Declared Dividend • May 20
Dividend of kr4.15 announced Shareholders will receive a dividend of kr4.15. Ex-date: 2nd October 2026 Payment date: 8th October 2026 Dividend yield will be 22%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (78% earnings payout ratio) and cash flows (83% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Feb 10
Thule Group AB (publ) to Report Fiscal Year 2026 Results on Feb 10, 2027 Thule Group AB (publ) announced that they will report fiscal year 2026 results on Feb 10, 2027 Annuncio • Oct 03
Thule Group AB (publ), Annual General Meeting, May 11, 2026 Thule Group AB (publ), Annual General Meeting, May 11, 2026. Location: malmo Sweden Declared Dividend • Aug 18
First half dividend of kr4.15 announced Shareholders will receive a dividend of kr4.15. Ex-date: 3rd October 2025 Payment date: 9th October 2025 Dividend yield will be 19%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (85% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 65% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Apr 30
Thule Board Member acquired an unknown minority stake in Thule Group AB (publ) (OM:THULE) for SEK 1.04 million in a management participated transaction. Thule Board Member acquired an unknown minority stake in Thule Group AB (publ) (OM:THULE) for SEK 1.04 million in a management participated transaction on April 29, 2025. A cash consideration will be paid by the buyer. As part of consideration, an undisclosed value is paid towards common equity of Thule Group AB (publ). Post completion of the acquisition, Thule Board member now holds 7,832 Thule shares.
Thule Board Member completed the acquisition of an unknown minority stake in Thule Group AB (publ) (OM:THULE) in a management participated transaction on April 29, 2025 Annuncio • Feb 08
Thule Group AB (Publ) Proposes Dividend The Board of Thule Group AB (publ) proposed a dividend of SEK 8.30 per share. Annuncio • Feb 07
Thule Group AB (publ) to Report Fiscal Year 2025 Results on Feb 10, 2026 Thule Group AB (publ) announced that they will report fiscal year 2025 results on Feb 10, 2026 Annuncio • Jan 30
Thule Group AB (publ) to Report Q4, 2024 Results on Feb 07, 2025 Thule Group AB (publ) announced that they will report Q4, 2024 results at 7:45 AM, Central European Standard Time on Feb 07, 2025 Annuncio • Dec 06
Thule Group AB (publ) (OM:THULE) completed the acquisition of Quad Lock Pty Ltd from Quadrant Private Equity Pty Limited, founders and other minority shareholders of Quad Lock Pty Ltd Thule Group AB (publ) (OM:THULE) agreed to acquire Quad Lock Pty Ltd from Quadrant Private Equity Pty Limited, founders and other minority shareholders of Quad Lock Pty Ltd for AUD 500 million on November 11, 2024. The consideration consists of 2.11 million common equity of Thule Group AB (publ) to be issued for common equity of Quad Lock Pty Ltd. A cash consideration will be paid by Thule Group AB (publ). The consideration is subject to possible price adjustments. For the period ending October 31, 2024, Quad Lock Pty Ltd reported total revenue of AUD 1.4 billion. The transaction will be financed through a combination of existing cash and credit facilities. The acquisition is conditional upon regulatory approval from the Australian Foreign Investment Review Board and customary closing conditions and is expected to close in the fourth quarter 2024. The acquisition is expected to be accretive. Jefferies Pty Ltd acted as financial advisor for Quadrant Private Equity Pty Limited. Goldman Sachs Bank Europe SE, Sweden Bankfilial acted as financial advisor for Thule Group AB. MinterEllison acted as legal advisor for Thule Group AB. Baker & Mckenzie acted as legal advisor for Thule Group AB. Gilbert and Tobin acted as legal advisor for Quadrant Private Equity Pty Limited. Roschier, Attorneys Ltd. acted as legal advisor for Quadrant Private Equity Pty Limited.
