Thule Group AB (publ) operates as a sports and outdoor company. It offers roof racks; roof boxes; carriers for transporting bikes, water, and winter sports equipment and rooftop tents; awnings, bike carriers, and tents for RVs and caravans; bike trailers, child bike seats, and strollers; luggage, backpacks, and laptop and sport bags; and hiking backpacks, camera bags, and cases for consumer electronics. The company offers its products primarily under the Thule and Case Logic brands.
Thule Group Fundamentals Summary
How do Thule Group's earnings and revenue compare to its market cap?
Is THULE undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
5/6
Valuation Score 5/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast
Key Valuation Metric
Which metric is best to use when looking at relative valuation for THULE?
Other financial metrics that can be useful for relative valuation.
The above table shows the n/a ratio for THULE. This is calculated by dividing THULE's market cap by their current
preferred multiple.
What is THULE's n/a Ratio?
n/a Ratio
0x
n/a
n/a
Market Cap
kr29.92b
THULE 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.
Price-To-Earnings vs Industry: THULE is expensive based on its Price-To-Earnings Ratio (16.4x) compared to the Swedish Leisure industry average (13.2x)
Price to Earnings Ratio vs Fair Ratio
What is THULE'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.
THULE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio
16.4x
Fair PE Ratio
19.3x
Price-To-Earnings vs Fair Ratio: THULE is good value based on its Price-To-Earnings Ratio (16.4x) compared to the estimated Fair Price-To-Earnings Ratio (19.3x).
Share Price vs Fair Value
What is the Fair Price of THULE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: THULE (SEK286.1) is trading below our estimate of fair value (SEK432.9)
Significantly Below Fair Value: THULE is trading below fair value by more than 20%.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
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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Future Growth
How is Thule Group forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
Future Growth Score
2/6
Future Growth Score 2/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE
5.3%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: THULE's forecast earnings growth (5.3% per year) is above the savings rate (0.4%).
Earnings vs Market: THULE's earnings (5.3% per year) are forecast to grow slower than the Swedish market (16.4% per year).
High Growth Earnings: THULE's earnings are forecast to grow, but not significantly.
Revenue vs Market: THULE's revenue (5.1% per year) is forecast to grow slower than the Swedish market (10.9% per year).
High Growth Revenue: THULE's revenue (5.1% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: THULE's Return on Equity is forecast to be high in 3 years time (27.7%)
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Past Performance
How has Thule Group performed over the past 5 years?
Past Performance Score
2/6
Past Performance Score 2/6
Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE
22.7%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: THULE has a high level of non-cash earnings.
Growing Profit Margin: THULE's current net profit margins (16.6%) are lower than last year (17.7%).
Past Earnings Growth Analysis
Earnings Trend: THULE's earnings have grown significantly by 22.7% per year over the past 5 years.
Accelerating Growth: THULE's earnings growth over the past year (5.3%) is below its 5-year average (22.7% per year).
Earnings vs Industry: THULE earnings growth over the past year (5.3%) underperformed the Leisure industry 15.5%.
Return on Equity
High ROE: THULE's Return on Equity (29.6%) is considered high.
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Financial Health
How is Thule Group's financial position?
Financial Health Score
5/6
Financial Health Score 5/6
Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage
Financial Position Analysis
Short Term Liabilities: THULE's short term assets (SEK5.3B) exceed its short term liabilities (SEK2.9B).
Long Term Liabilities: THULE's short term assets (SEK5.3B) exceed its long term liabilities (SEK3.2B).
Debt to Equity History and Analysis
Debt Level: THULE's net debt to equity ratio (37.7%) is considered satisfactory.
Reducing Debt: THULE's debt to equity ratio has reduced from 74% to 39.7% over the past 5 years.
Debt Coverage: THULE's debt is not well covered by operating cash flow (6.2%).
Interest Coverage: THULE's interest payments on its debt are well covered by EBIT (67.2x coverage).
Balance Sheet
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Dividend
What is Thule Group current dividend yield, its reliability and sustainability?
Dividend Score
2/6
Dividend Score 2/6
Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage
4.54%
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
Notable Dividend: THULE's dividend (4.54%) is higher than the bottom 25% of dividend payers in the Swedish market (1.47%).
High Dividend: THULE's dividend (4.54%) is low compared to the top 25% of dividend payers in the Swedish market (5.37%).
Stability and Growth of Payments
Stable Dividend: THULE has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: THULE's dividend payments have increased, but the company has only paid a dividend for 7 years.
Earnings Payout to Shareholders
Earnings Coverage: With its reasonable payout ratio (74.5%), THULE's dividend payments are covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: THULE is paying a dividend but the company has no free cash flows.
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Management
How experienced are the management team and are they aligned to shareholders interests?
7.5yrs
Average management tenure
CEO
Magnus Welander (56 yo)
12.33yrs
Tenure
kr18,361,000
Compensation
Mr. Magnus Welander serves as the Chief Executive Officer and President of Thule Sweden AB. Mr. Welander has been the Chief Executive Officer and President of Thule Group AB since April 1, 2010. He served...
CEO Compensation Analysis
Compensation vs Market: Magnus's total compensation ($USD1.81M) is about average for companies of similar size in the Swedish market ($USD1.50M).
Compensation vs Earnings: Magnus's compensation has been consistent with company performance over the past year.
Leadership Team
Experienced Management: THULE's management team is seasoned and experienced (7.5 years average tenure).
Board Members
Experienced Board: THULE's board of directors are considered experienced (4.6 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: THULE insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Thule Group AB (publ)'s employee growth, exchange listings and data sources
All financial data provided by Standard & Poor's Capital IQ.
Data
Last Updated (UTC time)
Company Analysis
2022/08/08 00:00
End of Day Share Price
2022/08/08 00:00
Earnings
2022/06/30
Annual Earnings
2021/12/31
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.