Declared Dividend • May 20
Dividend of kr4.15 announced Shareholders will receive a dividend of kr4.15. Ex-date: 2nd October 2026 Payment date: 8th October 2026 Dividend yield will be 3.6%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (78% earnings payout ratio) and cash flows (83% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • May 05
Upcoming dividend of kr4.15 per share Eligible shareholders must have bought the stock before 12 May 2026. Payment date: 19 May 2026. Payout ratio and cash payout ratio are on the higher end at 78% and 83% respectively. Trailing yield: 3.7%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (2.6%). Reported Earnings • Apr 16
Full year 2025 earnings released: EPS: kr10.33 (vs kr10.59 in FY 2024) Full year 2025 results: EPS: kr10.33 (down from kr10.59 in FY 2024). Revenue: kr10.4b (up 9.3% from FY 2024). Net income: kr1.11b (flat on FY 2024). Profit margin: 11% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Recent Insider Transactions • Mar 15
CEO & President recently bought kr731k worth of stock On the 13th of March, Mattias Ankarberg bought around 4k shares on-market at roughly kr209 per share. This transaction amounted to 35% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Mattias' only on-market trade for the last 12 months. Recent Insider Transactions • Feb 16
Independent Director recently bought kr268k worth of stock On the 10th of February, Paul Gustavsson bought around 1k shares on-market at roughly kr248 per share. This transaction amounted to 96% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr7.5m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 16
Independent Director recently bought kr268k worth of stock On the 10th of February, Paul Gustavsson bought around 1k shares on-market at roughly kr248 per share. This transaction amounted to 96% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr7.5m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 12
Independent Director recently bought kr268k worth of stock On the 10th of February, Paul Gustavsson bought around 1k shares on-market at roughly kr248 per share. This transaction amounted to 96% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr7.5m more in shares than they have sold in the last 12 months. Declared Dividend • Feb 12
Final dividend of kr4.15 announced Shareholders will receive a dividend of kr4.15. Ex-date: 12th May 2026 Payment date: 19th May 2026 Dividend yield will be 3.5%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (80% earnings payout ratio) but not covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 43% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 11
Full year 2025 earnings released: EPS: kr10.33 (vs kr10.59 in FY 2024) Full year 2025 results: EPS: kr10.33 (down from kr10.59 in FY 2024). Revenue: kr10.4b (up 9.3% from FY 2024). Net income: kr1.11b (flat on FY 2024). Profit margin: 11% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 1% per year. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr246, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 20x in the Leisure industry in Europe. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr375 per share. Duyuru • Feb 10
Thule Group AB (publ) to Report Fiscal Year 2026 Results on Feb 10, 2027 Thule Group AB (publ) announced that they will report fiscal year 2026 results on Feb 10, 2027 Recent Insider Transactions • Oct 30
Chief Financial Officer recently bought kr304k worth of stock On the 27th of October, Toby Lawton bought around 1k shares on-market at roughly kr254 per share. This transaction amounted to 7.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Toby has been a buyer over the last 12 months, purchasing a net total of kr4.0m worth in shares. Reported Earnings • Oct 23
Third quarter 2025 earnings released: EPS: kr2.91 (vs kr2.84 in 3Q 2024) Third quarter 2025 results: EPS: kr2.91 (up from kr2.84 in 3Q 2024). Revenue: kr2.53b (up 7.8% from 3Q 2024). Net income: kr314.0m (up 4.7% from 3Q 2024). Profit margin: 12% (in line with 3Q 2024). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Duyuru • Oct 03
Thule Group AB (publ), Annual General Meeting, May 11, 2026 Thule Group AB (publ), Annual General Meeting, May 11, 2026. Location: malmo Sweden Upcoming Dividend • Sep 26
Upcoming dividend of kr4.15 per share Eligible shareholders must have bought the stock before 03 October 2025. Payment date: 09 October 2025. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of British dividend payers (5.4%). Higher than average of industry peers (3.1%). Buy Or Sell Opportunity • Jul 25
