Thule Group AB: Strong European Performance and US Recovery Potential Justify Buy Rating

Analyst Adela Dashian from Jefferies maintained a Buy rating on Thule Group AB and increased the price target to SEK320.00 from SEK290.00.

Adela Dashian’s rating is based on several positive indicators for Thule Group AB. The company’s net sales for the second quarter of 2025 exceeded expectations, showing a 9.8% year-over-year increase, driven by successful new product launches and the performance of Quad Lock. Despite modest organic growth, the European market demonstrated resilience with a 3.5% increase, particularly in the bike and RV categories, which suggests a strong regional performance.
However, the North American market presented challenges, with a 3.3% decline as consumer caution and inventory limitations affected growth. Despite these challenges, the company’s gross margin improved, aided by product mix and Quad Lock contributions. The potential for a sustained recovery in the US market remains a critical factor for future growth. Overall, the solid execution in Europe and the potential for recovery in the US market underpin the Buy rating, as these factors are essential for unlocking the company’s full earnings potential.