Thule Group AB (publ) (OM:THULE) completed the acquisition of Quad Lock Pty Ltd from Quadrant Private Equity Pty Limited, founders and other minority shareholders of Quad Lock Pty Ltd on December 4, 2024. Buy Or Sell Opportunity • Oct 28
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to €30.54. The fair value is estimated to be €25.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.4% over the last 3 years. Earnings per share has declined by 22%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 37% in the next 2 years. Reported Earnings • Oct 23
Third quarter 2024 earnings released: EPS: kr2.84 (vs kr2.48 in 3Q 2023) Third quarter 2024 results: EPS: kr2.84 (up from kr2.48 in 3Q 2023). Revenue: kr2.34b (up 1.4% from 3Q 2023). Net income: kr300.0m (up 14% from 3Q 2023). Profit margin: 13% (up from 11% in 3Q 2023). Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 17% per year. Annuncio • Oct 23
Thule Group AB (publ) to Report Q3, 2025 Results on Oct 22, 2025 Thule Group AB (publ) announced that they will report Q3, 2025 results on Oct 22, 2025 Upcoming Dividend • Sep 27
Upcoming dividend of kr4.75 per share Eligible shareholders must have bought the stock before 04 October 2024. Payment date: 10 October 2024. Payout ratio is on the higher end at 88%, however this is supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.8%). Reported Earnings • Jul 18
Second quarter 2024 earnings released: EPS: kr5.29 (vs kr5.15 in 2Q 2023) Second quarter 2024 results: EPS: kr5.29 (up from kr5.15 in 2Q 2023). Revenue: kr3.10b (up 2.3% from 2Q 2023). Net income: kr559.0m (up 3.7% from 2Q 2023). Profit margin: 18% (in line with 2Q 2023). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Annuncio • May 25
Thule Group (Publ) Appoints Catharina Paulcén as Senior Vice President Corporate Communications and Investor Relations Thule Group (publ) appointed Catharina Paulcén as Senior Vice President Corporate Communications and Investor Relations. She will be part of Group Management, based at the Group's head office in Malmö, Sweden. Catharina has over twenty years' experience of communication and investor relations in international environments. Following graduation from Lund University in Sweden, Catharina spent over fifteen years in the software industry, and has since been responsible for communication at the publicly listed company Haldex AB, a manufacturer of automotive components, and most recently the ventilation company publicly listed ventilation company Lindab AB. Catharina also has a strong outdoor interest and is an active leader the Swedish scout organization at the local and national level. Catharina will assume her position latest November 2024. Board Change • May 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Paul Gustavsson was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Apr 30
Dividend of kr4.75 announced Shareholders will receive a dividend of kr4.75. Ex-date: 4th October 2024 Payment date: 10th October 2024 Dividend yield will be 20%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (89% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 19% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share is expected to grow by 51% over the next 3 years, which should maintain adequate earnings cover for the dividend. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: kr2.84 (vs kr2.63 in 1Q 2023) First quarter 2024 results: EPS: kr2.84 (up from kr2.63 in 1Q 2023). Revenue: kr2.42b (up 8.7% from 1Q 2023). Net income: kr300.0m (up 9.1% from 1Q 2023). Profit margin: 12% (in line with 1Q 2023). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 22
Upcoming dividend of kr4.75 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 06 May 2024. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (4.8%). In line with average of industry peers (3.5%). Reported Earnings • Apr 07
Full year 2023 earnings released: EPS: kr10.45 (vs kr12.19 in FY 2022) Full year 2023 results: EPS: kr10.45 (down from kr12.19 in FY 2022). Revenue: kr9.13b (down 9.9% from FY 2022). Net income: kr1.10b (down 14% from FY 2022). Profit margin: 12% (in line with FY 2022). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 12% per year. Recent Insider Transactions • Mar 21
Insider recently sold €212k worth of stock On the 18th of March, Fredrik Erlandsson sold around 8k shares on-market at roughly €26.46 per share. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €267k more than they bought in the last 12 months. Annuncio • Feb 28
Thule Group AB (publ) to Report Fiscal Year 2023 Final Results on Apr 05, 2024 Thule Group AB (publ) announced that they will report fiscal year 2023 final results at 9:00 AM, Central European Standard Time on Apr 05, 2024 Declared Dividend • Feb 16
