Thule Group AB (THULE) AI Stock Analysis

• Market Cap: kr25.39B
• Dividend Yield: 3.54%
• Average Volume (3M): 254.51K
• Price to Earnings (P/E): 23.9
• Beta (1Y): 1.34
• Revenue Growth: 8.93%
• EPS Growth: -12.56%
• Country: SE
• Employees: 2,800
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Leisure
• EPS (TTM): 2.91
• Shares Outstanding: 107,838,165
• 10 Day Avg. Volume: 225,584
• 30 Day Avg. Volume: 254,511
• PEG Ratio: 24.07
• Price to Book (P/B): 4.47
• Price to Sales (P/S): 3.79
• P/FCF Ratio: 17.68
• 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: kr276.67
• Price Target Upside: 18.13% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: kr264.00 ▲(12.72% Upside)

Thule Group AB's overall stock score is driven by stable financial performance and a moderate valuation. The technical analysis indicates a neutral market sentiment, with no strong momentum. The lack of earnings call and corporate events data limits further insights.

Positive Factors

Strong Brand Loyalty

Thule's strong brand loyalty and reputation for quality support repeat purchases and customer retention, providing a durable competitive advantage.

Stable Profitability

Stable profitability and a strong capital structure indicate that Thule is well-positioned to sustain its operations and invest in growth opportunities.

Efficient Cost Management

Efficient cost management, as evidenced by a stable gross profit margin, supports Thule's ability to maintain profitability despite market pressures.

Negative Factors

Declining Free Cash Flow

The decline in free cash flow poses potential liquidity challenges, limiting Thule's ability to invest in growth and service debt effectively.

Increasing Leverage

Rising leverage increases financial risk, potentially impacting Thule's flexibility to manage economic downturns or invest in new opportunities.

Pressure on Net Earnings

The decline in net profit margin suggests pressure on net earnings, which could affect Thule's ability to generate sustainable profits over time.

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 generates revenue primarily through the sale of its diverse range of outdoor and transportation products. The company markets its products through a combination of direct-to-consumer sales, retail partnerships, and online channels. Key revenue streams include sales from automotive accessories like roof racks and bike carriers, outdoor gear such as backpacks and tents, and sports equipment. Thule has established significant partnerships with retailers and distributors worldwide, which helps expand its market reach. Seasonal demand, particularly during peak outdoor activity periods, also plays a crucial role in driving sales. Additionally, Thule benefits from brand loyalty and a strong reputation for quality, which contributes to repeat purchases and customer retention.

Thule Group AB Financial Statement Overview

Summary

Thule Group AB demonstrates stable profitability with a strong capital structure. However, it faces challenges with declining free cash flow and increasing leverage. Revenue growth is modest, and maintaining operational efficiency and managing debt levels will be crucial for future financial health.

Income Statement

Thule Group AB shows a stable gross profit margin of 44.3% in TTM, indicating efficient cost management. However, the net profit margin has slightly decreased to 10.3% from 11.8% in the previous year, suggesting some pressure on net earnings. The revenue growth rate is modest at 1.8% TTM, showing slow growth. EBIT and EBITDA margins have slightly decreased, indicating potential challenges in maintaining operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has increased to 0.62 TTM, reflecting higher leverage, which could pose a risk if not managed properly. Return on equity remains stable at 13.9%, showing consistent profitability. The equity ratio is healthy, indicating a strong capital structure, but the increasing debt levels warrant caution.

Cash Flow

Free cash flow has declined by 25.6% TTM, which is concerning for future investments and debt servicing. The operating cash flow to net income ratio is 0.71, indicating a decent conversion of income into cash. However, the decline in free cash flow growth suggests potential liquidity challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	10.27B	9.54B	9.13B	10.14B	10.39B	7.83B
Gross Profit	4.67B	4.07B	3.74B	3.86B	4.16B	3.23B
EBITDA	1.70B	1.89B	1.84B	1.93B	2.50B	1.73B
Net Income	1.05B	1.12B	1.10B	1.27B	1.79B	1.17B
Balance Sheet
Total Assets	14.48B	14.96B	10.97B	11.68B	10.19B	8.45B
Cash, Cash Equivalents and Short-Term Investments	761.00M	405.00M	94.00M	176.00M	149.00M	706.00M
Total Debt	4.34B	4.37B	2.17B	3.06B	1.62B	1.10B
Total Liabilities	7.16B	6.86B	4.12B	5.13B	4.38B	3.19B
Stockholders Equity	7.32B	8.10B	6.85B	6.55B	5.82B	5.25B
Cash Flow
Free Cash Flow	1.15B	2.05B	1.60B	172.00M	621.00M	1.44B
Operating Cash Flow	1.46B	2.31B	1.85B	616.00M	1.13B	1.61B
Investing Cash Flow	-3.15B	-3.10B	-251.00M	-464.00M	-503.00M	-170.00M
Financing Cash Flow	1.60B	1.10B	-1.68B	-136.00M	-1.19B	-1.00B

