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
  ... 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
    }
    ... 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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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
    }
  }
}


rapala-vmc-meager-catch-will-improve-coming-years

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

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

Financing is always a whole, and it is most sensible to evaluate it as a whole. It is not meaningful to evaluate just the hybrid in isolation from other financing. And yes, a hybrid loan is generally a more affordable way of financing than equity. Now we just need to get the business rolling.

As a requirement for a larger loan. No further reductions could be made. When a 90 million loan was negotiated… more savings can be gained from that as well…

Not this time.. it was a requirement of the new loan round. When the larger loan was renegotiated, it was a contractual requirement that the hybrid loan be kept. That’s why it’s being renegotiated.. overall, I believe interest rates will decrease nicely.

It’s hard not to think that these hybrid loans are just a way to pump money to the main owners. Why not just a straightforward share issue, or a bond?

Yes, perhaps the most relevant information is still missing, namely the interest rate of the hybrid loan, and another relevant point is the minimum liquidity covenant in the refinancing terms, which in the old financing package was at least EUR 22.5 million. So now we have to maintain an excessively large cash balance compared to what would actually be needed, and these cannot be used to reduce limits. According to the half-year report, the group has a financing agreement of EUR 106 million; now the new financing agreement would be for EUR 91.5 million. This, to my understanding, could indicate that the liquidity requirement for cash would decrease, but I certainly cannot claim to be an expert on these matters.

I also suspect that the interest expenses of the hybrid will decrease by up to 2 million annually; a realistic estimate is likely starting from +1.5 million € in savings compared to before. The interest rate for that 30 million hybrid is 12.5%; a pure guess for the current level could be around 8-9%, and over 10% would be quite a weak performance.

My wish would have been that the hybrid would have decreased more. Now it’s going from 30 → 25 million euros, but likely financing costs will decrease significantly as interest rates fall at the same time. If the company can continue to operate profitably, then logically, indebtedness will decrease, and in the future, the hybrid can be further reduced

Rapala VMC

Result-wise Rapala's H1 report brought no joy and H2 will also remain very modest. In the longer term, earnings growth has clear steps to continue as the journey to reach the full potential ...

<p>Result-wise Rapala's H1 report brought no joy and H2 will also remain very modest. In the longer term, earnings growth has clear steps to continue as the journey to reach the full potential of the Rapala brand and the rod &amp; reel category has only started. We cut our 2022 estimates in particular, but also made slight cuts to our estimates for the next few years, as the strategy has progressed in the background. Especially the longer-term expected return remains attractive in a relatively defensive share. Acquisition option also provides support for Rapala’s valuation.</p> 

	2021	22e	23e
Revenue	294.3	278.5	294.2
growth-%	12.6 %	-5.4 %	5.6 %
EBIT (adj.)	32.7	16.0	27.9
EBIT-% (adj.)	11.1 %	5.8 %	9.5 %
EPS (adj.)	0.46	0.25	0.47
Dividend	0.15	0.10	0.20
Dividend %	1.7 %	8.1 %	16.1 %
P/E (adj.)	19.1	4.9	2.7
EV/EBITDA	9.0	5.2	2.9

Rapala VMC: Meager catch will improve in coming years

Rapala VMC

Key Estimate Figures16.07.2022

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