Final dividend of kr4.75 announced Shareholders will receive a dividend of kr4.75. Ex-date: 29th April 2024 Payment date: 6th May 2024 Dividend yield will be 20%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio). However, it is covered by cash flows (63% cash payout ratio). The dividend has increased by an average of 19% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 1.0% to bring the payout ratio under control. EPS is expected to grow by 49% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 11
Full year 2023 earnings released: EPS: kr10.45 (vs kr12.19 in FY 2022) Full year 2023 results: EPS: kr10.45 (down from kr12.19 in FY 2022). Revenue: kr9.13b (down 9.9% from FY 2022). Net income: kr1.10b (down 14% from FY 2022). Profit margin: 12% (in line with FY 2022). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 10% per year. Annuncio • Feb 09
Thule Group AB (publ) Proposes Dividend The Board of Directors of Thule Group AB (publ) proposed a dividend of SEK 9.50 per share which, based on the number of shares outstanding on February 9, 2024, corresponds to a dividend of SEK 1,004 million. The proposed dividend comprises 91% of the earnings per share for 2023. It is also proposed that dividends be paid in two installments for a better adaptation to the Group's cash flow profile. The proposed record date for the first dividend payment of SEK 4.75 per share is April 30, 2024 and the proposed record date for the second payment of SEK 4.75 per share is October 7, 2024. Buying Opportunity • Nov 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be €27.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has declined by 7.2%. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 44% in the next 2 years. Recent Insider Transactions • Nov 05
Insider recently sold €309k worth of stock On the 1st of November, Kajsa von Geijer sold around 15k shares on-market at roughly €21.29 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €68k more than they bought in the last 12 months. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: kr2.48 (vs kr1.31 in 3Q 2022) Third quarter 2023 results: EPS: kr2.48 (up from kr1.31 in 3Q 2022). Revenue: kr2.31b (up 8.0% from 3Q 2022). Net income: kr262.0m (up 91% from 3Q 2022). Profit margin: 11% (up from 6.4% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 10% per year. Annuncio • Oct 27
Thule Group AB (publ) to Report Q1, 2024 Results on Apr 26, 2024 Thule Group AB (publ) announced that they will report Q1, 2024 results on Apr 26, 2024 Upcoming Dividend • Sep 27
Upcoming dividend of kr4.60 per share at 3.3% yield Eligible shareholders must have bought the stock before 04 October 2023. Payment date: 10 October 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (4.9%). In line with average of industry peers (3.1%). Buying Opportunity • Sep 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be €29.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has grown by 2.7%. Revenue is forecast to grow by 20% in 2 years. Earnings is forecast to grow by 78% in the next 2 years. Reported Earnings • Jul 20
Second quarter 2023 earnings released: EPS: kr5.15 (vs kr5.99 in 2Q 2022) Second quarter 2023 results: EPS: kr5.15 (down from kr5.99 in 2Q 2022). Revenue: kr3.03b (down 8.6% from 2Q 2022). Net income: kr539.0m (down 14% from 2Q 2022). Profit margin: 18% (down from 19% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 4% per year. Annuncio • Jul 17
Thule Group AB (Publ) Appoints Toby Lawton as Chief Financial Officer, Effective January 2024 Toby Lawton has been appointed Chief Financial Officer, CFO, and member of Group Management in Thule Group, based out of the Group Headquarters in Malmö, Sweden. Toby Lawton brings almost three decades of relevant international finance experience, including as CFO of three publicly listed international companies in Sweden and Hong Kong. Following graduation from Oxford University, Toby spent over 25 years with SCA (including now separately listed Essity) in several roles including CFO of Asia Pacific, Vice President of M&A, and CFO of SCA. He has also been CFO of Vinda International, based in Hong Kong, and is currently CFO of Swedish company Renewcell. Toby Lawton will assume his position latest in January 2024. Annuncio • May 13
Jonas Lindqvist to Leave as Chief Financial Officer of Thule Group AB (publ) Thule Group AB (publ) announced that Jonas Lindqvist, in agreement with the company, will leave his position as Chief Financial Officer (CFO) at the company. Jonas has been the CFO of the Thule Group since 2020 and will remain in his role until his successor is in place. The recruitment process for a new CFO will begin immediately. Upcoming Dividend • Apr 21
Upcoming dividend of kr4.60 per share at 3.4% yield Eligible shareholders must have bought the stock before 28 April 2023. Payment date: 05 May 2023. Payout ratio is on the higher end at 75%, and the cash payout ratio is above 100%. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.5%). Reported Earnings • Apr 06
