Rapala VMC Corporation (RAP1V.HE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+731.0%

€13.88

vs €1.67 price

Levered DCF

-€1.44

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.15

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-5.57×	186.41×	-15×	52.58×	19.38×	98.87×	27.98×	19×
P/B	0.44×	0.48×	0.86×	1.4×	2.42×	1.22×	0.72×	0.82×
P/S	0.22×	0.34×	0.49×	0.71×	1.15×	0.64×	0.39×	0.44×
EV / EBITDA	6×	6.29×	10.7×	13.07×	10.25×	8.25×	7.58×	8.85×
Gross margin	55.3%	55.7%	56.6%	54.4%	54.5%	52.0%	52.3%	53.6%
Operating margin	6.6%	3.9%	1.8%	4.5%	10.9%	4.1%	4.9%	5.6%
Net margin	-2.2%	0.2%	-3.3%	1.3%	6.2%	1.3%	1.6%	2.3%
Current ratio	2.19×	1.98×	2.54×	1.36×	1.67×	2.47×	2.1×	1.5×
Debt / equity	1.05×	0.54×	0.8×	1.08×	0.76×	0.58×	0.64×	0.59×
Interest coverage	1.79×	0.98×	0.34×	2.28×	11.07×	2.89×	4.19×	6.17×
Dividend yield	0.0%	0.0%	1.5%	3.0%	0.0%	0.0%	2.2%	1.3%
Payout ratio	0.0%	0.0%	-21.9%	156.8%	0.0%	0.0%	52.3%	24.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.4%	0.3%	-5.8%	2.7%	13.1%	2.5%	3.0%	4.3%
Return on invested capital	6.3%	3.4%	1.5%	1.7%	8.9%	2.4%	2.1%	3.2%
Return on assets	-1.8%	0.1%	-2.4%	1.1%	5.8%	1.2%	1.5%	2.2%
Free cash flow yield	2.4%	31.3%	10.2%	-12.5%	3.0%	22.3%	19.1%	0.3%
Earnings yield	-9.9%	0.5%	-6.7%	1.9%	5.4%	2.0%	4.1%	5.2%
Enterprise value	€148.2M	€137.1M	€190.4M	€316.3M	€416M	€220.4M	€188.6M	€186.7M
Net debt / EBITDA	4×	2.87×	4.58×	5.03×	1.93×	1.96×	3.31×	3.33×
Cash conversion cycle (days)	211	294	350	328	250	236	284	313