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Thule Group AB Unsponsored ADR (THUPY)
OTHER OTC:THUPY
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Thule Group AB Unsponsored ADR
(OTC:THUPY)
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Rating:68Neutral
Price Target:
$16.00
▲(30.08% Upside)
Thule Group AB's overall stock score reflects solid financial performance with strong revenue growth and gross margins. However, challenges in profitability, cash flow stability, and high valuation weigh on the score. The earnings call provided a mixed sentiment, with record sales and strong product launches offset by market challenges and declining EBIT margins.
Thule Group AB Unsponsored ADR (THUPY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.66B
Dividend Yield3.96%
Average Volume (3M)50.00
Price to Earnings (P/E)25.5
Beta (1Y)0.97
Revenue Growth11.20%
EPS Growth-5.38%
CountryUS
Employees2,800
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)0.25
Shares Outstanding215,676,330
10 Day Avg. Volume65
30 Day Avg. Volume50
Financial Highlights & Ratios
PEG Ratio28.75
Price to Book (P/B)8.43
Price to Sales (P/S)7.15
P/FCF Ratio33.34
Enterprise Value/Market Cap1.32
Enterprise Value/Revenue0.35
Enterprise Value/Gross Profit0.78
Enterprise Value/Ebitda2.36
Forecast
1Y Price Target
$16.00Price Target Upside30.08% Upside
Rating ConsensusHold
Number of Analyst Covering0
Thule Group AB Unsponsored ADR Business Overview & Revenue Model
Company DescriptionThule Group AB Unsponsored ADR (THUPY) is a global leader in providing products that enable active lifestyles. The company operates primarily in the sports and outdoor sector, offering a wide range of products designed for transporting gear and equipment safely and easily. Thule's core product lines include roof racks, bike carriers, cargo carriers, and other outdoor and adventure gear solutions.
How the Company Makes MoneyThule Group AB makes money through the design, manufacturing, and sale of its diverse product portfolio aimed at outdoor enthusiasts and active consumers. The company's revenue model primarily revolves around direct sales through retail partners, as well as its own online and offline channels. Key revenue streams include sales from its roof rack systems, bike and water sport carriers, rooftop tents, and luggage solutions. Thule's earnings are bolstered by its strong brand reputation and strategic partnerships with retailers worldwide, which facilitate broad market access and customer reach. Additionally, the company invests in innovation to maintain its competitive edge and sustain consumer interest in its products.
Thule Group AB Unsponsored ADR Earnings Call Summary
Earnings Call Date:Jul 15, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Oct 22, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture. While Thule achieved record-breaking sales and continued strong product launches and recognition, it faced challenges in market conditions, particularly in North America, and saw a decline in EBIT margin due to increased costs. The improvements made in North America and strong cash flow indicate positive steps forward, but the overall sentiment remains cautious due to persistent market challenges.Q2-2025 Updates
Positive Updates
Record Sales in Thule History
The quarter marked the biggest in terms of sales in Thule history, with sales reaching SEK 3.4 billion, 16% more than the previous year, excluding currency effects.
Strong Product Launches and Innovations
New product categories and innovations drove growth, including updates to best-selling products like the Thule EasyFold 3 and North America-specific bike carriers.
Recognition for Product Design
Thule received 10 new Red Dot awards and won the ADAC car seat test, Europe's most important consumer test for car seats.
Improvement in North America
Despite a weak market, the North America sales trend improved significantly, with a reduction in organic sales decline from -13% in Q1 to -3% in Q2.
Cash Flow and Inventory Management
Cash flow from operations was strong at SEK 800 million. The company is on track to reduce inventory by another SEK 200 million this year.
Negative Updates
Continued Weak Market Conditions
The market remained tough, particularly in North America, with cautious consumer and retailer behavior affecting sales.
Negative Currency Effects
The quarter experienced a significant negative currency effect of almost 6%, impacting reported growth.
EBIT Margin Decline
The adjusted EBIT margin was down 2 percentage points compared to the previous year, due to higher product development costs.
Challenges in the Bags & Mounts Category
The Bags business, part of the Bags & Mounts category, experienced a 21% decline in organic net sales due to legacy product phase-outs and cautious retailer behavior in North America.