Full year 2022 earnings released Full year 2022 results: Revenue: kr10.1b (down 2.4% from FY 2021). Net income: kr1.28b (down 29% from FY 2021). Profit margin: 13% (down from 17% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €22.40, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 17x in the Leisure industry in Europe. Total returns to shareholders of 80% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €22.08 per share. Buying Opportunity • Mar 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.0%. The fair value is estimated to be €24.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 1.0% per annum. Earnings is also forecast to grow by 6.5% per annum over the same time period. Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: kr12.19 (vs kr17.12 in FY 2021) Full year 2022 results: EPS: kr12.19 (down from kr17.12 in FY 2021). Revenue: kr10.1b (down 2.4% from FY 2021). Net income: kr1.28b (down 29% from FY 2021). Profit margin: 13% (down from 17% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Annuncio • Feb 11
Thule Group AB (publ) Proposes Dividend The Board of Directors of Thule Group AB (publ) proposed a dividend of SEK 9.20 per share which, based on the number of shares outstanding on February 10, 2023, corresponds to SEK 962 million. The proposed dividend comprises 75% of the earnings per share for 2022. It is also proposed that dividends be paid in two installments for a better adaptation to the Group's cash flow profile. The proposed record date for the first dividend payment of SEK 4.60 per share is May 2, 2023 and the proposed record date for the second payment of SEK 4.60 per share is October 5, 2023. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Director Sarah McPhee was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annuncio • Jan 11
Thule Group AB (publ) to Report Fiscal Year 2022 Results on Mar 31, 2023 Thule Group AB (publ) announced that they will report fiscal year 2022 results on Mar 31, 2023 Annuncio • Nov 08
Thule Group AB (publ) to Report Q2, 2023 Results on Jul 19, 2023 Thule Group AB (publ) announced that they will report Q2, 2023 results on Jul 19, 2023 Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: kr1.31 (vs kr4.93 in 3Q 2021) Third quarter 2022 results: EPS: kr1.31 (down from kr4.93 in 3Q 2021). Revenue: kr2.14b (down 23% from 3Q 2021). Net income: kr137.0m (down 73% from 3Q 2021). Profit margin: 6.4% (down from 19% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 2.0% p.a. on average during the next 3 years, while revenues in the Leisure industry in Europe are expected to grow by 6.5%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Annuncio • Oct 27
Thule Group AB (publ) to Report Q1, 2023 Results on Apr 27, 2023 Thule Group AB (publ) announced that they will report Q1, 2023 results on Apr 27, 2023 Annuncio • Oct 14
Thule Group AB Provides Earnings Guidance for the Third Quarter of 2022 Thule Group AB provided earnings guidance for the third quarter of 2022. For the period, Company estimated sales to approximately SEK 2.1 billion and operating profit to approximately SEK 190 million. Upcoming Dividend • Sep 28
Upcoming dividend of kr6.50 per share Eligible shareholders must have bought the stock before 05 October 2022. Payment date: 11 October 2022. Payout ratio is a comfortable 75% but the company is not cash flow positive. Trailing yield: 5.8%. Within top quartile of German dividend payers (5.4%). Higher than average of industry peers (3.4%). Annuncio • Sep 19
Thule Group AB (publ)(OM:THULE) dropped from FTSE All-World Index (USD) Thule Group AB (publ)(OM:THULE) dropped from FTSE All-World Index (USD) Annuncio • Sep 16
Thule Group AB (publ), Annual General Meeting, Apr 27, 2023 Thule Group AB (publ), Annual General Meeting, Apr 27, 2023. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: kr5.99 (vs kr6.42 in 2Q 2021) Second quarter 2022 results: EPS: kr5.99 (down from kr6.42 in 2Q 2021). Revenue: kr3.31b (up 2.6% from 2Q 2021). Net income: kr626.0m (down 6.8% from 2Q 2021). Profit margin: 19% (down from 21% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 2.2%, compared to a 13% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • May 21
Independent Director recently bought €472k worth of stock On the 17th of May, Hans Eckerstrom bought around 15k shares on-market at roughly €31.46 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €452k more in shares than they bought in the last 12 months. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: kr5.04 (vs kr4.27 in 1Q 2021) First quarter 2022 results: EPS: kr5.04 (up from kr4.27 in 1Q 2021). Revenue: kr3.03b (up 20% from 1Q 2021). Net income: kr527.0m (up 18% from 1Q 2021). Profit margin: 17% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 7.4%, compared to a 16% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 20
Upcoming dividend of kr6.50 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 03 May 2022. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 3.6%. Lower than top quartile of German dividend payers (3.9%). Higher than average of industry peers (2.4%). Reported Earnings • Apr 08
