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1. Company Snapshot

1.a. Company Description

Thule Group AB (publ) operates as a sports and outdoor company.It offers roof racks; roof boxes; carriers for transporting bikes, water, and winter sports equipment and rooftop tents; awnings, bike carriers, and tents for RVs and caravans; bike trailers, child bike seats, and strollers; luggage, backpacks, and laptop and sport bags; and hiking backpacks, camera bags, and cases for consumer electronics.The company offers its products primarily under the Thule and Case Logic brands.


It operates in Sweden, other Nordic countries, Germany, rest of Europe, the United States, other North America, Central/South America, the Asia/Pacific Rim, and internationally.Thule Group AB (publ) was founded in 1942 and is headquartered in Malmö, Sweden.

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1.b. Last Insights on THULE

Thule Group's recent performance was negatively impacted by a challenging operating environment, characterized by flat organic growth and currency headwinds. Despite achieving a record gross margin in Q4 2025, the company's growth momentum has been waning. Investors have been evaluating the stock's undervaluation, contributing to a cautious sentiment. With no recent announcements on share buybacks or new product launches, the focus remains on the company's ability to navigate evolving business conditions and maintain profitability.

1.c. Company Highlights

2. Thule Group's Q4 and Full-Year 2025 Earnings: A Resilient Performance

Thule Group reported a robust financial performance for Q4 and full-year 2025, with revenues reaching SEK 1.8 billion, up 9% year-over-year, and an EBIT margin of 4.5%. For the full year, sales amounted to SEK 10.5 billion, representing a 14% increase excluding currency effects, while the EBIT margin stood at 16%. Earnings per share (EPS) came in at SEK 0.1948, below analyst estimates of SEK 0.3324. The company's gross margin reached an all-time high of 46% for the full year, driven by the Quad Lock acquisition, price mix effects, and supply chain efficiencies.

Publication Date: Feb -18

📋 Highlights
  • Record Annual Sales: Thule Group achieved SEK 10.5 billion in sales for 2025, a 14% increase excluding currency effects.
  • Q4 EBIT Margin Improvement: Fourth-quarter adjusted EBIT margin rose to 4.5%, with EBIT reaching SEK 83 million, up from SEK 65 million in the prior year.
  • Dividend Proposal: The Board proposed an ordinary dividend of SEK 8.3 per share, maintaining the same level as the previous year.
  • Gross Margin High: Full-year gross margin hit a record 46%, driven by the Quad Lock acquisition and supply chain efficiencies.
  • Champion Category Expansion: The company aims to grow Champion product categories from 6 to 10 by 2035, contributing 90% of historical sales growth.

Segment Performance and Key Highlights

The company's Sport & Cargo Carriers product portfolio, which accounts for 50% of sales, saw significant upgrades, contributing to the overall growth. New product categories, such as dog transportation, car seats, and phone mounts, also demonstrated fast growth. The digital channel is now live in 20 markets and has become a meaningful channel for product launches. As Mattias Ankarberg, CEO, noted, "We recorded the highest sales number we've ever done in 2025, with profit increases versus the previous year."

Outlook and Valuation

Thule Group has set a target of 7% organic sales growth for 2026, with expectations of continued growth in new categories. The company's valuation metrics, such as a P/E Ratio of 21.73 and an EV/EBITDA of 14.81, indicate a relatively high valuation. The Dividend Yield stands at 3.7%, providing some support to the stock. With a Net Debt / EBITDA ratio of 2.13, the company's leverage is manageable, and it is expected to deleverage in 2026.

Key Drivers and Challenges

The company's focus on building bigger and more Champion product categories, which account for 90% of historical sales and gross profit growth, is expected to drive future growth. However, the US market remains weak, and consumer sentiment is cautious. Thule Group's ability to navigate these challenges and continue to deliver on its growth targets will be closely watched by investors.

3. NewsRoom

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Thule Group AB (THUPY) Q4 2025 Earnings Call Highlights: Record Gross Margin Amidst Flat ...

Feb -11

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Evaluating Thule Group (OM:THULE) After Recent Share Price Weakness And Undervaluation Debate

Feb -04

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Thule Group AB (THLPF) Q1 2025 Earnings Call Highlights: Strong Revenue Growth Amidst North ...

Apr -30

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Thule Group AB (THLPF) Q4 2024 Earnings Call Highlights: Record Gross Margin and Strategic ...

