Thule Group AB (publ)

DB:TU0 Stock Report

Market Cap: €3.2b

Thule Group Valuation

Is TU0 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TU0 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TU0 (€29.62) is trading below our estimate of fair value (€35.26)

Significantly Below Fair Value: TU0 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TU0?

Key metric: As TU0 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TU0. This is calculated by dividing TU0's market cap by their current earnings.
What is TU0's PE Ratio?
PE Ratio30.9x
EarningsSEK 1.18b
Market CapSEK 36.60b

Price to Earnings Ratio vs Peers

How does TU0's PE Ratio compare to its peers?

The above table shows the PE ratio for TU0 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average59.3x
ZPF Zapf Creation
176.5xn/a€199.4m
BOSS Hugo Boss
14x13.3%€3.0b
PUM PUMA
26.3x18.5%€6.8b
ULC UNITEDLABELS
20.6x29.4%€12.1m
TU0 Thule Group
30.9x23.3%€36.6b

Price-To-Earnings vs Peers: TU0 is good value based on its Price-To-Earnings Ratio (30.9x) compared to the peer average (59.3x).

Price to Earnings Ratio vs Industry

How does TU0's PE Ratio compare vs other companies in the European Leisure Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TU0 30.9xIndustry Avg. 18.3xNo. of Companies5PE01224364860+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TU0 is expensive based on its Price-To-Earnings Ratio (30.9x) compared to the Global Leisure industry average (18.3x).

Price to Earnings Ratio vs Fair Ratio

What is TU0's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TU0 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio30.9x
Fair PE Ratio23.2x

Price-To-Earnings vs Fair Ratio: TU0 is expensive based on its Price-To-Earnings Ratio (30.9x) compared to the estimated Fair Price-To-Earnings Ratio (23.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TU0 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€29.62
€33.46
+13.0%
8.9%€38.68€30.42n/a5
Dec ’25€29.88
€32.09
+7.4%
4.9%€34.58€30.25n/a4
Nov ’25€30.64
€28.10
-8.3%
8.0%€30.62€24.93n/a4
Oct ’25€27.04
€27.97
+3.4%
6.9%€29.95€25.10n/a4
Sep ’25€26.68
€26.68
-0.01%
9.5%€29.69€23.24n/a5
Aug ’25€25.26
€26.68
+5.6%
9.5%€29.69€23.24n/a5
Jul ’25€24.48
€27.83
+13.7%
10.1%€31.12€24.01n/a5
Jun ’25€27.18
€26.67
-1.9%
9.9%€29.92€23.08n/a5
May ’25€26.02
€26.67
+2.5%
9.9%€29.92€23.08n/a5
Apr ’25€27.34
€27.14
-0.7%
8.3%€29.90€24.10n/a5
Mar ’25€25.30
€27.14
+7.3%
8.3%€29.90€24.10n/a5
Feb ’25€23.22
€25.88
+11.5%
8.0%€28.46€22.23n/a5
Jan ’25€24.15
€26.25
+8.7%
9.8%€29.75€21.87n/a5
Dec ’24€22.29
€26.25
+17.7%
9.8%€29.75€21.87€29.885
Nov ’24€21.23
€28.12
+32.4%
7.8%€31.29€25.37€30.644
Oct ’24€24.26
€29.38
+21.1%
5.6%€31.06€26.86€27.044
Sep ’24€26.64
€29.98
+12.5%
5.9%€31.13€26.93€26.684
Aug ’24€28.05
€29.83
+6.3%
12.4%€32.11€23.43€25.264
Jul ’24€26.40
€27.51
+4.2%
9.9%€29.75€22.95€24.484
Jun ’24€23.65
€26.90
+13.7%
10.0%€29.98€23.81€27.184
May ’24€24.85
€24.11
-3.0%
16.0%€30.08€19.91€26.024
Apr ’24€22.40
€21.93
-2.1%
5.2%€23.52€20.35€27.344
Mar ’24€20.49
€21.93
+7.1%
5.2%€23.52€20.35€25.304
Feb ’24€21.64
€21.94
+1.4%
5.6%€23.29€20.15€23.224
Jan ’24€19.68
€21.57
+9.6%
7.6%€23.72€19.69€24.155
Dec ’23€22.27
€22.27
-0.02%
8.5%€24.74€20.16€22.295

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/20 23:54
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Thule Group AB (publ) is covered by 12 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Lars TopholmCarnegie Investment Bank AB
Daniel SchmidtDanske Bank
Ebba Marie BjorklidDNB Markets