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Thule Group AB (SE:THULE)
:THULE

Thule Group AB (THULE) AI Stock Analysis

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Thule Group AB

(LSE:THULE)

Rating:65Neutral
Price Target:
kr284.00
▲(7.25%Upside)
Thule Group AB's stock score reflects solid financial performance supported by stable profitability and a strong balance sheet. However, challenges in cash flow generation and mixed technical signals slightly temper the overall outlook. The valuation is reasonable, with an attractive dividend yield offering income potential.
Positive Factors
Financial performance
Thule delivered better-than-expected 4Q24 results.
Inventory management
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.
Negative Factors
Geographic performance
There was a negative organic decline of 13% in North America.
Profitability
An elevated cost base due to the high level of products being launched drove the profitability miss.

Thule Group AB (THULE) vs. iShares MSCI Sweden ETF (EWD)

Thule Group AB Business Overview & Revenue Model

Company DescriptionThule 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 MoneyThule Group AB generates revenue primarily through the sale of its diverse product lines, which are distributed globally. The company's key revenue streams include the sale of roof racks and carriers, which are among its most popular offerings. Additionally, Thule sells luggage and travel gear, providing significant contributions to its earnings. Thule's revenue model also benefits from its strong retail and distribution network, as well as partnerships with automotive manufacturers who incorporate Thule products as part of their accessory packages. Seasonal demand, especially during peak outdoor activity periods, further influences Thule's revenue generation.

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. Continued focus on operational efficiency and cash management will be important to sustain financial health.
Income Statement
75
Positive
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
70
Positive
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
65
Positive
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
TTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income StatementTotal Revenue
9.78B9.54B9.13B10.14B10.39B7.83B
Gross Profit
4.27B4.07B3.74B3.86B4.16B3.23B
EBIT
1.51B1.52B1.50B1.71B2.34B1.59B
EBITDA
1.75B1.89B1.84B1.93B2.50B1.73B
Net Income Common Stockholders
1.09B1.12B1.10B1.27B1.79B1.17B
Balance SheetCash, Cash Equivalents and Short-Term Investments
394.00M405.00M94.00M176.00M149.00M706.00M
Total Assets
14.84B14.96B10.97B11.68B10.19B8.45B
Total Debt
4.59B4.37B2.17B3.06B1.62B1.10B
Net Debt
4.20B3.96B2.08B2.88B1.47B390.00M
Total Liabilities
7.20B6.86B4.12B5.13B4.38B3.19B
Stockholders Equity
7.64B8.10B6.85B6.55B5.82B5.25B
Cash FlowFree Cash Flow
1.62B2.05B1.60B172.00M621.00M1.44B
Operating Cash Flow
1.89B2.31B1.85B616.00M1.13B1.61B
Investing Cash Flow
-3.11B-3.10B-251.00M-464.00M-503.00M-170.00M
Financing Cash Flow
1.50B1.10B-1.68B-136.00M-1.19B-1.00B

Thule Group AB Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price264.80
Price Trends
50DMA
256.53
Positive
100DMA
298.69
Negative
200DMA
309.20
Negative
Market Momentum
MACD
0.60
Negative
RSI
57.08
Neutral
STOCH
74.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:THULE, the sentiment is Neutral. The current price of 264.8 is above the 20-day moving average (MA) of 254.60, above the 50-day MA of 256.53, and below the 200-day MA of 309.20, indicating a neutral trend. The MACD of 0.60 indicates Negative momentum. The RSI at 57.08 is Neutral, neither overbought nor oversold. The STOCH value of 74.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:THULE.

Thule Group AB Peers Comparison

Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
78
Outperform
kr16.16B17.8812.85%2.76%3.68%-11.21%
73
Outperform
$11.31B76.4321.85%1.36%45.89%137.33%
65
Neutral
kr28.56B25.8314.34%3.35%4.90%-4.12%
62
Neutral
$6.88B11.322.95%3.87%2.70%-24.57%
60
Neutral
kr7.60B83.522.00%4.71%-6.37%-72.36%
SEDOM
51
Neutral
kr11.71B
3.38%-11.44%-288.58%
51
Neutral
€72.08M-22.28%10.93%67.49%
* Consumer Cyclical Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SE:THULE
Thule Group AB
264.80
-41.88
-13.66%
SE:DOM
Dometic Group AB
36.66
-32.91
-47.30%
SE:MIPS
MIPS AB
427.00
-5.12
-1.18%
SE:FOI.B
Fenix Outdoor International AG
570.00
-120.33
-17.43%
SE:NEWA.B
New Wave Group AB Class B
121.80
7.17
6.25%
SE:USWE
USWE Sports AB
10.10
-0.80
-7.34%

Thule Group AB Corporate Events

Thule Group Announces Investor Meeting Ahead of Silent Period
Jun 4, 2025

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
May 23, 2025

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.

Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.