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Thule Group

OM:THULE
Snowflake Description

Solid track record with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
THULE
OM
SEK22B
Market Cap
  1. Home
  2. SE
  3. Consumer Durables
Company description

Thule Group AB (publ) operates in sports and outdoor industry worldwide. The last earnings update was 20 days ago. More info.


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THULE Share Price and Events
7 Day Returns
0.2%
OM:THULE
2.9%
Europe Leisure
1.2%
SE Market
1 Year Returns
2.2%
OM:THULE
16.5%
Europe Leisure
4.5%
SE Market
THULE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Thule Group (THULE) 0.2% 3.7% 17.6% 2.2% 85.3% -
Europe Leisure 2.9% 8.5% 11.1% 16.5% 57% 97.8%
SE Market 1.2% 5.1% 11.5% 4.5% 15.5% 24.8%
1 Year Return vs Industry and Market
  • THULE underperformed the Leisure industry which returned 16.5% over the past year.
  • THULE underperformed the Market in Sweden which returned 4.5% over the past year.
Price Volatility
THULE
Industry
5yr Volatility vs Market

Value

 Is Thule Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Thule Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Thule Group.

OM:THULE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.3%
Perpetual Growth Rate 10-Year SE Government Bond Rate 0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OM:THULE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SE Govt Bond Rate 0.4%
Equity Risk Premium S&P Global 6%
Leisure Unlevered Beta Simply Wall St/ S&P Global 0.91
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.913 (1 + (1- 22%) (10.06%))
0.99
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.99
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.43% + (0.99 * 5.96%)
6.34%

Discounted Cash Flow Calculation for OM:THULE using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Thule Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OM:THULE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SEK, Millions) Source Present Value
Discounted (@ 6.34%)
2019 888.75 Analyst x4 835.80
2020 982.50 Analyst x4 868.92
2021 1,049.00 Analyst x4 872.46
2022 1,098.47 Est @ 4.72% 859.18
2023 1,136.17 Est @ 3.43% 835.72
2024 1,164.94 Est @ 2.53% 805.83
2025 1,187.11 Est @ 1.9% 772.24
2026 1,204.47 Est @ 1.46% 736.85
2027 1,218.37 Est @ 1.15% 700.95
2028 1,229.80 Est @ 0.94% 665.37
Present value of next 10 years cash flows SEK7,953.31
OM:THULE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SEK1,229.80 × (1 + 0.43%) ÷ (6.34% – 0.43%)
SEK20,931.55
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SEK20,931.55 ÷ (1 + 6.34%)10
SEK11,324.88
OM:THULE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SEK7,953.31 + SEK11,324.88
SEK19,278.19
Equity Value per Share
(SEK)
= Total value / Shares Outstanding
= SEK19,278.19 / 103.21
SEK186.79
OM:THULE Discount to Share Price
Calculation Result
Value per share (SEK) From above. SEK186.79
Current discount Discount to share price of SEK209.40
= -1 x (SEK209.40 - SEK186.79) / SEK186.79
-12.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Thule Group is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Thule Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Thule Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OM:THULE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SEK SEK8.13
OM:THULE Share Price ** OM (2019-04-24) in SEK SEK209.4
Europe Leisure Industry PE Ratio Median Figure of 24 Publicly-Listed Leisure Companies 18.58x
Sweden Market PE Ratio Median Figure of 322 Publicly-Listed Companies 17.25x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Thule Group.

OM:THULE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OM:THULE Share Price ÷ EPS (both in SEK)

= 209.4 ÷ 8.13

25.77x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Thule Group is overvalued based on earnings compared to the Europe Leisure industry average.
  • Thule Group is overvalued based on earnings compared to the Sweden market.
Price based on expected Growth
Does Thule Group's expected growth come at a high price?
Raw Data
OM:THULE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 25.77x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
11.8%per year
Europe Leisure Industry PEG Ratio Median Figure of 11 Publicly-Listed Leisure Companies 1.41x
Sweden Market PEG Ratio Median Figure of 233 Publicly-Listed Companies 1.31x

*Line of best fit is calculated by linear regression .