Company Guidance
During the Thule Group's Q2 2025 call, the company reported a significant increase in sales, with total sales in reported currency reaching SEK 3.4 billion, marking a 10% increase in reported growth and a 16% increase excluding currency effects compared to the previous year. Organic growth was noted at 1.5%, with Europe experiencing a 4% rise while North America saw a 3% decline. The company emphasized the impact of new products and categories, including Quad Lock, which contributed significantly to the growth. Despite facing a tough market, particularly in North America, Thule achieved its highest quarterly sales in history, surpassing the peak during the pandemic. Gross margin improved by nearly 2 percentage points, primarily due to Quad Lock's higher gross margin profile. However, EBIT margin decreased by 2 percentage points due to increased costs in driving growth in a challenging market. The company maintained a strong cash flow from operations at nearly SEK 800 million and is on track to reduce inventory by an additional SEK 200 million this year. In addition, Thule announced a SEK 450 million investment in automating its warehouse facility in Poland, expected to save approximately SEK 100 million annually starting in 2028.Thule Group AB Unsponsored ADR Financial Statement Overview
Summary
Thule Group AB shows solid revenue growth and strong gross margins, but faces challenges in maintaining net profitability and cash flow stability. The increase in leverage and declining cash flow metrics suggest potential risks that need to be addressed to sustain long-term financial health.Income Statement
Thule Group AB has shown consistent revenue growth, with a TTM increase of 3.11%. Gross profit margin improved to 44.3% in TTM, indicating efficient cost management. However, net profit margin decreased to 10.32% from 11.76% in the previous year, suggesting some pressure on profitability. EBIT and EBITDA margins have also slightly declined, reflecting potential challenges in operational efficiency.75
Positive
Balance Sheet
The company's debt-to-equity ratio increased to 0.62 in TTM, indicating higher leverage compared to previous years. Return on equity remains strong at 13.92%, showcasing effective use of equity. The equity ratio is stable, suggesting a balanced capital structure, but the rising debt levels could pose a risk if not managed carefully.70
Positive
Cash Flow
Operating cash flow has decreased in TTM, with a coverage ratio of 0.71, indicating less cash generation relative to net income. Free cash flow growth is negative, highlighting potential liquidity concerns. The free cash flow to net income ratio remains healthy at 87.89%, but the declining trend in cash flow metrics warrants attention.65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.09B | 9.54B | 9.13B | 10.14B | 10.39B | 7.83B |
| Gross Profit | 4.47B | 4.07B | 3.74B | 3.86B | 4.16B | 3.23B |
| EBITDA | 1.48B | 1.89B | 1.88B | 1.94B | 2.50B | 1.81B |
| Net Income | 1.04B | 1.12B | 1.10B | 1.27B | 1.79B | 1.17B |
Balance Sheet | ||||||
| Total Assets | 14.73B | 14.96B | 10.97B | 11.68B | 10.19B | 8.45B |
| Cash, Cash Equivalents and Short-Term Investments | 357.00M | 405.00M | 94.00M | 176.00M | 149.00M | 706.00M |
| Total Debt | 4.36B | 4.37B | 2.17B | 3.06B | 1.62B | 1.10B |
| Total Liabilities | 7.67B | 6.86B | 4.12B | 5.13B | 4.38B | 3.19B |
| Stockholders Equity | 7.05B | 8.10B | 6.85B | 6.55B | 5.82B | 5.25B |
Cash Flow | ||||||
| Free Cash Flow | 1.54B | 2.05B | 1.60B | 172.00M | 621.00M | 1.44B |
| Operating Cash Flow | 1.75B | 2.31B | 1.85B | 616.00M | 1.13B | 1.61B |
| Investing Cash Flow | -3.05B | -3.10B | -251.00M | -464.00M | -503.00M | -170.00M |
| Financing Cash Flow | 1.30B | 1.10B | -1.68B | -136.00M | -1.19B | -1.00B |
Thule Group AB Unsponsored ADR Technical Analysis
Negative
12.30
Price Trends
13.88
Negative
13.83
Negative
14.52
Negative
Market Momentum
-0.45
Positive
34.20
Neutral
4.91
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For THUPY, the sentiment is Negative. The current price of 12.3 is below the 20-day moving average (MA) of 13.14, below the 50-day MA of 13.88, and below the 200-day MA of 14.52, indicating a bearish trend. The MACD of -0.45 indicates Positive momentum. The RSI at 34.20 is Neutral, neither overbought nor oversold. The STOCH value of 4.91 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for THUPY.
Thule Group AB Unsponsored ADR Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $4.50B | 20.53 | 0.03% | 1.20% | 3.83% | 28.57% | |
69 Neutral | $2.79B | 16.42 | 22.07% | ― | 3.63% | -2.60% | |
69 Neutral | $2.23B | 31.96 | 12.98% | 0.74% | 8.51% | 31.24% | |
68 Neutral | $2.66B | 25.54 | 14.70% | 3.96% | 11.20% | -5.38% | |
64 Neutral | $409.06M | -10.26 | -8.77% | 3.31% | -3.56% | -407.47% | |
51 Neutral | $1.74B | -1.16 | -60.04% | ― | -2.35% | -7104.57% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
* Consumer Cyclical Sector Average
THUPY
Thule Group AB Unsponsored ADR
12.34
-2.81
-18.55%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.