Thule Group Valuation

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

THULES (SEK342) is trading below our estimate of [[fair value]] (SEK386.43)

Is THULES 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 THULES when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: THULES (SEK342) is trading below our estimate of fair value (SEK386.43)

Significantly Below Fair Value: THULES 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 THULES?

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

The above table shows the Price to Earnings ratio for THULES. This is calculated by dividing THULES's market cap by their current earnings.
What is THULES's PE Ratio?
PE Ratio	31.6x
Earnings	SEK 1.18b
Market Cap	SEK 37.37b

THULES 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	4.1x
Enterprise Value/EBITDA	21.3x
PEG Ratio	1.3x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for THULES 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	37.6x
GAW Games Workshop Group	28.4x	4.4%	UK£4.3b
CCT Character Group	10.4x	n/a	UK£51.3m
BWY Bellway	21.8x	21.7%	UK£2.8b
BRBY Burberry Group	90x	43.0%	UK£3.4b
THULES Thule Group	31.6x	23.5%	SEK 37.4b

Price-To-Earnings vs Peers: THULES is good value based on its Price-To-Earnings Ratio (31.6x) compared to the peer average (37.7x).

Price to Earnings Ratio vs Industry

How does THULES'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: THULES is expensive based on its Price-To-Earnings Ratio (31.6x) compared to the Global Leisure industry average (18.3x).

Price to Earnings Ratio vs Fair Ratio

What is THULES'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.

THULES PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	31.6x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate THULES's Price-To-Earnings Fair Ratio for valuation analysis.

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 THULES 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	n/a	SEK 385.00 0%	8.9%	SEK 445.00	SEK 350.00	n/a	5
Dec ’25	SEK 342.00	SEK 371.25 +8.6%	4.9%	SEK 400.00	SEK 350.00	n/a	4
Nov ’25	SEK 356.40	SEK 321.25 -9.9%	8.0%	SEK 350.00	SEK 285.00	n/a	4
Oct ’25	n/a	SEK 317.50 0%	6.9%	SEK 340.00	SEK 285.00	n/a	4
Sep ’25	n/a	SEK 310.00 0%	9.5%	SEK 345.00	SEK 270.00	n/a	5
Aug ’25	n/a	SEK 310.00 0%	9.5%	SEK 345.00	SEK 270.00	n/a	5
Jul ’25	SEK 282.40	SEK 313.00 +10.8%	10.1%	SEK 350.00	SEK 270.00	n/a	5
Jun ’25	SEK 315.10	SEK 312.00 -1.0%	9.9%	SEK 350.00	SEK 270.00	n/a	5
May ’25	n/a	SEK 312.00 0%	9.9%	SEK 350.00	SEK 270.00	n/a	5
Apr ’25	n/a	SEK 304.00 0%	8.3%	SEK 335.00	SEK 270.00	n/a	5
Mar ’25	n/a	SEK 304.00 0%	8.3%	SEK 335.00	SEK 270.00	n/a	5
Feb ’25	n/a	SEK 291.00 0%	8.0%	SEK 320.00	SEK 250.00	n/a	5
Jan ’25	n/a	SEK 300.00 0%	9.8%	SEK 340.00	SEK 250.00	n/a	5
Dec ’24	SEK 268.45	SEK 300.00 +11.8%	9.8%	SEK 340.00	SEK 250.00	SEK 342.00	5
Nov ’24	n/a	SEK 332.50 0%	7.8%	SEK 370.00	SEK 300.00	SEK 356.40	4
Oct ’24	SEK 269.90	SEK 350.00 +29.7%	5.6%	SEK 370.00	SEK 320.00	n/a	4
Sep ’24	n/a	SEK 356.25 0%	5.9%	SEK 370.00	SEK 320.00	n/a	4
Aug ’24	n/a	SEK 343.75 0%	12.4%	SEK 370.00	SEK 270.00	n/a	4
Jul ’24	SEK 315.50	SEK 323.75 +2.6%	9.9%	SEK 350.00	SEK 270.00	SEK 282.40	4
Jun ’24	n/a	SEK 305.00 0%	10.0%	SEK 340.00	SEK 270.00	SEK 315.10	4
May ’24	SEK 258.90	SEK 272.50 +5.3%	16.0%	SEK 340.00	SEK 225.00	n/a	4
Apr ’24	SEK 228.60	SEK 242.50 +6.1%	5.2%	SEK 260.00	SEK 225.00	n/a	4
Mar ’24	SEK 221.80	SEK 242.50 +9.3%	5.2%	SEK 260.00	SEK 225.00	n/a	4
Feb ’24	SEK 245.45	SEK 245.00 -0.2%	5.6%	SEK 260.00	SEK 225.00	n/a	4
Jan ’24	n/a	SEK 241.00 0%	7.6%	SEK 265.00	SEK 220.00	n/a	5
Dec ’23	SEK 249.60	SEK 243.00 -2.6%	8.5%	SEK 270.00	SEK 220.00	SEK 268.45	5

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

Discover undervalued companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/20 23:40
End of Day Share Price	2024/11/27 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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.

Analyst	Institution
Lars Topholm	Carnegie Investment Bank AB
Daniel Schmidt	Danske Bank
Ebba Marie Bjorklid	DNB Markets