Now 21% undervalued Over the last 90 days, the stock has risen 9.1% to kr285. The fair value is estimated to be kr361, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 12%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 52% in the next 2 years. Reported Earnings • Jul 16
Second quarter 2025 earnings released: EPS: kr4.75 (vs kr5.29 in 2Q 2024) Second quarter 2025 results: EPS: kr4.75 (down from kr5.29 in 2Q 2024). Revenue: kr3.40b (up 9.8% from 2Q 2024). Net income: kr512.0m (down 8.4% from 2Q 2024). Profit margin: 15% (down from 18% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Declared Dividend • May 08
Dividend of kr4.15 announced Shareholders will receive a dividend of kr4.15. Ex-date: 3rd October 2025 Payment date: 9th October 2025 Dividend yield will be 3.5%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 60% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • May 02
Chief Financial Officer recently bought kr3.7m worth of stock On the 29th of April, Toby Lawton bought around 16k shares on-market at roughly kr227 per share. This transaction increased Toby's direct individual holding by 22x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Toby's only on-market trade for the last 12 months. Duyuru • Apr 30
Thule Board Member acquired an unknown minority stake in Thule Group AB (publ) (OM:THULE) for SEK 1.04 million in a management participated transaction. Thule Board Member acquired an unknown minority stake in Thule Group AB (publ) (OM:THULE) for SEK 1.04 million in a management participated transaction on April 29, 2025. A cash consideration will be paid by the buyer. As part of consideration, an undisclosed value is paid towards common equity of Thule Group AB (publ). Post completion of the acquisition, Thule Board member now holds 7,832 Thule shares.
Thule Board Member completed the acquisition of an unknown minority stake in Thule Group AB (publ) (OM:THULE) in a management participated transaction on April 29, 2025 Upcoming Dividend • Apr 23
Upcoming dividend of kr4.15 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 07 May 2025. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of British dividend payers (6.2%). In line with average of industry peers (3.3%). Reported Earnings • Apr 08
Full year 2024 earnings released: EPS: kr10.59 (vs kr10.45 in FY 2023) Full year 2024 results: EPS: kr10.59 (up from kr10.45 in FY 2023). Revenue: kr9.54b (up 4.5% from FY 2023). Net income: kr1.12b (up 2.1% from FY 2023). Profit margin: 12% (in line with FY 2023). Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to kr300. The fair value is estimated to be kr377, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.3% over the last 3 years. Earnings per share has declined by 20%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Declared Dividend • Feb 20
Final dividend of kr4.15 announced Shareholders will receive a dividend of kr4.15. Ex-date: 30th April 2025 Payment date: 7th May 2025 Dividend yield will be 2.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (85% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 61% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • Feb 14
Independent Director recently bought kr1.3m worth of stock On the 11th of February, Sarah McPhee bought around 4k shares on-market at roughly kr371 per share. This transaction increased Sarah's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold kr18m more in shares than they bought in the last 12 months. Duyuru • Feb 08
Thule Group AB (Publ) Proposes Dividend The Board of Thule Group AB (publ) proposed a dividend of SEK 8.30 per share. Reported Earnings • Feb 07
Full year 2024 earnings released: EPS: kr10.60 (vs kr10.45 in FY 2023) Full year 2024 results: EPS: kr10.60 (up from kr10.45 in FY 2023). Revenue: kr9.54b (up 4.5% from FY 2023). Net income: kr1.12b (up 2.1% from FY 2023). Profit margin: 12% (in line with FY 2023). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Duyuru • Feb 07
Thule Group AB (publ) to Report Fiscal Year 2025 Results on Feb 10, 2026 Thule Group AB (publ) announced that they will report fiscal year 2025 results on Feb 10, 2026 Duyuru • Jan 30
Thule Group AB (publ) to Report Q4, 2024 Results on Feb 07, 2025 Thule Group AB (publ) announced that they will report Q4, 2024 results at 7:45 AM, Central European Standard Time on Feb 07, 2025 Duyuru • Dec 06