Feb -08

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January 2025's Noteworthy Stocks Trading Below Estimated Value

Jan -28

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3 Stocks Trading At An Estimated Discount For Value Investors

Dec -30

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November 2024's Top Stocks Estimated To Be Priced Below Intrinsic Value

Nov -28

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Thule Group (OM:THULE) Eyes Growth with AI Investments Despite Dividend Constraints and Market Volatility

Nov -18

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.38%)

6. Segments

Sport & Cargo Carriers

Expected Growth: 4.5%

Thule Group AB's Sport & Cargo Carriers segment growth of 4.5% is driven by increasing outdoor recreational activities, rising demand for SUVs and crossovers, and growing popularity of e-bikes and cargo carriers. Additionally, Thule's strong brand reputation, innovative product offerings, and expanding online presence contribute to the segment's growth.

RV Products

Expected Growth: 4.2%

Thule Group AB's RV Products segment growth of 4.2% is driven by increasing demand for outdoor recreational activities, rising popularity of van life and adventure travel, and growing consumer preference for premium, high-quality products. Additionally, the company's strategic focus on product innovation, expansion into new markets, and strong distribution network contribute to its growth momentum.

Juvenile & Pet Products

Expected Growth: 3.8%

Thule Group AB's Juvenile & Pet Products segment growth of 3.8% is driven by increasing demand for outdoor and recreational activities, rising pet humanization, and growing popularity of SUVs and crossovers, leading to higher sales of rooftop carriers and pet travel accessories.

Packs, Bags & Luggage

Expected Growth: 4.8%

Thule Group AB's 4.8% growth in Packs, Bags & Luggage is driven by increasing outdoor activities, rising demand for premium and sustainable products, and expansion into e-commerce channels. Additionally, the company's focus on innovation, quality, and brand awareness contributes to its growth.

Other

Expected Growth: 3.5%

Thule Group AB's 'Other' segment, with 3.5% growth, is driven by increasing demand for outdoor and recreational products, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on innovation, digitalization, and sustainability initiatives contribute to its growth momentum.

7. Detailed Products

Roof Racks

Thule's roof racks are designed to provide a safe and secure way to transport gear on top of a vehicle, with a range of options to fit different vehicle types and load capacities.

Hitch-Mounted Carriers

Thule's hitch-mounted carriers provide a convenient and easy way to transport gear, with a range of options for different vehicle types and load capacities.

Trailer Hitches

Thule's trailer hitches are designed to provide a safe and secure way to tow trailers, with a range of options to fit different vehicle types and towing capacities.

Cargo Carriers

Thule's cargo carriers provide a convenient and easy way to transport gear, with a range of options for different vehicle types and load capacities.

Bicycle Carriers

Thule's bicycle carriers provide a safe and secure way to transport bicycles, with a range of options to fit different vehicle types and bicycle types.

Water Sport Carriers

Thule's water sport carriers provide a convenient and easy way to transport kayaks, canoes, or paddleboards, with a range of options to fit different vehicle types and watercraft types.

Ski and Snowboard Carriers

Thule's ski and snowboard carriers provide a safe and secure way to transport winter sports equipment, with a range of options to fit different vehicle types and equipment types.

8. Thule Group AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Thule Group AB (publ) operates in a niche market with limited substitutes, but there are some alternatives available to customers.

Bargaining Power Of Customers

Thule Group AB (publ) has a diverse customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Thule Group AB (publ) has a moderate level of dependence on its suppliers, but it has implemented strategies to mitigate supplier risks.

Threat Of New Entrants

Thule Group AB (publ) operates in a market with high barriers to entry, making it difficult for new entrants to compete.

Intensity Of Rivalry

Thule Group AB (publ) operates in a competitive market with several established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 23.00%
Debt Cost 9.63%
Equity Weight 77.00%
Equity Cost 10.14%
WACC 10.02%
Leverage 29.87%

11. Quality Control: Thule Group AB (publ) passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Technogym

A-Score: 6.5/10

Value: 1.5

Growth: 6.6

Quality: 7.5

Yield: 6.2

Momentum: 9.0

Volatility: 8.0

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Games Workshop

A-Score: 6.1/10

Value: 0.7

Growth: 8.6

Quality: 9.0

Yield: 5.6

Momentum: 6.5

Volatility: 6.0

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Viscofan

A-Score: 5.5/10

Value: 4.4

Growth: 5.1

Quality: 7.3

Yield: 6.2

Momentum: 1.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Swatch

A-Score: 4.7/10

Value: 5.5

Growth: 1.7

Quality: 4.6

Yield: 5.0

Momentum: 6.0

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Thule

A-Score: 3.9/10

Value: 2.6

Growth: 6.0

Quality: 6.3

Yield: 3.1

Momentum: 1.5

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Dometic

A-Score: 3.8/10

Value: 7.8

Growth: 3.9

Quality: 2.5

Yield: 5.0

Momentum: 1.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

207.2$

Current Price

207.2$

Potential

-0.00%

Expected Cash-Flows