Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Thule Group AB is a Swedish company specializing in the development, manufacture, and sale of outdoor, sports, and transportation products. Founded in 1942 in Hillerstorp, it has grown into a global leader with brands offering cargo carriers, roof racks, bike racks, roof boxes, strollers, backpacks, luggage, rooftop tents, and accessories for active lifestyles. The portfolio includes prominent brands like Thule, Case Logic for electronics bags, Chariot carriers, Yepp child bike seats, SportRack, and Tepui rooftop tents, recently expanded by the 2024 acquisition of Australian Quad Lock for mobile phone attachments. Thule Group AB serves consumers in outdoor activities such as biking, camping, skiing, water sports, and travel, with products sold through 4,700 points of sale across 136 countries. Headquartered in Malmö, the company employs around 2,800 people and focuses on innovation, durability, safety, and sustainability, including sponsorships for disabled children and donations to migrant programs. Its diverse sales come from regions like the USA, Germany, other Europe, and Asia-Pacific, emphasizing premium quality in the automotive accessories and consumer cyclicals sectors.
kr 204.90
kr 0.80 (-0.39%)
Live · 06:29 PM · Twelve Data
15.73% operating margin is respectable but not wide. ROIC at 10.35%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 9.3%, steady but not accelerating. Free cash flow declined 62% despite revenue growth, conversion is weakening.
Free cash flow declined 62% versus the prior year, cash generation momentum has weakened. Net debt of kr 4.04B represents 5.2x FCF, leverage limits flexibility.
19.4x earnings, 20.4x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
kr 10.34B
▲ +9.3% YoY
Net Income (TTM)
kr 1.14B
▼ -0.7% YoY
Op. Margin
16.07%
▼ -0.2pp YoY
ROIC
10.35%
▼ -0.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
kr 1.08B
▼ -61.7% YoY
Op. Cash Flow (TTM)
kr 1.57B
▼ -39.4% YoY
Net Debt
kr 4.04B
Cash & Equiv.
kr 218M
3Y CAGR: +0.9%
3Y CAGR: +65.8%
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At a P/E of 19.4 and a price-to-free-cash-flow of 20.4, Thule Group AB (THULE.XSTO) trades below a two-stage DCF intrinsic value of about SEK 276.68 per share, so at SEK 204.90 the stock looks undervalued (35.0% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Thule Group AB scores 48/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 4.1%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about SEK 276.68 per share for THULE.XSTO, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around SEK 207.51. At today's SEK 204.90, that puts the stock about 35.0% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Thule Group AB scores 48 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 16.1% operating margin and a 10.4% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Thule Group AB pays a regular dividend of about SEK 8.30 per share per year (typically in quarterly installments), a yield of roughly 4.1% at the current price. That is a payout ratio of about 78.4% of earnings, so the dividend is covered, with less cushion. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For THULE.XSTO's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. THULE.XSTO currently trades below its estimated intrinsic value and scores 48/100 on quality (mixed). It also yields about 4.1%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.