| Receivables | 34.8 m | 31.2 m | 29.1 m | esef· 09 Apr 2026verified |
| Inventories | 87.5 m | 84.2 m | 84.4 m | esef· 09 Apr 2026verified |
| Current assets | 145.6 m | 138.6 m | 132.6 m | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 25.8 m | 22.9 m | 20.3 m | esef· 09 Apr 2026verified |
| Goodwill | 64.3 m | 66.3 m | 61.5 m | esef· 09 Apr 2026verified |
| Intangibles (excl. goodwill) | 37.5 m | 38.0 m | 34.9 m | esef· 09 Apr 2026verified |
| Total assets | 300.2 m | 293.6 m | 276.9 m | esef· 09 Apr 2026verified |
| Accounts payable | 28.3 m | 40.1 m | 36.1 m | esef· 09 Apr 2026verified |
| Short-term debt | 21.7 m | 22.4 m | 18.5 m | esef· 09 Apr 2026verified |
| Long-term debt | 66.0 m | 49.4 m | 63.5 m | esef· 09 Apr 2026verified |
| Current liabilities | 57.4 m | 70.1 m | 60.6 m | esef· 09 Apr 2026verified |
| Equity | 156.3 m | 155.3 m | 136.4 m | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 36.5 m | — | 21.3 m | esef· 09 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 20.6 m | 23.4 m | 5.5 m | esef· 09 Apr 2026verified |
| Capex | 5.7 m | 3.9 m | 3.8 m | esef· 09 Apr 2026verified |
| Free cash flow | 14.9 m ≈ | 19.5 m ≈ | 1.7 m ≈ | esef· 09 Apr 2026derived |
| Investing cash flow | -9.5 m | 4.6 m | -2.7 m | esef· 09 Apr 2026verified |
| Financing cash flow | -19.6 m | -24.8 m | -7.6 m | esef· 09 Apr 2026verified |
| Share repurchases | — | — | 1.0 m | esef· 09 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 38 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 34.8 m EUR
Key indicators
Coverage and freshness
Score by group
- Quality18
- Returns41
- Balance sheet20
- Valuation76
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.75 – 24.99 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)8.54 – 24.99 (Mid 13.23)WACC 5.5% · starting FCFF 11.5 m EUR · terminal value share of EV 85%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA1.75 – 1.96 (Mid 1.81)6 companies used · median multiple 6.1x · quartiles 6.1x – 6.3xANORA.HE, ETTE.HE, HARVIA.HE, HONBS.HE, ICP1V.HE, KAMUX.HE
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Unattractive profile · Score 38/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.7% | 20 (vs peers) | 17% |
| Net margin · Quality | -2.2% | 15 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 3.8x | 0 (vs peers) | 17% |
| Interest coverage · Balance sheet | 0.4x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 5.9x | 88 (vs peers) | 17% |
| FCF yield · Valuation | 4.9% | 61 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.9% | 41 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet20/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality18/100 · 2/3 factors with a value
- Returns· partial41/100 · 1/2 factors with a value
- Valuation76/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Rapala VMC Oyj (RAP1V.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 227.5 m EUR in 2025; YoY growth 3.0%; net margin -2.2%; ROE -4.1%; net debt/EBITDA 3.8x.
The estimated value range is 5.15–13.48 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 7.52 EUR, the price of 1.64 EUR leaves a potential of 359.9% (value / price − 1) and a margin of safety of 78.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 38/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.2x
- EV/EBITDA: 5.9x
- The price is below the estimated value range
What contradicts it
- ROIC: 1.7%
- Net margin: -2.2%
- Net debt / EBITDA: 3.8x
- Interest coverage: 0.4x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
| GLA1V.HEGlaston Oyj Abp | 42.1 m | 35.4 | 1.8% | 0.6% | −4.2% | −12% / −32% |
1- and 3-year price returns: for RAP1V.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Rapala VMC is a Finnish group specialised in fishing tackle for sport and recreational fishing, with brands such as Rapala, VMC, Sufix and Storm sold through a global distribution network. North America is its largest market, and the group's own manufactured products make up a significant share of net sales 1.
SWOT
Strengths
- A strong portfolio of recognised brands in sport fishing and a leading position in the artificial lure segment.
- The combination of own manufacturing and a global distribution network gives control over quality and access to varied customers.
- Wide presence across many countries, with customers ranging from independent shops to large retail chains.
Weaknesses
- Heavy dependence on the North American market could expose the group to local shifts in demand.
- The sustainability reporting framework is still being developed, with incomplete documentation and standardisation.
- Variable pay for executives included no sustainability-linked targets in 2025.