OM:THULE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 25.77x ÷ 11.8%

2.18x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Thule Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Thule Group's assets?
Raw Data
OM:THULE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SEK SEK38.87
OM:THULE Share Price * OM (2019-04-24) in SEK SEK209.4
Europe Leisure Industry PB Ratio Median Figure of 28 Publicly-Listed Leisure Companies 2.56x
Sweden Market PB Ratio Median Figure of 566 Publicly-Listed Companies 2.52x
OM:THULE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OM:THULE Share Price ÷ Book Value per Share (both in SEK)

= 209.4 ÷ 38.87

5.39x

* Primary Listing of Thule Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Thule Group is overvalued based on assets compared to the Europe Leisure industry average.
X
Value checks
We assess Thule Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Leisure industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Leisure industry average (and greater than 0)? (1 check)
  5. Thule Group has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Thule Group expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
11.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Thule Group expected to grow at an attractive rate?
  • Thule Group's earnings growth is expected to exceed the low risk savings rate of 0.4%.
Growth vs Market Checks
  • Thule Group's earnings growth is expected to exceed the Sweden market average.
  • Thule Group's revenue growth is expected to exceed the Sweden market average.
Annual Growth Rates Comparison
Raw Data
OM:THULE Future Growth Rates Data Sources
Data Point Source Value (per year)
OM:THULE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 11.8%
OM:THULE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 5.7%
Europe Leisure Industry Earnings Growth Rate Market Cap Weighted Average 10.1%
Europe Leisure Industry Revenue Growth Rate Market Cap Weighted Average 6.7%
Sweden Market Earnings Growth Rate Market Cap Weighted Average 8.5%
Sweden Market Revenue Growth Rate Market Cap Weighted Average 4.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OM:THULE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in SEK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OM:THULE Future Estimates Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 8,406 1
2022-12-31 8,083 1
2021-12-31 8,029 1,300 1,198 5
2020-12-31 7,545 1,218 1,084 5
2019-12-31 7,079 1,110 958 5
OM:THULE Past Financials Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income *
2018-12-31 6,484 606 837
2018-09-30 6,333 799 754
2018-06-30 6,157 820 750
2018-03-31 5,957 930 713
2017-12-31 5,872 972 690
2017-09-30 5,849 854 760
2017-06-30 5,759 772 732
2017-03-31 5,529 737 687
2016-12-31 5,304 878 653
2016-09-30 5,300 940 645
2016-06-30 5,349 915 636
2016-03-31 5,312 782 611

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Thule Group's earnings are expected to grow by 11.8% yearly, however this is not considered high growth (20% yearly).
  • Thule Group's revenue is expected to grow by 5.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OM:THULE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Thule Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OM:THULE Future Estimates Data
Date (Data in SEK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 11.58 12.69 10.35 5.00
2020-12-31 10.50 10.94 9.87 5.00
2019-12-31 9.28 9.43 9.12 5.00
OM:THULE Past Financials Data
Date (Data in SEK Millions) EPS *
2018-12-31 8.13
2018-09-30 7.34
2018-06-30 7.34
2018-03-31 6.98
2017-12-31 6.77
2017-09-30 7.47
2017-06-30 7.22
2017-03-31 6.79
2016-12-31 6.47
2016-09-30 6.40
2016-06-30 6.33
2016-03-31 6.09