Thule Group AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 234.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 Negative. The current price of 234.2 is below the 20-day moving average (MA) of 243.43, below the 50-day MA of 243.92, and below the 200-day MA of 255.91, indicating a bearish trend. The MACD of -2.68 indicates Positive momentum. The RSI at 40.51 is Neutral, neither overbought nor oversold. The STOCH value of 21.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:THULE.

Thule Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MIPS	72 Outperform	kr9.43B	67.49	23.68%	1.85%	23.02%	32.69%
THULE	65 Neutral	kr25.39B	23.93	14.62%	3.54%	8.93%	-12.56%
CLAS.B	63 Neutral	kr18.95B	18.71	46.00%	1.88%	9.30%	38.37%
HUSQ.B	63 Neutral	kr25.97B	18.25	5.76%	2.20%	-1.74%	-0.59%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
DOM	48 Neutral	kr14.70B	-31.94	―	2.85%	-13.49%	60.49%
USWE	45 Neutral	kr99.91M	-9.01	-16.28%	―	24.34%	39.30%

Thule Group AB Corporate Events

Thule Group Targets Growth and Efficiency at Capital Markets Day

Thule Group hosted a Capital Markets Day to outline its strategy for long-term value creation through organic growth and efficiency improvements. The company aims to increase its annual organic sales growth to at least 7%, achieve an EBIT margin of 20%, and maintain a dividend payout ratio of 75% or more. Thule plans to expand its ‘Champion’ product categories, which have historically driven 90% of its value creation, from six to ten by 2035. The focus on efficiency gains and scale effects is expected to enhance profitability, with cost actions already initiated to improve structural costs and supply chain efficiency.

Thule Group Updates Long-Term Financial Targets for Enhanced Growth

Thule Group has updated its long-term financial targets, aiming for an annual organic growth rate of 7 percent, surpassing its previous goal of SEK 20 billion in revenue by 2030. The company maintains its targets for an EBIT margin of 20 percent and a dividend payout ratio of at least 75 percent of net profit. This strategic shift reflects Thule’s focus on organic growth and its commitment to shareholder value, despite challenging market conditions, supported by new product categories and efficiency initiatives.

Thule Group AB Reports Strong Q3 Sales Growth Amidst Cash Flow Challenges

Thule Group AB reported a 7.9% increase in net sales for the third quarter of 2025, driven significantly by the acquisition of Quad Lock, despite a 4% organic sales decline. The company’s gross margin improved to 47.5%, and operating income rose to SEK 453 million, reflecting a strong operational performance. However, cash flow from operating activities decreased significantly, highlighting potential liquidity challenges.

Thule Group Schedules Q3 2025 Report Presentation

Thule Group announced a conference call and web presentation for its third-quarter 2025 report, scheduled for October 22, 2025. The event will feature presentations by the CEO and CFO, followed by a Q&A session, providing stakeholders with insights into the company’s performance and strategic direction.

Thule Group Appoints Nomination Committee for 2026 AGM

Thule Group has announced the appointment of its nomination committee ahead of the 2026 Annual General Meeting. The committee includes representatives from the four largest shareholders and the Chairman of the Board, who will oversee the nomination process for the upcoming meeting. This move is part of Thule’s governance practices, ensuring shareholder involvement in decision-making processes, and is expected to impact the company’s strategic direction and stakeholder engagement.

Thule Group Announces Capital Markets Day for November 2025

Thule Group has announced its upcoming Capital Markets Day scheduled for November 20, 2025, at its head office in Malmö, Sweden. This event, aimed at investors, analysts, and media, will feature product demonstrations and presentations, providing insights into Thule’s operations and strategic direction, potentially impacting its market positioning and stakeholder engagement.

Thule Group Announces Investor Meeting Ahead of Silent Period

Thule Group has announced an investor meeting scheduled for September 23, 2025, which will include a conference call and web presentation led by CEO Mattias Ankarberg and CFO Toby Lawton. This meeting aims to provide investors with updates and a Q&A session before the company enters its silent period, with Q3 financial results to be published on October 22. The event underscores Thule’s commitment to transparency and engagement with stakeholders, potentially impacting investor relations and market perceptions.