Opportunities
- Demand for soft plastic lures could support growth if the group reduces their environmental impact.
- Recycled materials and eco-design could open new products and positioning in sustainability-sensitive markets.
- Emission reductions, supported by the new carbon footprint analysis, could improve operational efficiency.
Threats
- Local rules on product substances, such as those on lead, could restrict the range in some countries.
- A changing legislative landscape can create uncertainty for long-term sustainability planning.
- Difficulties in data collection and cooperation with value chain partners could affect reporting reliability.
Risks
- Concentration in North Americahigh
Most sales come from a single region, so a fall in demand there would have a major effect on the group's results.
- Rules on product substancesmedium
Local bans, such as those on lead lures, can limit sales and require product reformulation.
- Quality of sustainability datamedium
Reporting relies on data and cooperation with value chain partners, and the lack of standardisation can affect the reliability of information.
- Impact of soft plastic luresmedium
The short lifecycle of these products can increase waste and environmental regulatory pressure.
- Sustainability strategy still taking shapelow
Setting quantified targets only in autumn 2025 could delay progress toward emission reduction goals.
Investment thesis
What would need to be true (bull case)
- A leading position in artificial lures in North America and strong brands could support sales if demand stays stable.
- Own manufacturing for roughly a third of sales gives an advantage in cost and quality control.
- The 2026-2028 strategy with annual interim targets could speed up progress on sustainability and efficiency.
What would break the thesis
- Dependence on the North American market could amplify the impact of any local slowdown on results.
- Stricter rules on substances and waste could raise costs or narrow the product range.
- The absence of sustainability targets in executive pay and incomplete reporting documentation could slow strategy execution.
What to watch
- Sales development by region, especially North America2026
- Progress against interim targets in the 2026-2028 strategy2027
- New local regulations on substances in fishing products2027
- Employee safety and wellbeing indicators such as LTIF and eNPSnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Rapala VMC is a fishing tackle company focused on sport and recreational fishing, operating in over 40 countries 1. Its business model rests on a brand portfolio including Rapala, VMC, Sufix, Storm, Blue Fox and Dynamite Baits. The group has its own factories in Finland, France, Estonia, the UK and Indonesia, while a sourcing unit in Taiwan manages subcontracted products such as lines, reels, rods and accessories 1.
Own manufactured products account for approximately 42% of net sales, and distribution runs through nearly 50,000 retail outlets across 120 countries 1. The customer base ranges from small independent fishing tackle shops to large multinational retail chains and regional distributors, giving broad market coverage 1.
Segments
Market context
The group operates in the market for sport and recreational fishing equipment, with a focus on North America and Europe 1. Total 2025 net sales are roughly the sum of the reported regions, namely 122.8, 23.4, 56.2 and 25.0 million euros 1. Own manufactured products make up about 42% of net sales, with the rest coming from other sources and third-party brands 1.
The distribution network reaches nearly 50,000 outlets in 120 countries, which shows the reach to end customers in the fishing market 1. Demand for soft plastic lures, which have a shorter lifecycle than hardbaits, is both a growth opportunity and a sustainability challenge 1.
Trends
- Shift to soft plastic luresmixed
Rising demand for soft plastic lures could support sales, but their shorter lifecycle increases pressure on waste and harmful substances 1.
- Local rules on productsheadwind
Existing restrictions are typically local, for example Denmark's ban on selling lead-containing lures, which the group does not sell in that market 1. If environmental rules extend further, the product range could need adaptation 1.
- Sustainability and recycled materialstailwind
The 2026-2028 strategy focuses on sustainable materials, CO2 reduction and eco-design, which could support efficiency and long-term competitiveness 1.
- Reorganised sustainability strategymixed
The group moved to a rolling strategy process, and quantified targets were only set in autumn 2025, which could slow measurable progress in the near term 1.
Competitive position
The fishing equipment market is fragmented, with branded manufacturers, regional distributors and retail chains selling private-label goods 1. The group competes mainly through its leadership in artificial lures in North America and its brand portfolio 1.
The analysed sources do not explicitly name the group's competitors, so it remains unclear how far its share differs from regional players and private-label retailers 1. The current advantage rests on its distribution footprint and own manufacturing 1.
- Regional fishing equipment manufacturers and distributors
Not named in the analysed sources; their direct competition with the group cannot be assessed from the available text.
- Large retail chains with private-label products
The group's customers include large retail chains, which may compete indirectly through their own products; the sources do not detail this effect.
- Independent fishing tackle shops
These are customers of the group, but they also compete for the same end customers commercially, with no detail in the source.
- Other artificial lure producers
Artificial lures are the segment where the group leads in North America, but the source does not name the competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Rapala VMC Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.