Thule Group AB (publ)

BATS-CHIXE:THULES Stock Report

Market Cap: SEK 28.2b

Thule Group Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • 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.

Discounted Cash Flow
Simply Wall St
SEK 367.70
Fair Value
31.6% undervalued intrinsic discount
5
Number of Analysts

Below Fair Value: THULES (SEK251.5) is trading below our estimate of fair value (SEK367.7)

Significantly Below Fair Value: THULES is trading below fair value by more than 20%.

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 Ratio25.1x
EarningsSEK 1.12b
Market CapSEK 28.21b

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.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average31.3x
GAW Games Workshop Group
28.5x3.9%UK£5.0b
CCT Character Group
9.2xn/aUK£45.5m
BRBY Burberry Group
66.8x45.8%UK£2.5b
BWY Bellway
20.7x20.2%UK£3.0b
THULES Thule Group
25.1x15.9%SEK 28.2b

Price-To-Earnings vs Peers: THULES is good value based on its Price-To-Earnings Ratio (25.1x) compared to the peer average (31.3x).

Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies4PE01224364860+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: THULES is expensive based on its Price-To-Earnings Ratio (25.1x) compared to the European Leisure industry average (20.2x).

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 Ratio25.1x
Fair PE Ration/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.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
SEK 370.00
0%
11.7%SEK 450.00SEK 325.00n/a5
Apr ’26SEK 304.40
SEK 376.67
+23.7%
10.0%SEK 450.00SEK 340.00n/a6
Mar ’26n/a
SEK 384.17
0%
9.9%SEK 450.00SEK 340.00n/a6
Feb ’26n/a
SEK 384.00
0%
8.8%SEK 445.00SEK 350.00n/a5
Jan ’26n/a
SEK 393.75
0%
8.3%SEK 445.00SEK 365.00n/a4
Dec ’25SEK 342.00
SEK 378.33
+10.6%
4.1%SEK 400.00SEK 365.00n/a3
Nov ’25SEK 356.40
SEK 321.25
-9.9%
8.0%SEK 350.00SEK 285.00n/a4
Oct ’25n/a
SEK 317.50
0%
6.9%SEK 340.00SEK 285.00n/a4
Sep ’25n/a
SEK 310.00
0%
9.5%SEK 345.00SEK 270.00n/a5
Aug ’25n/a
SEK 310.00
0%
9.5%SEK 345.00SEK 270.00n/a5
Jul ’25SEK 282.40
SEK 313.00
+10.8%
10.1%SEK 350.00SEK 270.00n/a5
Jun ’25SEK 315.10
SEK 312.00
-1.0%
9.9%SEK 350.00SEK 270.00n/a5
May ’25n/a
SEK 312.00
0%
9.9%SEK 350.00SEK 270.00n/a5
Apr ’25n/a
SEK 304.00
0%
8.3%SEK 335.00SEK 270.00SEK 304.405
Mar ’25n/a
SEK 304.00
0%
8.3%SEK 335.00SEK 270.00n/a5
Feb ’25n/a
SEK 291.00
0%
8.0%SEK 320.00SEK 250.00n/a5
Jan ’25n/a
SEK 300.00
0%
9.8%SEK 340.00SEK 250.00n/a5
Dec ’24SEK 268.45
SEK 300.00
+11.8%
9.8%SEK 340.00SEK 250.00SEK 342.005
Nov ’24n/a
SEK 332.50
0%
7.8%SEK 370.00SEK 300.00SEK 356.404
Oct ’24SEK 269.90
SEK 350.00
+29.7%
5.6%SEK 370.00SEK 320.00n/a4
Sep ’24n/a
SEK 356.25
0%
5.9%SEK 370.00SEK 320.00n/a4
Aug ’24n/a
SEK 343.75
0%
12.4%SEK 370.00SEK 270.00n/a4
Jul ’24SEK 315.50
SEK 323.75
+2.6%
9.9%SEK 350.00SEK 270.00SEK 282.404
Jun ’24n/a
SEK 305.00
0%
10.0%SEK 340.00SEK 270.00SEK 315.104
May ’24SEK 258.90
SEK 272.50
+5.3%
16.0%SEK 340.00SEK 225.00n/a4
Apr ’24SEK 228.60
SEK 242.50
+6.1%
5.2%SEK 260.00SEK 225.00n/a4
AnalystConsensusTarget
Consensus Narrative from 5 Analysts
SEK 355.71
Fair Value
29.3% undervalued intrinsic discount
5
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/04/27 08:52
End of Day Share Price 2025/04/16 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

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.

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 Github.

Analyst Sources

Thule Group AB (publ) is covered by 14 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Lars TopholmCarnegie Investment Bank AB
Daniel SchmidtDanske Bank