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 (€30.14) is trading below our estimate of fair value (€34.67)

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 Ratio	30.7x
Earnings	SEK 1.18b
Market Cap	SEK 36.33b

TU0 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3.9x
Enterprise Value/EBITDA	20.7x
PEG Ratio	1.4x

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.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	58.4x
ZPF Zapf Creation	176.5x	n/a	€199.4m
BOSS Hugo Boss	12.8x	13.1%	€2.8b
PUM PUMA	26.5x	18.6%	€6.8b
ULC UNITEDLABELS	17.7x	26.1%	€10.9m
TU0 Thule Group	30.7x	22.0%	€36.3b

Price-To-Earnings vs Peers: TU0 is good value based on its Price-To-Earnings Ratio (30.7x) compared to the peer average (58.4x).

Price to Earnings Ratio vs Industry

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

0 Companies	Price / Earnings	Estimated Growth	Market Cap

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TU0 is expensive based on its Price-To-Earnings Ratio (30.7x) compared to the Global Leisure industry average (17.1x).

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 Ratio	30.7x
Fair PE Ratio	22.5x

Price-To-Earnings vs Fair Ratio: TU0 is expensive based on its Price-To-Earnings Ratio (30.7x) compared to the estimated Fair Price-To-Earnings Ratio (22.5x).

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.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€30.14	€32.09 +6.5%	4.9%	€34.58	€30.25	n/a	4
Nov ’25	€30.64	€28.10 -8.3%	8.0%	€30.62	€24.93	n/a	4
Oct ’25	€27.04	€27.97 +3.4%	6.9%	€29.95	€25.10	n/a	4
Sep ’25	€26.68	€26.68 -0.01%	9.5%	€29.69	€23.24	n/a	5
Aug ’25	€25.26	€26.68 +5.6%	9.5%	€29.69	€23.24	n/a	5
Jul ’25	€24.48	€27.83 +13.7%	10.1%	€31.12	€24.01	n/a	5
Jun ’25	€27.18	€26.67 -1.9%	9.9%	€29.92	€23.08	n/a	5
May ’25	€26.02	€26.67 +2.5%	9.9%	€29.92	€23.08	n/a	5
Apr ’25	€27.34	€26.94 -1.5%	8.3%	€29.68	€23.92	n/a	5
Mar ’25	€25.30	€26.94 +6.5%	8.3%	€29.68	€23.92	n/a	5
Feb ’25	€23.22	€25.88 +11.5%	8.0%	€28.46	€22.23	n/a	5
Jan ’25	€24.15	€26.25 +8.7%	9.8%	€29.75	€21.87	n/a	5
Dec ’24	€22.29	€26.25 +17.7%	9.8%	€29.75	€21.87	n/a	5
Nov ’24	€21.23	€28.12 +32.4%	7.8%	€31.29	€25.37	€30.64	4
Oct ’24	€24.26	€29.38 +21.1%	5.6%	€31.06	€26.86	€27.04	4
Sep ’24	€26.64	€29.98 +12.5%	5.9%	€31.13	€26.93	€26.68	4
Aug ’24	€28.05	€29.83 +6.3%	12.4%	€32.11	€23.43	€25.26	4
Jul ’24	€26.40	€27.51 +4.2%	9.9%	€29.75	€22.95	€24.48	4
Jun ’24	€23.65	€26.90 +13.7%	10.0%	€29.98	€23.81	€27.18	4
May ’24	€24.85	€24.11 -3.0%	16.0%	€30.08	€19.91	€26.02	4
Apr ’24	€22.40	€21.93 -2.1%	5.2%	€23.52	€20.35	€27.34	4
Mar ’24	€20.49	€21.93 +7.1%	5.2%	€23.52	€20.35	€25.30	4
Feb ’24	€21.64	€21.94 +1.4%	5.6%	€23.29	€20.15	€23.22	4
Jan ’24	€19.68	€21.57 +9.6%	7.6%	€23.72	€19.69	€24.15	5
Dec ’23	€22.27	€22.27 -0.02%	8.5%	€24.74	€20.16	€22.29	5
Nov ’23	€19.79	€22.27 +12.5%	8.5%	€24.74	€20.16	€21.23	5

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