Thule Group (OM:THULE) - Share price, News & Analysis

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

THULE (SEK286.1) is trading below our estimate of [[fair value]] (SEK432.9)

THULE fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	2/6
Past Performance	2/6
Financial Health	5/6
Dividends	2/6

THULE Stock Overview

Thule Group AB (publ) operates as a sports and outdoor company.

Rewards

Trading at 33.9% below our estimate of its fair value

Earnings are forecast to grow 5.26% per year

Earnings have grown 22.7% per year over the past 5 years

Risk Analysis

High level of non-cash earnings

Dividend of 4.54% is not well covered by earnings

Thule Group Competitors

MIPS

OM:MIPS

kr16.0b

Nimbus Group

OM:BOAT

kr974.7m

Gullberg & Jansson

NGM:GJAB

kr477.6m

AB Electrolux

OM:ELUX B

kr40.9b

Price History & Performance

Summary of all time highs, changes and price drops for Thule Group
Historical stock prices
Current Share Price	kr286.10
52 Week High	kr556.50
52 Week Low	kr245.10
Beta	1.16
1 Month Change	-0.76%
3 Month Change	-8.74%
1 Year Change	-36.08%
3 Year Change	45.97%
5 Year Change	81.08%
Change since IPO	266.79%

Recent News & Updates

Aug 08

Thule Group's (STO:THULE) Dividend Will Be Increased To SEK6.50

The board of Thule Group AB (publ) ( STO:THULE ) has announced that it will be paying its dividend of SEK6.50 on the...

Jul 31

Returns on Capital Paint A Bright Future For Thule Group (STO:THULE)

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want...

Jul 20

Thule Group (STO:THULE) Is Paying Out A Larger Dividend Than Last Year

Thule Group AB (publ) ( STO:THULE ) has announced that it will be increasing its dividend from last year's comparable...

Jul 06

Thule Group (STO:THULE) Is Increasing Its Dividend To kr6.50

Thule Group AB (publ) ( STO:THULE ) will increase its dividend on the 11th of October to kr6.50. This will take the...

Shareholder Returns

	THULE	SE Leisure	SE Market
7D	-1.5%	2.6%	-0.1%
1Y	-36.1%	-35.3%	-22.0%

Return vs Industry: THULE matched the Swedish Leisure industry which returned -36.2% over the past year.

Return vs Market: THULE underperformed the Swedish Market which returned -23.1% over the past year.

Price Volatility

Is THULE's price volatile compared to industry and market?
THULE volatility
THULE Average Weekly Movement	7.0%
Leisure Industry Average Movement	8.5%
Market Average Movement	7.3%
10% most volatile stocks in SE Market	12.9%
10% least volatile stocks in SE Market	4.6%

Stable Share Price: THULE is not significantly more volatile than the rest of Swedish stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: THULE's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1942	3,300	Magnus Welander	https://www.thulegroup.com

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?
THULE fundamental statistics
Market Cap	kr29.92b
Earnings (TTM)	kr1.82b
Revenue (TTM)	kr10.97b

16.4x

P/E Ratio

2.7x

P/S Ratio

Is THULE overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
THULE income statement (TTM)
Revenue	kr10.97b
Cost of Revenue	kr6.60b
Gross Profit	kr4.36b
Other Expenses	kr2.54b
Earnings	kr1.82b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Oct 27, 2022

Earnings per share (EPS)	17.44
Gross Margin	39.78%
Net Profit Margin	16.63%
Debt/Equity Ratio	39.7%

How did THULE perform over the long term?

See historical performance and comparison

Dividends

4.5%

Current Dividend Yield

75%

Payout Ratio

Does THULE pay a reliable dividends?

See THULE dividend history and benchmarks

When do you need to buy THULE by to receive an upcoming dividend?
Thule Group dividend dates
Ex Dividend Date	Oct 05 2022
Dividend Pay Date	Oct 11 2022
Days until Ex dividend	57 days
Days until Dividend pay date	63 days

Does THULE pay a reliable dividends?

See THULE dividend history and benchmarks

We’ve recently updated our valuation analysis.

Valuation

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.
Key Statistics
Enterprise Value/Revenue	3x
Enterprise Value/EBITDA	13.2x
PEG Ratio	3.1x

Price to Earnings Ratio vs Peers

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

THULE PE Ratio vs Peers

The above table shows the PE ratio for THULE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	21.1x
MIPS MIPS	54.3x	26.7%	kr16.0b
BOAT Nimbus Group	6.1x	-5.8%	kr974.7m
GJAB Gullberg & Jansson	10.3x	n/a	kr477.6m
ELUX B AB Electrolux	13.8x	25.0%	kr40.9b
THULE Thule Group	16.4x	5.3%	kr29.9b

Price-To-Earnings vs Peers: THULE is good value based on its Price-To-Earnings Ratio (16.4x) compared to the peer average (21.1x).

Price to Earnings Ratio vs Industry

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

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.

Discover strong past performing companies

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.

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