Thule Group AB (publ) (OM:THULE) completed the acquisition of Quad Lock Pty Ltd from Quadrant Private Equity Pty Limited, founders and other minority shareholders of Quad Lock Pty Ltd Thule Group AB (publ) (OM:THULE) agreed to acquire Quad Lock Pty Ltd from Quadrant Private Equity Pty Limited, founders and other minority shareholders of Quad Lock Pty Ltd for AUD 500 million on November 11, 2024. The consideration consists of 2.11 million common equity of Thule Group AB (publ) to be issued for common equity of Quad Lock Pty Ltd. A cash consideration will be paid by Thule Group AB (publ). The consideration is subject to possible price adjustments. For the period ending October 31, 2024, Quad Lock Pty Ltd reported total revenue of AUD 1.4 billion. The transaction will be financed through a combination of existing cash and credit facilities. The acquisition is conditional upon regulatory approval from the Australian Foreign Investment Review Board and customary closing conditions and is expected to close in the fourth quarter 2024. The acquisition is expected to be accretive. Jefferies Pty Ltd acted as financial advisor for Quadrant Private Equity Pty Limited. Goldman Sachs Bank Europe SE, Sweden Bankfilial acted as financial advisor for Thule Group AB. MinterEllison acted as legal advisor for Thule Group AB. Baker & Mckenzie acted as legal advisor for Thule Group AB. Gilbert and Tobin acted as legal advisor for Quadrant Private Equity Pty Limited. Roschier, Attorneys Ltd. acted as legal advisor for Quadrant Private Equity Pty Limited.
Thule Group AB (publ) (OM:THULE) completed the acquisition of Quad Lock Pty Ltd from Quadrant Private Equity Pty Limited, founders and other minority shareholders of Quad Lock Pty Ltd on December 4, 2024. Buy Or Sell Opportunity • Nov 11
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to kr363. The fair value is estimated to be kr299, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.4% over the last 3 years. Earnings per share has declined by 22%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 37% in the next 2 years. Reported Earnings • Oct 23
Third quarter 2024 earnings released: EPS: kr2.84 (vs kr2.48 in 3Q 2023) Third quarter 2024 results: EPS: kr2.84 (up from kr2.48 in 3Q 2023). Revenue: kr2.34b (up 1.4% from 3Q 2023). Net income: kr300.0m (up 14% from 3Q 2023). Profit margin: 13% (up from 11% in 3Q 2023). Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Duyuru • Oct 23
Thule Group AB (publ) to Report Q3, 2025 Results on Oct 22, 2025 Thule Group AB (publ) announced that they will report Q3, 2025 results on Oct 22, 2025 Upcoming Dividend • Sep 27
Upcoming dividend of kr4.75 per share Eligible shareholders must have bought the stock before 04 October 2024. Payment date: 10 October 2024. Payout ratio is on the higher end at 88%, however this is supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of British dividend payers (5.4%). Lower than average of industry peers (3.8%). Reported Earnings • Jul 18
Second quarter 2024 earnings released: EPS: kr5.29 (vs kr5.15 in 2Q 2023) Second quarter 2024 results: EPS: kr5.29 (up from kr5.15 in 2Q 2023). Revenue: kr3.10b (up 2.3% from 2Q 2023). Net income: kr559.0m (up 3.7% from 2Q 2023). Profit margin: 18% (in line with 2Q 2023). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Duyuru • May 25
Thule Group (Publ) Appoints Catharina Paulcén as Senior Vice President Corporate Communications and Investor Relations Thule Group (publ) appointed Catharina Paulcén as Senior Vice President Corporate Communications and Investor Relations. She will be part of Group Management, based at the Group's head office in Malmö, Sweden. Catharina has over twenty years' experience of communication and investor relations in international environments. Following graduation from Lund University in Sweden, Catharina spent over fifteen years in the software industry, and has since been responsible for communication at the publicly listed company Haldex AB, a manufacturer of automotive components, and most recently the ventilation company publicly listed ventilation company Lindab AB. Catharina also has a strong outdoor interest and is an active leader the Swedish scout organization at the local and national level. Catharina will assume her position latest November 2024. Recent Insider Transactions • May 03
Insider recently sold kr1.9m worth of stock On the 29th of April, Fredrik Erlandsson sold around 6k shares on-market at roughly kr308 per share. This transaction amounted to 6.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth kr2.4m. Insiders have been net sellers, collectively disposing of kr7.4m more than they bought in the last 12 months. Board Change • May 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Paul Gustavsson was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Apr 30