Full year 2021 earnings released: EPS: kr17.12 (vs kr11.24 in FY 2020) Full year 2021 results: EPS: kr17.12 (up from kr11.24 in FY 2020). Revenue: kr10.4b (up 33% from FY 2020). Net income: kr1.79b (up 54% from FY 2020). Profit margin: 17% (up from 15% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 11%, compared to a 16% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 18% share price gain to €36.44, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 17x in the Leisure industry in Europe. Total returns to shareholders of 100% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €47.33 per share. Buying Opportunity • Feb 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be kr45.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% per annum over the last 3 years. Earnings per share has grown by 30% per annum over the last 3 years. Reported Earnings • Feb 10
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr17.11 (up from kr11.24 in FY 2020). Revenue: kr10.4b (up 33% from FY 2020). Net income: kr1.79b (up 54% from FY 2020). Profit margin: 17% (up from 15% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 13%, compared to a 15% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 27% per year. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS kr4.93 (vs kr4.31 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: kr2.77b (up 14% from 3Q 2020). Net income: kr516.0m (up 15% from 3Q 2020). Profit margin: 19% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 24
Upcoming dividend of kr4.00 per share Eligible shareholders must have bought the stock before 01 October 2021. Payment date: 07 October 2021. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.4%). Reported Earnings • Jul 22
Second quarter 2021 earnings released: EPS kr6.42 (vs kr3.02 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr3.23b (up 58% from 2Q 2020). Net income: kr672.0m (up 115% from 2Q 2020). Profit margin: 21% (up from 15% in 2Q 2020). The increase in margin was driven by higher revenue. Recent Insider Transactions • Jun 02
Insider recently sold €953k worth of stock On the 28th of May, Kajsa von Geijer sold around 25k shares on-market at roughly €38.11 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Executive Departure • May 01
President of Region Americas Fred Clark has left the company On the 30th of April, Fred Clark's tenure in the role of President of Region Americas ended. We don't have any record of a personal shareholding under Fred's name. Fred is the only executive to leave the company over the last 12 months. Reported Earnings • Apr 24
First quarter 2021 earnings released: EPS kr4.27 (vs kr2.34 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr2.54b (up 46% from 1Q 2020). Net income: kr447.0m (up 86% from 1Q 2020). Profit margin: 18% (up from 14% in 1Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Apr 03
Full year 2020 earnings released: EPS kr11.23 (vs kr8.56 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr7.83b (up 11% from FY 2019). Net income: kr1.17b (up 32% from FY 2019). Profit margin: 15% (up from 13% in FY 2019). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Feb 13
New 90-day high: €33.62 The company is up 27% from its price of €26.50 on 13 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €22.03 per share. Reported Earnings • Feb 11
Full year 2020 earnings released: EPS kr11.23 (vs kr8.56 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr7.83b (up 11% from FY 2019). Net income: kr1.17b (up 32% from FY 2019). Profit margin: 15% (up from 13% in FY 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Feb 11
Revenue beats expectations Revenue exceeded analyst estimates by 2.6%. Over the next year, revenue is forecast to grow 1.6%, compared to a 10% growth forecast for the Leisure industry in Germany. Is New 90 Day High Low • Jan 23
New 90-day high: €32.26 The company is up 11% from its price of €29.02 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €14.07 per share. Is New 90 Day High Low • Dec 30
New 90-day high: €30.54 The company is up 7.0% from its price of €28.52 on 01 October 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €14.18 per share. Reported Earnings • Oct 24
Third quarter earnings released Over the last 12 months the company has reported total profits of kr1.03b, up 15% from the prior year. Total revenue was kr7.43b over the last 12 months, up 6.4% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 24
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 22% at kr2.44b. Revenue is forecast to grow 4.5% over the next year, compared to a 13% growth forecast for the Leisure industry in Germany. Is New 90 Day High Low • Oct 24
New 90-day high: €29.02 The company is up 16% from its price of €25.08 on 24 July 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €10.79 per share. Is New 90 Day High Low • Oct 01
New 90-day high: €28.52 The company is up 28% from its price of €22.30 on 03 July 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €14.14 per share. 
