Rapala's earnings growth has all preconditions to continue 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. We lowered our estimates slightly after cutting them clearly for the Russian market, whose importance has been rather limited for Rapala in recent years. These changes slow down 2022 earnings growth, but the expected return remains attractive (20% p.a.) relative to the moderate risk profile especially in the longer-term. The acquisition option also provides support for Rapala’s valuation.