Dividend of kr4.75 announced Shareholders will receive a dividend of kr4.75. Ex-date: 4th October 2024 Payment date: 10th October 2024 Dividend yield will be 3.1%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (89% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 19% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share is expected to grow by 51% over the next 3 years, which should maintain adequate earnings cover for the dividend. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: kr2.84 (vs kr2.63 in 1Q 2023) First quarter 2024 results: EPS: kr2.84 (up from kr2.63 in 1Q 2023). Revenue: kr2.42b (up 8.7% from 1Q 2023). Net income: kr300.0m (up 9.1% from 1Q 2023). Profit margin: 12% (in line with 1Q 2023). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 22
Upcoming dividend of kr4.75 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 06 May 2024. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of British dividend payers (6.0%). In line with average of industry peers (3.5%). Reported Earnings • Apr 07
Full year 2023 earnings released: EPS: kr10.45 (vs kr12.19 in FY 2022) Full year 2023 results: EPS: kr10.45 (down from kr12.19 in FY 2022). Revenue: kr9.13b (down 9.9% from FY 2022). Net income: kr1.10b (down 14% from FY 2022). Profit margin: 12% (in line with FY 2022). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Mar 21
Insider recently sold kr2.4m worth of stock On the 18th of March, Fredrik Erlandsson sold around 8k shares on-market at roughly kr300 per share. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr3.1m more than they bought in the last 12 months. Duyuru • Feb 28
Thule Group AB (publ) to Report Fiscal Year 2023 Final Results on Apr 05, 2024 Thule Group AB (publ) announced that they will report fiscal year 2023 final results at 9:00 AM, Central European Standard Time on Apr 05, 2024 Declared Dividend • Feb 16
Final dividend of kr4.75 announced Shareholders will receive a dividend of kr4.75. Ex-date: 29th April 2024 Payment date: 6th May 2024 Dividend yield will be 3.2%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio). However, it is covered by cash flows (63% cash payout ratio). The dividend has increased by an average of 19% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 1.0% to bring the payout ratio under control. EPS is expected to grow by 49% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 11
Full year 2023 earnings released: EPS: kr10.45 (vs kr12.19 in FY 2022) Full year 2023 results: EPS: kr10.45 (down from kr12.19 in FY 2022). Revenue: kr9.13b (down 9.9% from FY 2022). Net income: kr1.10b (down 14% from FY 2022). Profit margin: 12% (in line with FY 2022). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Duyuru • Feb 09
Thule Group AB (publ) Proposes Dividend The Board of Directors of Thule Group AB (publ) proposed a dividend of SEK 9.50 per share which, based on the number of shares outstanding on February 9, 2024, corresponds to a dividend of SEK 1,004 million. The proposed dividend comprises 91% of the earnings per share for 2023. It is also proposed that dividends be paid in two installments for a better adaptation to the Group's cash flow profile. The proposed record date for the first dividend payment of SEK 4.75 per share is April 30, 2024 and the proposed record date for the second payment of SEK 4.75 per share is October 7, 2024. Buying Opportunity • Nov 30
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be kr342, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has declined by 7.2%. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 45% in the next 2 years. Recent Insider Transactions • Nov 04
Insider recently sold kr3.7m worth of stock On the 1st of November, Kajsa von Geijer sold around 15k shares on-market at roughly kr252 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr801k more than they bought in the last 12 months. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: kr2.48 (vs kr1.31 in 3Q 2022) Third quarter 2023 results: EPS: kr2.48 (up from kr1.31 in 3Q 2022). Revenue: kr2.31b (up 8.0% from 3Q 2022). Net income: kr262.0m (up 91% from 3Q 2022). Profit margin: 11% (up from 6.4% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year and the company’s share price has also fallen by 7% per year. Duyuru • Oct 27
Thule Group AB (publ) to Report Q1, 2024 Results on Apr 26, 2024 Thule Group AB (publ) announced that they will report Q1, 2024 results on Apr 26, 2024 Upcoming Dividend • Sep 27
