Thule Group AB (THULE) AI Stock Analysis

• Market Cap: kr30.39B
• Dividend Yield: 2.94%
• Average Volume (3M): 255.23K
• Price to Earnings (P/E): 29.0
• Beta (1Y): 1.22
• Revenue Growth: 7.35%
• EPS Growth: -10.34%
• Country: SE
• Employees: 2,800
• Sector: Consumer Cyclical
• Sector Strength: 69
• Industry: Leisure
• EPS (TTM): 4.97
• Shares Outstanding: 107,838,165
• 10 Day Avg. Volume: 234,941
• 30 Day Avg. Volume: 255,226
• PEG Ratio: -8.12
• Price to Book (P/B): 4.03
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 19.06
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: kr320.00
• Price Target Upside: 13.56% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 71 Outperform
• Price Target: kr316.00 ▲(12.14%Upside)

The overall stock score is driven by positive technical momentum and strong financial fundamentals, despite challenges in revenue growth and cash flow. Valuation is a concern, limiting upside potential.

Positive Factors

Cash Flow

The strong cash flow benefited from a significant inventory reduction of SEK 492m compared to the start of the year, surpassing the annual goal of SEK 200m.

Earnings

Thule's net sales beat consensus driven by new product launches and Quad Lock.

Financial Performance

Thule delivered better-than-expected 4Q24 results.

Negative Factors

Consumer Demand

A sustained recovery in US consumer demand and retailer restocking is critical to unlocking the full earnings potential.

Profitability

An elevated cost base due to the high level of products being launched drove the profitability miss.

Regional Performance

There was a negative organic decline of 13% in North America.

Thule Group AB Business Overview & Revenue Model

Company Description

Thule Group AB (publ) operates as a sports and outdoor company. It offers roof racks; roof boxes; carriers for transporting bikes, water, and winter sports equipment and rooftop tents; awnings, bike carriers, and tents for RVs and caravans; bike trailers, child bike seats, and strollers; luggage, backpacks, and laptop and sport bags; and hiking backpacks, camera bags, and cases for consumer electronics. The company offers its products primarily under the Thule and Case Logic brands. It operates in Sweden, other Nordic countries, Germany, rest of Europe, the United States, other North America, Central/South America, the Asia/Pacific Rim, and internationally. Thule Group AB (publ) was founded in 1942 and is headquartered in Malmö, Sweden.

How the Company Makes Money

Thule Group AB generates revenue through the sale of its extensive product range designed for transporting outdoor and leisure equipment. The company's revenue streams are primarily driven by its core segments: Sport & Cargo Carriers, Packs, Bags & Luggage, and Other Outdoor & Adventure products. A significant portion of Thule's income comes from its vehicle-related products, like roof racks and bike carriers, which are popular among outdoor enthusiasts. The company also benefits from a global distribution network and strategic retail partnerships, which enhance its market reach. Additionally, Thule's commitment to innovation and quality helps maintain its competitive edge, ensuring steady demand for its products.

Thule Group AB Financial Statement Overview

Summary

Thule Group AB exhibits solid profitability and a stable financial position, although revenue growth has slowed. The company maintains a healthy balance sheet with moderate leverage and a strong equity ratio, but faces challenges in maintaining previous levels of cash flow generation.

Income Statement

The company demonstrates solid profitability with a stable gross profit margin and a strong net profit margin of 11.11% TTM. However, there is a noticeable decline in total revenue growth, with a decrease of 3.41% annually from 2024 to 2025. The EBIT and EBITDA margins are healthy at 15.46% and 17.83% TTM respectively, though slightly lower than previous years, indicating a potential challenge in maintaining operational efficiency.

Balance Sheet

The balance sheet shows a reasonable debt-to-equity ratio of 0.60 TTM, suggesting moderate leverage. The equity ratio remains strong at 51.47% TTM, indicating a stable financial foundation. However, return on equity has decreased to 14.23% TTM, reflecting reduced profitability on shareholders' equity. This might suggest a need for improved capital allocation.

