Thule Group AB
About the company
Thule Group AB (publ) operates as a sports and outdoor company in Europe, North America, and internationally. It offers roof boxes, roof racks, bike carriers, rooftop tents, and windbreakers, as well as solutions for water and winter sports. The company also provides bike trailers, jogging and all-terrain strollers, child bikes, car seats, and carriers and harnesses for dog transportation; and duffel bags, backpacks, luggage, laptop bags, hiking backpacks, camera bags, and cases for consumer electronics. It sells its products under the Case Logic, Thule, and Quad Lock brands. The company was founded in 1942 and is headquartered in Malmö, Sweden.
Price above modeled range
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
The range depends on model assumptions and data; it is not a prediction or investment advice.
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Market price above modeled range
Showing the EPS-based Gordon proxy you selected on the company card, using 5.42% growth, 3.1% terminal growth and 10.8% discount. The range varies these assumptions slightly; it is illustrative, not investment advice.
Assumptions: growth 5.42%, discount rate 10.80%, terminal growth 3.10% (sector defaults). See a worked example.
Blended growth assumption: 5.4% (sector default 7.2%, own revenue history 0.9%, analyst revenue consensus 6.8%).
5-year outlook: relative outlook of about 8.4% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 6.8% a year; the growth assumption used is 5.4%.
Adjust assumptions
Show the recommended model instead
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — SEK 145.04 (-33.1%)
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EPS-based Gordon proxy
— SEK 154.51 (-28.7%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— SEK 145.04 (-33.1%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— SEK 128.59 (-40.7%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— SEK 206.27 (-4.9%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— SEK 144.40 (-33.4%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— SEK 470.36 (+117.0%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear SEK 121.47 | -78.5% |
| Base SEK 154.51 | -40.3% |
| Bull SEK 177.58 | -22.1% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
5 years price change: -48.73% · SEK 216.80 · Market data through 06 Nov 2026 ; dashed line is today’s model base value (SEK 154.51). The fair value is today’s estimate, not what the model said in the past.
Saved price history is current through 06 Nov 2026; last refreshed 06 Nov 2026 18:14 (1 hour, 25 minutes ago).
08 Nov 2021Range SEK 177.74 – 458.9106 Nov 2026
Latest news
Headlines provided by EODHD. Articles may mention multiple companies and are not investment recommendations.
More detail: quality, peers, price history, dividends and financials
Quality score: 92 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +0.7% a year | 12 / 20 |
| Balance sheet | net debt 1.6x EBITDA | 20 / 20 |
| Margins | EBITDA margin 21% | 20 / 20 |
Peers in Consumer Discretionary
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| THULE.ST (this company) | SEK 216.80 | -49.5% | 18.8 | 2.8 | 3.8% | 92 |
| KGF.L Kingfisher plc | GBP 3.75 | 44.8% | 27.2 | 1.1 | 3.3% | 74 |
| BWY.L Bellway p.l.c. | GBP 22.90 | 43.9% | 13.9 | 0.8 | 3.1% | 70 |
| EXPE Expedia Group | USD 272.48 | 41.7% | 17.1 | 21.8 | 0.7% | 100 |
| INCH.L Inchcape plc | GBP 6.39 | 37.5% | 8.9 | 1.9 | 4.2% | 80 |
| ZAL.DE Zalando SE | EUR 27.72 | 36.1% | 109.4 | 2.6 | – | 80 |
| DECK Deckers Brands | USD 87.74 | 34.9% | 11.2 | 5.1 | – | 100 |
| LULU Lululemon Athletica | USD 111.77 | 33.3% | 8.9 | 2.6 | – | 100 |
| BKNG Booking Holdings | USD 168.72 | 28.9% | 17.7 | – | 1.0% | 100 |
| Peer median | 15.5 | 2.6 | ||||
Dividends
Paid in the last 12 months: SEK 8.30 per share · yield 3.83% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 8.300 |
| 2025 | 8.300 |
| 2024 | 9.500 |
| 2023 | 9.200 |
| 2022 | 13.000 |
| 2021 | 8.000 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 19:21
| Revenue | SEK 10,432,000,000 |
|---|---|
| EBITDA | SEK 2,145,000,000 |
| EBIT | SEK 1,783,000,000 |
| Net income | SEK 1,244,000,000 |
| Free cash flow | SEK 1,297,000,000 |
| Capital expenditures | SEK 398,000,000 |
| Debt | SEK 4,438,000,000 |
| Cash | SEK 934,000,000 |
| Working capital | SEK 1,875,000,000 |
| Shares outstanding | 107,800,000 |