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Thule Group is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Thule Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Thule Group has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Thule Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Thule Group's growth in the last year to its industry (Leisure).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Thule Group has delivered over 20% year on year earnings growth in the past 5 years.
  • Thule Group's 1-year earnings growth exceeds its 5-year average (21.3% vs 20.9%)
  • Thule Group's earnings growth has not exceeded the Europe Leisure industry average in the past year (21.3% vs 28.8%).
Earnings and Revenue History
Thule Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Thule Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OM:THULE Past Revenue, Cash Flow and Net Income Data
Date (Data in SEK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 6,484.00 837.00 1,467.00
2018-09-30 6,333.00 754.00 1,427.00
2018-06-30 6,157.00 750.00 1,395.00
2018-03-31 5,957.00 713.00 1,364.00
2017-12-31 5,872.00 690.00 1,357.00
2017-09-30 5,849.00 760.00 1,346.00
2017-06-30 5,759.00 732.00 1,342.00
2017-03-31 5,529.00 687.00 1,309.00
2016-12-31 5,304.00 653.00 1,273.00
2016-09-30 5,300.00 645.00 1,245.00
2016-06-30 5,349.00 636.00 1,239.00
2016-03-31 5,312.00 611.00 1,235.00
2015-12-31 5,320.00 587.00 1,229.00
2015-09-30 5,241.00 463.00 1,253.00
2015-06-30 5,079.00 396.00 1,222.00
2015-03-31 4,790.00 297.00 1,173.00
2014-12-31 4,556.00 236.00 1,134.00
2014-09-30 4,581.00 285.00 1,094.00
2013-12-31 4,331.00 299.00 1,098.00
2012-12-31 4,362.00 246.00 1,113.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Thule Group has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Thule Group used its assets more efficiently than the Europe Leisure industry average last year based on Return on Assets.
  • Thule Group has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Thule Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Leisure industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Thule Group has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Thule Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Thule Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Thule Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Thule Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Thule Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Thule Group Company Filings, last reported 3 months ago.

OM:THULE Past Debt and Equity Data
Date (Data in SEK Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 4,012.00 2,175.00 186.00
2018-09-30 3,966.00 2,084.00 512.00
2018-06-30 3,819.00 2,240.00 169.00
2018-03-31 3,922.00 2,435.00 483.00
2017-12-31 3,467.00 2,312.00 581.00
2017-09-30 3,433.00 2,406.00 733.00
2017-06-30 3,308.00 2,467.00 232.00
2017-03-31 4,125.00 2,473.00 679.00
2016-12-31 3,826.00 2,501.00 763.00
2016-09-30 3,717.00 2,479.00 861.00
2016-06-30 3,507.00 2,431.00 532.00
2016-03-31 3,402.00 2,362.00 295.00
2015-12-31 3,228.00 2,381.00 274.00
2015-09-30 3,263.00 2,424.00 259.00
2015-06-30 3,257.00 2,683.00 126.00
2015-03-31 3,263.00 2,804.00 75.00
2014-12-31 2,966.00 2,668.00 114.00
2014-09-30 1,924.00 4,424.00 719.00
2013-12-31 1,802.00 4,724.00 385.00
2012-12-31 1,678.00 4,978.00 433.00
  • Thule Group's level of debt (54.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (262% vs 54.2% today).
  • Debt is well covered by operating cash flow (27.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 35.1x coverage).
X
Financial health checks
We assess Thule Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Thule Group has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Thule Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.34%
Current annual income from Thule Group dividends. Estimated to be 4.04% next year.
If you bought SEK2,000 of Thule Group shares you are expected to receive SEK67 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Thule Group's pays a higher dividend yield than the bottom 25% of dividend payers in Sweden (1.85%).
  • Thule Group's dividend is below the markets top 25% of dividend payers in Sweden (4.34%).
Upcoming dividend payment

Purchase Thule Group before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OM:THULE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Europe Leisure Industry Average Dividend Yield Market Cap Weighted Average of 17 Stocks 2.4%
Sweden Market Average Dividend Yield Market Cap Weighted Average of 245 Stocks 3.5%
Sweden Minimum Threshold Dividend Yield 10th Percentile 1.2%
Sweden Bottom 25% Dividend Yield 25th Percentile 1.8%
Sweden Top 25% Dividend Yield 75th Percentile 4.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OM:THULE Future Dividends Estimate Data
Date (Data in SEK) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 9.28 5.00
2020-12-31 8.47 5.00
2019-12-31 7.60 5.00
OM:THULE Past Annualized Dividends Data
Date (Data in SEK) Dividend per share (annual) Avg. Yield (%)
2019-04-04 7.000 3.394
2019-02-13 7.000 3.419
2018-03-20 6.000 3.096
2017-03-21 3.400 2.016
2016-02-15 2.500 1.935
2015-03-25 2.000 1.949