Upcoming dividend of kr4.60 per share at 3.4% yield Eligible shareholders must have bought the stock before 04 October 2023. Payment date: 10 October 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (6.3%). In line with average of industry peers (3.1%). Buying Opportunity • Sep 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be kr340, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has grown by 2.7%. Revenue is forecast to grow by 19% in 2 years. Earnings is forecast to grow by 77% in the next 2 years. Recent Insider Transactions • Aug 20
CEO, President & Director recently bought kr2.9m worth of stock On the 15th of August, Mattias Ankarberg bought around 9k shares on-market at roughly kr336 per share. This transaction increased Mattias' direct individual holding by 6x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Mattias' only on-market trade for the last 12 months. Reported Earnings • Jul 20
Second quarter 2023 earnings released: EPS: kr5.15 (vs kr5.99 in 2Q 2022) Second quarter 2023 results: EPS: kr5.15 (down from kr5.99 in 2Q 2022). Revenue: kr3.03b (down 8.6% from 2Q 2022). Net income: kr539.0m (down 14% from 2Q 2022). Profit margin: 18% (down from 19% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 7% per year. Duyuru • Jul 17
Thule Group AB (Publ) Appoints Toby Lawton as Chief Financial Officer, Effective January 2024 Toby Lawton has been appointed Chief Financial Officer, CFO, and member of Group Management in Thule Group, based out of the Group Headquarters in Malmö, Sweden. Toby Lawton brings almost three decades of relevant international finance experience, including as CFO of three publicly listed international companies in Sweden and Hong Kong. Following graduation from Oxford University, Toby spent over 25 years with SCA (including now separately listed Essity) in several roles including CFO of Asia Pacific, Vice President of M&A, and CFO of SCA. He has also been CFO of Vinda International, based in Hong Kong, and is currently CFO of Swedish company Renewcell. Toby Lawton will assume his position latest in January 2024. Duyuru • May 13
Jonas Lindqvist to Leave as Chief Financial Officer of Thule Group AB (publ) Thule Group AB (publ) announced that Jonas Lindqvist, in agreement with the company, will leave his position as Chief Financial Officer (CFO) at the company. Jonas has been the CFO of the Thule Group since 2020 and will remain in his role until his successor is in place. The recruitment process for a new CFO will begin immediately. Upcoming Dividend • Apr 21
Upcoming dividend of kr4.60 per share at 3.4% yield Eligible shareholders must have bought the stock before 28 April 2023. Payment date: 05 May 2023. Payout ratio is on the higher end at 75%, and the cash payout ratio is above 100%. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.5%). Reported Earnings • Apr 06
Full year 2022 earnings released Full year 2022 results: Revenue: kr10.1b (down 2.4% from FY 2021). Net income: kr1.28b (down 29% from FY 2021). Profit margin: 13% (down from 17% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr257, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 17x in the Leisure industry in Europe. Total returns to shareholders of 87% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr244 per share. Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: kr12.19 (vs kr17.12 in FY 2021) Full year 2022 results: EPS: kr12.19 (down from kr17.12 in FY 2021). Revenue: kr10.1b (down 2.4% from FY 2021). Net income: kr1.28b (down 29% from FY 2021). Profit margin: 13% (down from 17% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Duyuru • Feb 11
Thule Group AB (publ) Proposes Dividend The Board of Directors of Thule Group AB (publ) proposed a dividend of SEK 9.20 per share which, based on the number of shares outstanding on February 10, 2023, corresponds to SEK 962 million. The proposed dividend comprises 75% of the earnings per share for 2022. It is also proposed that dividends be paid in two installments for a better adaptation to the Group's cash flow profile. The proposed record date for the first dividend payment of SEK 4.60 per share is May 2, 2023 and the proposed record date for the second payment of SEK 4.60 per share is October 5, 2023. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr224, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Leisure industry in Europe. Total returns to shareholders of 7.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr243 per share. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Director Sarah McPhee was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Jan 11
Thule Group AB (publ) to Report Fiscal Year 2022 Results on Mar 31, 2023 Thule Group AB (publ) announced that they will report fiscal year 2022 results on Mar 31, 2023 Buying Opportunity • Dec 31
