Thule Group AB (THULE) AI Stock Analysis

• Market Cap: kr25.54B
• Dividend Yield: 3.8%
• Average Volume (3M): 366.68K
• Price to Earnings (P/E): 23.1
• Beta (1Y): 1.24
• Revenue Growth: 4.90%
• EPS Growth: -4.12%
• Country: SE
• Employees: 2,800
• Sector: Consumer Cyclical
• Sector Strength: 60
• Industry: Leisure
• EPS (TTM): 10.25
• Shares Outstanding: 107,838,165
• 10 Day Avg. Volume: 530,198
• 30 Day Avg. Volume: 366,679
• PEG Ratio: 18.55
• Price to Book (P/B): N/A
• Price to Sales (P/S): 0.00
• Price to Cash Flow (P/CF): 0.00
• P/FCF Ratio: 0.00
• 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: 34.00% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

Thule Group AB's overall stock score is 60, reflecting a stable financial performance with strong profitability and a healthy balance sheet. However, the lack of revenue growth and challenges in cash flow generation present risks. Technical analysis indicates a bearish trend, and the high P/E ratio suggests the stock could be overvalued. These factors combined contribute to a moderate overall score.

Positive Factors

Financial Performance

Thule delivered better-than-expected 4Q24 results.

Market Expansion

The acquisition of Quad Lock will bolster Thule’s presence in the Asia-Pacific region, increasing its sales share from about 5% to 10%.

Strategic Initiatives

Thule's acquisition of Quad Lock is in line with its objective to enhance its market position in attractive niches and broaden its product range.

Negative Factors

Product Line Performance

Organic growth was negative in Packs, Bags & Luggage (-7%) and RV Products (-7%).

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 (THULE) is a Swedish company that specializes in the development, production, and sale of products that facilitate an active lifestyle. The company operates in the outdoor and transportation sectors, offering a wide range of solutions designed to transport equipment securely and safely. Thule's core products include roof racks, bike carriers, rooftop tents, luggage, and other accessories that are designed for outdoor enthusiasts and urban consumers alike.

How the Company Makes Money

Thule 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

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
	EBIT
1.52B	1.50B	1.71B	2.34B	1.59B
	EBITDA
1.89B	1.84B	1.93B	2.50B	1.73B
	Net Income Common Stockholders
1.12B	1.10B	1.27B	1.79B	1.17B
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
405.00M	94.00M	176.00M	149.00M	706.00M
	Total Assets
14.96B	10.97B	11.68B	10.19B	8.45B
	Total Debt
4.37B	2.17B	3.06B	1.62B	1.10B
	Net Debt
3.96B	2.08B	2.88B	1.47B	390.00M
	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: Negative
• Last Price: 238.80
• 50DMA: Negative
• 100DMA: Negative
• 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 Negative. The current price of 238.8 is below the 20-day moving average (MA) of 241.19, below the 50-day MA of 282.46, and below the 200-day MA of 311.18, indicating a bearish trend. The MACD of -13.34 indicates Negative momentum. The RSI at 40.22 is Neutral, neither overbought nor oversold. The STOCH value of 37.59 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
NEWA.B	72 Outperform	kr15.40B	17.24	12.85%	2.89%	3.68%	-11.21%
MIPS	68 Neutral	$9.71B	65.48	21.85%	1.48%	45.89%	137.33%
FOI.B	62 Neutral	$7.75B	48.45	2.00%	2.50%	-6.37%	-72.36%
Sector *	61 Neutral	$6.66B	11.77	3.06%	3.96%	2.60%	-21.54%
THULE	60 Neutral	kr25.54B	23.10	14.34%	3.80%	4.90%	-4.12%
DOM	51 Neutral	kr10.86B	―		3.72%	-11.44%	-288.58%
USWE	51 Neutral	kr55.66M	―	-10.16%	―	10.93%	67.49%