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Thule Group has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Thule Group only paid a dividend in the past 4 years.
Current Payout to shareholders
What portion of Thule Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Thule Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Thule Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Thule Group has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Thule Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Magnus Welander
COMPENSATION SEK15,193,000
AGE 52
TENURE AS CEO 9 years
CEO Bio

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 as Business Area President of Vehicle Accessories Europe/Asia of Thule Group AB. He was BA President of Outdoor & Bags Europe & ROW at Thule Group. He served as Chief Executive Officer and President of Envirotainer AB. He served as Technical Director at Tetra Pak Australia and various management positions at Tetra Pak Italy. He served as Chief Executive Officer of ETR Group AB and has been its Director since 2006. He has been a Director of MIPS AB (publ) since 2016. He has been Director of Envirotainer AB since 2006. Mr. Welander serves as Director of Brink Group B.V. He served as Director of Brink International AB, Britax Childcare Limited, Britax Group Ltd, CC (2011) Ltd, Brenderup Group AB, Brenderup AB, Brink International II AB and König IP AB. Mr. Welander holds MSc in Industrial Engineering and Management, Institute of Technology at Linköping University. He holds MSc in Civil Engineering from the Institute of Technology at Linköping University.

CEO Compensation
  • Magnus's compensation has increased by more than 20% in the past year.
  • Magnus's remuneration is higher than average for companies of similar size in Sweden.
Management Team Tenure

Average tenure and age of the Thule Group management team in years:

9.3
Average Tenure
52
Average Age
  • The average tenure for the Thule Group management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Magnus Welander

TITLE
CEO & President
COMPENSATION
SEK15M
AGE
52
TENURE
9 yrs

Lennart Mauritzson

TITLE
Chief Financial Officer
AGE
51
TENURE
8.3 yrs

Fredrik Erlandsson

TITLE
Senior Vice President of Communications & Investor Relations
AGE
48
TENURE
9.3 yrs

Kajsa von Geijer

TITLE
Senior Vice President of Human Resources & Sustainability
AGE
54
TENURE
14.3 yrs

Fred Clark

TITLE
President of Region Americas
AGE
59
TENURE
16.3 yrs

Peter Linderoth

TITLE
Secretary
Board of Directors Tenure

Average tenure and age of the Thule Group board of directors in years:

2.5
Average Tenure
51
Average Age
  • The average tenure for the Thule Group board of directors is less than 3 years, this suggests a new board.
Board of Directors

Bengt Baron

TITLE
Chairman of the Board
COMPENSATION
SEK469K
AGE
56
TENURE
1 yrs

Hans Eckerström

TITLE
Director
COMPENSATION
SEK394K
AGE
46
TENURE
12.3 yrs

Liv Forhaug

TITLE
Independent Director
COMPENSATION
SEK325K
AGE
48
TENURE
5 yrs

Heléne Mellquist

TITLE
Director
COMPENSATION
SEK370K
AGE
54
TENURE
2.9 yrs

Eva Elmstedt

TITLE
Director
COMPENSATION
SEK244K
AGE
58
TENURE
2 yrs

Mattias Ankarberg

TITLE
Director
AGE
42
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • Thule Group insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SEK) Value (SEK)
28. Feb 19 Sell Kajsa von Geijer Individual 28. Feb 19 28. Feb 19 -20,000 SEK206.44 SEK-4,128,836
X
Management checks
We assess Thule Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Thule Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Thule Group AB (publ)'s (STO:THULE) ROE Of 21% Impressive?

Our data shows Thule Group has a return on equity of 21% for the last year. … That means that for every SEK1 worth of shareholders' equity, it generated SEK0.21 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Thule Group AB (publ) (STO:THULE): Can Growth Justify Its April Share Price?

Thule Group AB (publ) (STO:THULE) is a stock well-positioned for future growth, but many investors are wondering whether its last closing price of SEK208.8 is based on unrealistic expectations. … See our latest analysis for Thule Group? … According to the analysts covering the company, the following few years should bring about good growth prospects for Thule Group

Simply Wall St -

What Should Investors Know About Thule Group AB (publ)'s (STO:THULE) Future?