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be kr276, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to decline by 9.2% in 2 years. Earnings is forecast to decline by 13% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 18% share price gain to kr260, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 14x in the Leisure industry in Europe. Total returns to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr281 per share. Duyuru • Nov 08
Thule Group AB (publ) to Report Q2, 2023 Results on Jul 19, 2023 Thule Group AB (publ) announced that they will report Q2, 2023 results on Jul 19, 2023 Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: kr1.31 (vs kr4.93 in 3Q 2021) Third quarter 2022 results: EPS: kr1.31 (down from kr4.93 in 3Q 2021). Revenue: kr2.14b (down 23% from 3Q 2021). Net income: kr137.0m (down 73% from 3Q 2021). Profit margin: 6.4% (down from 19% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 2.2% p.a. on average during the next 3 years, while revenues in the Leisure industry in Europe are expected to grow by 6.9%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 28
Upcoming dividend of kr6.50 per share Eligible shareholders must have bought the stock before 05 October 2022. Payment date: 11 October 2022. Payout ratio is a comfortable 75% but the company is not cash flow positive. Trailing yield: 5.8%. Lower than top quartile of British dividend payers (6.1%). Higher than average of industry peers (3.4%). Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: kr5.99 (vs kr6.42 in 2Q 2021) Second quarter 2022 results: EPS: kr5.99 (down from kr6.42 in 2Q 2021). Revenue: kr3.31b (up 2.6% from 2Q 2021). Net income: kr626.0m (down 6.8% from 2Q 2021). Profit margin: 19% (down from 21% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 2.2%, compared to a 13% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • May 21
Independent Director recently bought kr4.9m worth of stock On the 17th of May, Hans Eckerstrom bought around 15k shares on-market at roughly kr329 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold kr4.4m more in shares than they bought in the last 12 months. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: kr5.04 (vs kr4.27 in 1Q 2021) First quarter 2022 results: EPS: kr5.04 (up from kr4.27 in 1Q 2021). Revenue: kr3.03b (up 20% from 1Q 2021). Net income: kr527.0m (up 18% from 1Q 2021). Profit margin: 17% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 7.4%, compared to a 16% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 20
Upcoming dividend of kr6.50 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 03 May 2022. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 3.6%. Lower than top quartile of British dividend payers (4.6%). Higher than average of industry peers (2.4%). Reported Earnings • Apr 08
Full year 2021 earnings released: EPS: kr17.12 (vs kr11.24 in FY 2020) Full year 2021 results: EPS: kr17.12 (up from kr11.24 in FY 2020). Revenue: kr10.4b (up 33% from FY 2020). Net income: kr1.79b (up 54% from FY 2020). Profit margin: 17% (up from 15% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 11%, compared to a 16% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be kr468, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 30%. For the next 3 years, revenue is forecast to grow by 5.8% per annum. Earnings is also forecast to grow by 6.5% per annum over the same time period. Buying Opportunity • Mar 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be kr474, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% per annum over the last 3 years. Earnings per share has grown by 30% per annum over the last 3 years. Buying Opportunity • Feb 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be kr459, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% per annum over the last 3 years. Earnings per share has grown by 30% per annum over the last 3 years. Recent Insider Transactions • Feb 22
Independent Director recently bought kr200k worth of stock On the 16th of February, Helene Mellquist bought around 490 shares on-market at roughly kr409 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold kr9.4m more in shares than they bought in the last 12 months. Reported Earnings • Feb 10
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr17.11 (up from kr11.24 in FY 2020). Revenue: kr10.4b (up 33% from FY 2020). Net income: kr1.79b (up 54% from FY 2020). Profit margin: 17% (up from 15% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 13%, compared to a 15% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 29% per year. 
