Thule Group AB (publ)

OM:THULE Stock Report

Market Cap: SEK 38.1b

Thule Group Valuation

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

Below Fair Value: THULE (SEK353.4) is trading below our estimate of fair value (SEK409.9)

Significantly Below Fair Value: THULE 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 THULE?

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

The above table shows the Price to Earnings ratio for THULE. This is calculated by dividing THULE's market cap by their current earnings.
What is THULE's PE Ratio?
PE Ratio31.6x
EarningsSEK 1.18b
Market CapSEK 38.06b

Price to Earnings Ratio vs Peers

How does THULE's PE Ratio compare to its 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.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average49x
MIPS Mips
117.6x48.7%SEK 12.2b
JM JM
48.7x58.3%SEK 10.7b
NEWA B New Wave Group
13.9x18.7%SEK 12.6b
PII Polaris
15.6x18.0%US$3.2b
THULE Thule Group
31.6x23.6%SEK 37.4b

Price-To-Earnings vs Peers: THULE is good value based on its Price-To-Earnings Ratio (31.6x) compared to the peer average (49x).

Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
THULE 31.6xIndustry Avg. 18.2xNo. of Companies4PE01224364860+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: THULE is expensive based on its Price-To-Earnings Ratio (31.6x) compared to the Global Leisure industry average (18.2x).

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 Ratio31.6x
Fair PE Ratio30.7x

Price-To-Earnings vs Fair Ratio: THULE is expensive based on its Price-To-Earnings Ratio (31.6x) compared to the estimated Fair Price-To-Earnings Ratio (30.6x).

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 THULE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 353.40
SEK 386.00
+9.2%
8.7%SEK 445.00SEK 350.00n/a5
Dec ’25SEK 343.40
SEK 371.25
+8.1%
4.9%SEK 400.00SEK 350.00n/a4
Nov ’25SEK 359.00
SEK 321.25
-10.5%
8.0%SEK 350.00SEK 285.00n/a4
Oct ’25SEK 304.40
SEK 317.50
+4.3%
6.9%SEK 340.00SEK 285.00n/a4
Sep ’25SEK 309.20
SEK 310.00
+0.3%
9.5%SEK 345.00SEK 270.00n/a5
Aug ’25SEK 293.20
SEK 310.00
+5.7%
9.5%SEK 345.00SEK 270.00n/a5
Jul ’25SEK 278.60
SEK 313.00
+12.3%
10.1%SEK 350.00SEK 270.00n/a5
Jun ’25SEK 316.00
SEK 312.00
-1.3%
9.9%SEK 350.00SEK 270.00n/a5
May ’25SEK 314.00
SEK 312.00
-0.6%
9.9%SEK 350.00SEK 270.00n/a5
Apr ’25SEK 322.70
SEK 304.00
-5.8%
8.3%SEK 335.00SEK 270.00n/a5
Mar ’25SEK 282.80
SEK 304.00
+7.5%
8.3%SEK 335.00SEK 270.00n/a5
Feb ’25SEK 265.20
SEK 291.00
+9.7%
8.0%SEK 320.00SEK 250.00n/a5
Jan ’25SEK 274.50
SEK 300.00
+9.3%
9.8%SEK 340.00SEK 250.00n/a5
Dec ’24SEK 267.20
SEK 300.00
+12.3%
9.8%SEK 340.00SEK 250.00SEK 343.405
Nov ’24SEK 253.80
SEK 332.50
+31.0%
7.8%SEK 370.00SEK 300.00SEK 359.004
Oct ’24SEK 286.90
SEK 350.00
+22.0%
5.6%SEK 370.00SEK 320.00SEK 304.404
Sep ’24SEK 314.00
SEK 356.25
+13.5%
5.9%SEK 370.00SEK 320.00SEK 309.204
Aug ’24SEK 328.70
SEK 343.75
+4.6%
12.4%SEK 370.00SEK 270.00SEK 293.204
Jul ’24SEK 317.10
SEK 323.75
+2.1%
9.9%SEK 350.00SEK 270.00SEK 278.604
Jun ’24SEK 277.40
SEK 305.00
+9.9%
10.0%SEK 340.00SEK 270.00SEK 316.004
May ’24SEK 295.70
SEK 272.50
-7.8%
16.0%SEK 340.00SEK 225.00SEK 314.004
Apr ’24SEK 254.70
SEK 242.50
-4.8%
5.2%SEK 260.00SEK 225.00SEK 322.704
Mar ’24SEK 228.50
SEK 242.50
+6.1%
5.2%SEK 260.00SEK 225.00SEK 282.804
Feb ’24SEK 251.90
SEK 245.00
-2.7%
5.6%SEK 260.00SEK 225.00SEK 265.204
Jan ’24SEK 217.70
SEK 241.00
+10.7%
7.6%SEK 265.00SEK 220.00SEK 274.505
Dec ’23SEK 250.10
SEK 243.00
-2.8%
8.5%SEK 270.00SEK 220.00SEK 267.205

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/19 18:47
End of Day Share Price 2024/12/19 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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 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.

AnalystInstitution
Lars TopholmCarnegie Investment Bank AB
Daniel SchmidtDanske Bank
Ebba Marie BjorklidDNB Markets