OM:THULE

Stock Analysis Report

Executive Summary

Thule Group AB (publ) operates in the sports and outdoor sector worldwide.


Snowflake Analysis

Proven track record with adequate balance sheet.


Similar Companies

Share Price & News

How has Thule Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: THULE's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

0.8%

THULE

-10.2%

SE Leisure

4.0%

SE Market


1 Year Return

-20.6%

THULE

-24.3%

SE Leisure

-6.4%

SE Market

Return vs Industry: THULE exceeded the Swedish Leisure industry which returned -24.3% over the past year.

Return vs Market: THULE underperformed the Swedish Market which returned -6.4% over the past year.


Shareholder returns

THULEIndustryMarket
7 Day0.8%-10.2%4.0%
30 Day-11.4%-20.0%-8.3%
90 Day-26.9%-28.4%-17.8%
1 Year-17.7%-20.6%-21.6%-24.3%-4.4%-6.4%
3 Year21.9%6.8%17.4%2.6%6.8%-8.3%
5 Year105.1%72.6%35.0%16.9%13.7%-9.9%

Price Volatility Vs. Market

How volatile is Thule Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Thule Group undervalued compared to its fair value and its price relative to the market?

9.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: THULE (SEK162.2) is trading below our estimate of fair value (SEK180.11)

Significantly Below Fair Value: THULE is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: THULE is poor value based on its PE Ratio (19x) compared to the Leisure industry average (11.1x).

PE vs Market: THULE is poor value based on its PE Ratio (19x) compared to the Swedish market (15.3x).


Price to Earnings Growth Ratio

PEG Ratio: THULE is poor value based on its PEG Ratio (2.3x)


Price to Book Ratio

PB vs Industry: THULE is overvalued based on its PB Ratio (3.9x) compared to the SE Leisure industry average (1.8x).


Next Steps

Future Growth

How is Thule Group forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

8.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: THULE's forecast earnings growth (8.4% per year) is above the savings rate (-0.4%).

Earnings vs Market: THULE's earnings (8.4% per year) are forecast to grow slower than the Swedish market (8.9% per year).

High Growth Earnings: THULE's earnings are forecast to grow, but not significantly.

Revenue vs Market: THULE's revenue (3.3% per year) is forecast to grow slower than the Swedish market (4.2% per year).

High Growth Revenue: THULE's revenue (3.3% 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 (23.6%)


Next Steps

Past Performance

How has Thule Group performed over the past 5 years?

17.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: THULE has high quality earnings.

Growing Profit Margin: THULE's current net profit margins (12.5%) are lower than last year (12.9%).


Past Earnings Growth Analysis

Earnings Trend: THULE's earnings have grown by 17% per year over the past 5 years.

Accelerating Growth: THULE's earnings growth over the past year (5.5%) is below its 5-year average (17% per year).

Earnings vs Industry: THULE earnings growth over the past year (5.5%) exceeded the Leisure industry -6.9%.


Return on Equity

High ROE: THULE's Return on Equity (20.4%) is considered high.


Next Steps

Financial Health

How is Thule Group's financial position?


Financial Position Analysis

Short Term Liabilities: THULE's short term assets (SEK2.2B) exceed its short term liabilities (SEK1.1B).

Long Term Liabilities: THULE's short term assets (SEK2.2B) do not cover its long term liabilities (SEK2.8B).


Debt to Equity History and Analysis

Debt Level: THULE's debt to equity ratio (50.7%) is considered high.

Reducing Debt: THULE's debt to equity ratio has reduced from 89.3% to 50.7% over the past 5 years.

Debt Coverage: THULE's debt is well covered by operating cash flow (46.9%).

Interest Coverage: THULE's interest payments on its debt are well covered by EBIT (26.6x coverage).


Balance Sheet


Next Steps

Dividend

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

4.97%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate THULE's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate THULE's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if THULE's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if THULE's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: THULE is not paying a notable dividend for the Swedish market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of THULE's dividend in 3 years as they are not forecast to pay a notable one for the Swedish market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

10.3yrs

Average management tenure


CEO

Magnus Welander (53yo)

10s

Tenure

kr11,285,000

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 ($USD1.13M) is above average for companies of similar size in the Swedish market ($USD802.97K).

Compensation vs Earnings: Magnus's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Magnus Welander
CEO & President10yrskr11.29mno data
Jonas Lindqvist
Chief Financial Officer0.083yrno datano data
Marianne Hagelqvist
Head of Group Accountingno datano datano data
Fredrik Erlandsson
Senior Vice President of Communications & Investor Relations10.25yrsno data0.10% SEK17.5m
Kajsa von Geijer
Senior Vice President of Human Resources & Sustainability15.25yrsno data0.067% SEK11.3m
Fred Clark
President of Region Americas17.25yrsno data0.35% SEK59.3m
Peter Linderoth
Secretaryno datano datano data

10.3yrs

Average Tenure

55yo

Average Age

Experienced Management: THULE's management team is seasoned and experienced (10.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Hans Eckerström
Independent Director13.25yrskr426.00k0.019% SEK3.2m
Bengt Baron
Independent Chairman of the Board2yrskr969.00k0.035% SEK5.8m
Heléne Mellquist
Independent Director3.92yrskr411.00k0.0012% SEK202.6k
Mattias Ankarberg
Independent Director2.25yrskr270.00k0.0014% SEK242.7k
Helene Willberg
Director1yrno datano data

2.3yrs

Average Tenure

52yo

Average Age

Experienced Board: THULE's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if 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 company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Thule Group AB (publ)
  • Ticker: THULE
  • Exchange: OM
  • Founded: 1942
  • Industry: Leisure Products
  • Sector: Consumer Durables
  • Market Cap: kr16.740b
  • Shares outstanding: 103.21m
  • Website: https://www.thulegroup.com

Number of Employees


Location

  • Thule Group AB (publ)
  • Fosievägen 13
  • Malmö
  • Skåne County
  • 214 31
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
THULEOM (OMX Nordic Exchange Stockholm)YesOrdinary SharesSESEKNov 2014
THULEsBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBSEKNov 2014
0R3WLSE (London Stock Exchange)YesOrdinary SharesGBSEKNov 2014
TU0DB (Deutsche Boerse AG)YesOrdinary SharesDEEURNov 2014
THLP.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDNov 2014
THUP.YOTCPK (Pink Sheets LLC)UNSPONSRED ADSUSUSDJun 2019

Biography

Thule Group AB (publ) operates in the sports and outdoor sector worldwide. It offers roof racks, rooftop boxes, bike racks for vehicles, and racks for water and winter sports transported by car; computer and camera bags, hiking backpacks, and luggage; bike 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 and Case Logic brands to retailers and distributors. Thule Group AB (publ) was founded in 1942 and is headquartered in Malmö, Sweden. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/08 04:34
End of Day Share Price2020/04/07 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.