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Thule Group AB Unsponsored ADR (THUPY)
OTHER OTC:THUPY
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Thule Group AB Unsponsored ADR
(OTC:THUPY)
Rating:73Outperform
Price Target:
$16.00
▲(16.79% Upside)
Thule Group AB Unsponsored ADR (THUPY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.96B
Dividend Yield3.56%
Average Volume (3M)16.00
Price to Earnings (P/E)28.4
Beta (1Y)1.01
Revenue Growth11.20%
EPS Growth-5.38%
CountryUS
Employees2,800
SectorConsumer Cyclical
Sector Strength72
IndustryLeisure
Share Statistics
EPS (TTM)0.25
Shares Outstanding215,676,330
10 Day Avg. Volume0
30 Day Avg. Volume16
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 Cap1.18
Enterprise Value/Revenue0.35
Enterprise Value/Gross Profit0.78
Enterprise Value/Ebitda2.36
Forecast
1Y Price Target
$16.00Price Target Upside16.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Thule Group AB Unsponsored ADR 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 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: -2.97%|
Next Earnings Date:Oct 22, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted a record-breaking sales quarter and strong performance from new product launches and Quad Lock. However, challenges remain in North America and specific product segments, impacting overall margins.Q2-2025 Updates
Positive Updates
Record-Breaking Sales Quarter
Q2 2025 was the biggest sales quarter in Thule history, with sales reaching SEK 3.4 billion, 16% more than the previous year, excluding currency effects.
Strong Product Launch Impact
New products and categories drove growth, particularly in North America, where new bike carriers were in high demand, improving sales trends.
Positive Cash Flow and Inventory Reduction
Cash flow from operations was strong at almost SEK 800 million, with a continued focus on reducing inventory, on track with a SEK 200 million reduction target for the year.
Design Awards and Recognition
Thule received 10 Red Dot awards for product design and won Europe's most important consumer test for car seats again.
Quad Lock Performance
Quad Lock business grew by more than 15% organically, contributing significantly to the overall growth.
Negative Updates
North American Market Challenges
Despite improvements, North America sales were down 3% organically, with a challenging retail environment and currency effects impacting results.
Decline in Bags Business
Organic net sales in the Bags segment declined by 21%, heavily impacted by cautious retailer behavior in North America.
Gross Margin and EBIT Impact
Despite a gross margin increase of 2 percentage points, the adjusted EBIT margin was down 2 percentage points, primarily due to higher product development costs.
RV Products Market Weakness
The RV Products category faced a weak market, particularly in the OE channel, though offset by aftermarket growth.
Company Guidance
During the Thule Group's Q2 interim report call, CEO Mattias Ankarberg shared that the company achieved SEK 3.4 billion in sales, a 16% increase from the previous year, excluding currency effects. Organic growth was modest at 1.5%, with Europe seeing a 4% rise while North America experienced a 3% decline. The company faced a significant negative currency impact of nearly 6%, resulting in a reported growth of 10% in Swedish kronor. The quarter marked a historical sales peak for Thule, surpassing the previous high during the pandemic by SEK 100 million. Despite a challenging market, particularly in North America, Thule's new products and categories, including Quad Lock, drove growth. The gross margin increased by close to 2 percentage points, while the adjusted EBIT margin decreased by 2 percentage points due to higher product development costs. Operating profit remained consistent with the previous year when excluding North American restructuring costs, and operating cash flow was robust at nearly SEK 800 million. Additionally, the company is on track to reduce inventory by SEK 200 million this year, following a SEK 1.2 billion reduction over the past two years.Thule Group AB Unsponsored ADR Financial Statement Overview
Summary
Thule Group AB exhibits strong financial health with solid profitability, efficient cash generation, and a stable balance sheet. The company maintains good margins and a moderate leverage position. However, revenue growth and free cash flow trends indicate areas for improvement. Continued focus on operational efficiency and cash flow management will be key to sustaining its financial performance.Income Statement
Thule Group AB shows a solid gross profit margin at approximately 43.6% for TTM, indicating efficient cost management. The net profit margin is also healthy at 11.1%. While the TTM revenue growth rate is modest at 2.53%, earlier periods show fluctuations. The EBIT margin is stable at 15.5%, though it has slightly decreased from previous years, suggesting some operational challenges. Overall, the company maintains strong profitability but could focus on boosting revenue growth.78
Positive
Balance Sheet
Thule Group AB has a reasonable debt-to-equity ratio of 0.59, reflecting moderate leverage and solid financial stability with a sizable equity base. The return on equity (ROE) for TTM is robust at 14.2%, indicating effective utilization of shareholder funds. The equity ratio stands at 51.5%, suggesting a well-capitalized balance sheet. The company demonstrates financial strength, but should monitor debt levels to maintain this stability.80
Positive
Cash Flow
The free cash flow growth rate shows a decline of 21.09% in the TTM period, highlighting some cash flow challenges. However, the operating cash flow to net income ratio is strong at 1.73, indicating efficient cash generation relative to earnings. The free cash flow to net income ratio is also commendable at 1.49. Despite recent declines, the company has a strong cash generation capability.75
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
13.70
Price Trends
14.22
Negative
13.81
Negative
14.96
Negative
Market Momentum
-0.11
Positive
39.59
Neutral
21.77
Neutral
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 13.7 is below the 20-day moving average (MA) of 14.48, below the 50-day MA of 14.22, and below the 200-day MA of 14.96, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 39.59 is Neutral, neither overbought nor oversold. The STOCH value of 21.77 is Neutral, 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
Overall Rating
UnderperformOutperform
Sector (56)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $4.39B | 20.02 | 27.51% | 1.20% | 3.83% | 28.57% | |
73 Outperform | $2.96B | 28.43 | 14.70% | 3.56% | 11.20% | -5.38% | |
73 Outperform | $2.65B | 15.58 | 23.49% | ― | 3.63% | -2.60% | |
66 Neutral | $2.67B | 13.03 | -52.57% | ― | -1.43% | -2.50% | |
64 Neutral | $383.92M | ― | -8.33% | 3.53% | -3.56% | -407.47% | |
56 Neutral | HK$25.37B | 4.80 | -2.69% | 5.71% | -0.46% | -53.29% | |
47 Neutral | $1.51B | ― | -46.53% | ― | -2.35% | -7104.57% |
* Consumer Cyclical Sector Average
Performance Comparison
THUPY
Thule Group AB Unsponsored ADR
13.70
0.31
2.32%
MODG
Topgolf Callaway Brands
8.20
-3.23
-28.26%
GOLF
Acushnet Holdings
74.88
9.12
13.87%
JOUT
Johnson Outdoors
37.41
3.70
10.98%
PRKS
United Parks & Resorts
48.60
1.35
2.86%
YETI
Yeti Holdings
31.86
-7.89
-19.85%
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.