On 31 December 2018, Thule Group AB (publ) (STO:THULE) released its earnings update. … the consensus outlook from analysts appear somewhat bearish, … the higher past 5-year average growth rate of 21%.

Simply Wall St -

When Should You Buy Thule Group AB (publ) (STO:THULE)?

Thule Group AB (publ) (STO:THULE), which is in the leisure business, and is based in Sweden,. … With many analysts covering the mid-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … Let’s take a look at Thule Group’s outlook and value based on the most recent financial data to see if the opportunity still exists

Simply Wall St -

Is Thule Group AB (publ) (STO:THULE) A Financially Sound Company?

Small-cap and large-cap companies receive a lot of attention from investors, but mid-cap stocks like Thule Group AB (publ) (STO:THULE), with a market cap of kr21b, are often out of the spotlight. … Don’t forget that this is a general and concentrated examination of Thule Group’s financial health, so you should conduct further analysis. … Check out our latest analysis for Thule Group

Simply Wall St -

Can You Imagine How Thule Group's (STO:THULE) Shareholders Feel About The 86% Share Price Increase?

For example, the Thule Group AB (publ) (STO:THULE) share price is up 86% in the last three years, clearly besting than the market return of around 11% (not including dividends). … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During three years of share price growth, Thule Group achieved compound earnings per share growth of 11% per year.

Simply Wall St -

What Should Investors Know About Thule Group AB (publ)'s (STO:THULE) Growth?

In December 2018, Thule Group AB (publ) (STO:THULE) released its most recent earnings announcement, whicha

Simply Wall St -

Why You Should Buy Thule Group AB (publ) (STO:THULE) In This Bear Market

Thule Group AB (publ) is a financially healthy and robust stock with a proven track record of outperformance. … We all know Thule Group, and having this large-cap to cushion your portfolio during a volatile period in the stock market isn't a bad idea. … Thule Group AB (publ) operates in sports and outdoor industry worldwide

Simply Wall St -

Don't Sell Thule Group AB (publ) (STO:THULE) Before You Read This

Based on the last twelve months, Thule Group's P/E ratio is 25.03. … How Do I Calculate Thule Group's Price To Earnings Ratio … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Is Thule Group AB (publ) (STO:THULE) A Great Dividend Stock?

Dividends can be underrated but they form a large part of investment returns, playing an important role in compounding returns in the long run. … Thule Group AB (publ) (STO:THULE) has recently paid dividends to shareholders, and currently yields 3.0%. … Let's take a look at Thule Group in more detail.

Simply Wall St -

Company Info

Description

Thule Group AB (publ) operates in sports and outdoor industry worldwide. It offers roof racks and boxes, racks for bikes, and water and winter sports equipment being transported by car; computer and camera bags, luggage, and hiking backpacks; bicycle trailers, strollers, and child bike seats; and awnings, bike carriers, and tents for motor homes and caravans. The company offers its products primarily under the Thule, Case Logic, TracRac, and SportRack brands. It sells its products to retailers. Thule Group AB (publ) was founded in 1942 and is headquartered in Malmö, Sweden.

Details
Name: Thule Group AB (publ)
THULE
Exchange: OM
Founded: 1942
SEK21,611,882,096
103,208,606
Website: http://www.thulegroup.com
Address: Thule Group AB (publ)
Fosievägen 13,
Malmö,
Skåne County, 214 31,
Sweden
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OM THULE Ordinary Shares OMX Nordic Exchange Stockholm SE SEK 26. Nov 2014
OTCPK THLP.F Ordinary Shares Pink Sheets LLC US USD 26. Nov 2014
DB TU0 Ordinary Shares Deutsche Boerse AG DE EUR 26. Nov 2014
LSE 0R3W Ordinary Shares London Stock Exchange GB SEK 26. Nov 2014
BATS-CHIXE THULEs Ordinary Shares BATS 'Chi-X Europe' GB SEK 26. Nov 2014
Number of employees
Current staff
Staff numbers
2,300
Thule Group employees.
Industry
Leisure Products
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/24 22:48
End of day share price update: 2019/04/24 00:00
Last estimates confirmation: 2019/04/24
Last earnings filing: 2019/04/04
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.