Cash Flow

While the operating cash flow is robust, the free cash flow has declined significantly, with a growth rate of -21.02% from 2024 to 2025. The operating cash flow to net income ratio is strong at 1.73 TTM, indicating efficient conversion of net income into cash. However, the free cash flow to net income ratio has decreased to 1.49 TTM, reflecting challenges in maintaining cash generation relative to earnings.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	9.54B	9.13B	10.14B	10.39B	7.83B
Gross Profit	4.07B	3.74B	3.86B	4.16B	3.23B
EBITDA	1.89B	1.84B	1.93B	2.50B	1.73B
Net Income	1.12B	1.10B	1.27B	1.79B	1.17B
Balance Sheet
Total Assets	14.96B	10.97B	11.68B	10.19B	8.45B
Cash, Cash Equivalents and Short-Term Investments	405.00M	94.00M	176.00M	149.00M	706.00M
Total Debt	4.37B	2.17B	3.06B	1.62B	1.10B
Total Liabilities	6.86B	4.12B	5.13B	4.38B	3.19B
Stockholders Equity	8.10B	6.85B	6.55B	5.82B	5.25B
Cash Flow
Free Cash Flow	2.05B	1.60B	172.00M	621.00M	1.44B
Operating Cash Flow	2.31B	1.85B	616.00M	1.13B	1.61B
Investing Cash Flow	-3.10B	-251.00M	-464.00M	-503.00M	-170.00M
Financing Cash Flow	1.10B	-1.68B	-136.00M	-1.19B	-1.00B

Thule Group AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 281.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:THULE, the sentiment is Positive. The current price of 281.8 is above the 20-day moving average (MA) of 275.60, above the 50-day MA of 264.95, and below the 200-day MA of 307.32, indicating a neutral trend. The MACD of 5.22 indicates Negative momentum. The RSI at 56.39 is Neutral, neither overbought nor oversold. The STOCH value of 59.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:THULE.

Thule Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
THULE	71 Outperform	kr30.39B	29.02	14.77%	2.94%	7.35%	-10.34%
Sector *	67 Neutral	¥252.20B	13.26	6.45%	2.72%	5.22%	-11.89%
DOM	57 Neutral	kr15.48B	―		2.68%	-14.48%	-311.20%
FNXTF	―	$735.55M	81.16	2.00%	5.05%	―	―
MPZAF	―	$1.17B	86.82	25.72%	1.52%	―	―
9GY	―	€8.58M	―	-22.28%	―	―	―
NWG0	―	€1.42B	17.71	12.85%	2.92%	―	―

Thule Group AB Corporate Events

Thule Group to Release Q2 2025 Financial Report with Web Presentation

Thule Group announced it will release its second-quarter 2025 financial report on July 15, followed by a conference call and web presentation led by CEO Mattias Ankarberg and CFO Toby Lawton. This event will provide insights into the company’s performance and strategies, potentially impacting stakeholders and market perceptions.

The most recent analyst rating on (SE:THULE) stock is a Buy with a SEK275.00 price target. To see the full list of analyst forecasts on Thule Group AB stock, see the SE:THULE Stock Forecast page.

Thule Group Announces Investor Meeting Ahead of Silent Period

Thule Group has announced an investor meeting scheduled for June 16, 2025, where CEO Mattias Ankarberg and CFO Toby Lawton will provide a brief update and conduct a Q&A session before the company enters its silent period. This meeting, held in English, will offer investors insights into the company’s operations and future outlook, with the Q2 financial results to be released on July 15.

The most recent analyst rating on (SE:THULE) stock is a Buy with a SEK275.00 price target. To see the full list of analyst forecasts on Thule Group AB stock, see the SE:THULE Stock Forecast page.

Thule Elm RWF Wins ADAC Child Car Seat Test

Thule Group’s Thule Elm RWF car seat has been named the test winner in the prestigious ADAC child car seat test, marking a successful entry into the car seat market. The modular car seat system, designed for children aged 6 months to 4 years, earned top rankings for safety and ease of use, reinforcing Thule’s commitment to child safety and comfort. This recognition positions Thule as a strong player in the child car seat industry, potentially enhancing its market reputation and stakeholder confidence.

The most recent analyst rating on (SE:THULE) stock is a Buy with a SEK275.00 price target. To see the full list of analyst forecasts on Thule Group AB stock, see the SE:THULE Stock Forecast page.