Analyst Reiterates Buy on Thule Group, Citing High-Margin curli Acquisition as Strategic Expansion in Dog Transportation

Jefferies analyst Adela Dashian has maintained their bullish stance on 0R3W stock, giving a Buy rating on April 29.

Adela Dashian has given his Buy rating due to a combination of factors linked to Thule Group AB’s strategic expansion and margin profile. He views the acquisition of premium dog-harness maker curli as a logical extension of Thule’s push into dog transportation, a category the company has flagged as a key long-term growth vertical, even though the immediate revenue and earnings impact is modest.

Dashian highlights that curli brings a leading position in high-end harnesses, especially for smaller dogs, which broadens Thule’s accessory offering and creates a platform for future product development. He also notes that the roughly 7x EBIT purchase multiple looks attractive relative to curli’s near 20% margins, with potential upside from wider distribution and integration under the Thule brand, reinforcing Thule’s strategy of scaling high-margin categories.

In another report released on April 29, Kepler Capital also maintained a Buy rating on the stock with a SEK250.00 price target.