Thule Group AB - Equipment for an active lifestyle

[Eepert]

Thule Group AB is a Swedish company that manufactures outdoor equipment and related solutions. Examples of Thule’s products include roof racks for cars. Roof racks include, for example, ski boxes and bike racks.

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History:

Thule Group was founded by the Thulin family in 1942. The business idea originated from a fishing product founded by Erik Thulin, which he named Thule. Thulin started selling this product to fishermen in Scandinavia, thus kicking off the business.

Thule only shifted to selling car-related equipment in the 1960s, which has become the main driver of Thule’s business.

Thule was listed on the stock exchange in 2014.

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Financial Figures:

Here are a few good slides from Thule’s Q4/2020 report:

Thule’s business consists mainly of four parts:

So, sports and cargo transport, RV products (recreational vehicle), child carriers (e.g., for bikes), and finally various luggage, backpacks, etc. As the image shows, the corona pandemic has had its impact on Thule’s business. The luggage segment has taken a hit as travel has been heavily restricted. The following comment was found regarding the RV segment:
RV has performed excellently in America, where growth has been 73%.
The “Active with kids” segment also performed well with 37% growth. Finally, “Sports and Cargo carriers,” i.e., racks for bikes, among others, had yielded good results, driven by the cycling trend.

The effects of the corona pandemic were mentioned in Thule’s presentation:

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Thule’s own financial targets:

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5 largest owners:

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Analyst coverage: Analyst coverage for Thule is available from at least the following banks: SEB, Nordea, Handelsbanken, Danske Bank, and Pareto Securities.

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My own view:

Thule appears to be a safe long-term investment if outdoor trends continue to gain popularity. Growth for Thule in America has been good, which could prove to be an excellent growth driver. In America, trends related to a healthy lifestyle have become more common recently. (cf. Harvia’s saunas)
Thule’s business could be driven by, for example, trends in healthy and active lifestyles.

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Share price:
3y

YTD

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If you have any information to share about Thule, please do! I cannot fit all information into this presentation, so sharing knowledge is welcome

[smokaloka]

{“content”:“Good package! I’ve also been looking into Thule for a longer hold. Thule has competent management and the numbers are in order. Any plans to expand to other continents?”,“target_locale”:“en”}

[Hapakka]

Interesting opening. The products and brand are good from my own experience, the business is stable, predictable, and profitable. Return on equity has been around 20% for several years, free cash flow has grown at the same pace as earnings, and otherwise, at a quick glance, it looks like a quality company.

It’s just a shame that the price has become too high for my taste over the year due to an exceptionally good growth year. Historically, revenue has grown at about 8% per year, and similar revenue/earnings growth could be expected to continue in the future, as the company itself only aims for >5% annual growth. Dividend yield ~2%. If annual growth is assumed to continue at 8% and valuation remains the same, the investor’s annual return would be 10%.

P/E based on last year’s earnings is 34.5. If 2021 grows by 8%, then P/E 2021 is 32.0. Haven’t these already priced in somewhat higher growth expectations, or am I completely off about reasonable valuation? At the same time, you can get Kamux from Helsinki at almost P/E 20, which has similar return on equity and aims to grow 20% annually.

[Sijoittaja16]

Trading update on the impact of the current market situation within the bike...

Negative news from Thule. The stock is trading at pre-COVID levels. A similar situation to other COVID beneficiaries. It’s difficult for investors to estimate future earnings. Is there anyone on the forum who is an expert in the field or a cycling enthusiast?

[OsakeOlli]

The valuation is starting to look attractive. On the other hand, so it is in many other companies. For transporting bikes and skis, it’s the only relevant option. Those who transport even a few bikes more don’t even consider other options.

[UN551]

During the COVID era, products flew off the shelves, but now prices have risen enormously, and, for example, cheaper segment racks and boxes have been removed from the selection. Thule could be a major casualty as the recession rears its head.

[Wallet_Nahlroos]

Is anyone still following this? My own alerts went off when, from a TA perspective, the price is starting to be at an interesting level.

Have Trump’s tariffs caused the stock price to fall?

[Tane]

This apparently isn’t being followed very actively on the forum anymore. I’ve had Thule in and out of my portfolio every now and then, and currently hold a position of just under a thousand shares. My average price is around 220 SEK, and my expectations for the share price during the current period are closer to 300 SEK.

Today the company published its Q4 report, and the share was up 14% at the end of the day.

Here is a summary of the Q4 report:

Q4

Q4 revenue was 1,835 MSEK (1,678), which corresponds to a 9.4 percent increase.

Of this, 19.9 percent came from acquisitions and the impact of currency fluctuations was negative, -10.4 percent. Organically, sales remained unchanged.
The quarter’s gross margin rose to 44.9 percent (41.6).
The quarter’s operating profit was 83 MSEK (−35), which corresponds to an operating margin of 4.5 percent (−2.1).

Adjusted operating profit was 83 MSEK (65), which corresponds to an operating margin of 4.5 percent (3.8).
Net income for the quarter was 21 MSEK (−37).

Earnings per share before dilution was 0.20 SEK (−0.35).
Cash flow from operating activities during the quarter was 54 MSEK (386).

The Board proposes a dividend of 8.30 SEK per share (8.30).

Full Year

Full-year revenue was 10,429 MSEK (9,541), which corresponds to a 9.3 percent increase.

Of this, 15.4 percent came from acquisitions and the impact of currency fluctuations was −4.8 percent. Organic sales decreased by 1.3 percent.
The full-year gross margin rose to 46.0 percent (42.7).
Full-year operating profit was 1,640 MSEK (1,522), which corresponds to an operating margin of 15.7 percent (15.9). Adjusted operating profit was 1,671 MSEK (1,622), which corresponds to an operating margin of 16.0 percent (17.0).
Full-year net income was 1,114 MSEK (1,122).
Earnings per share before dilution was 10.33 SEK (10.59).
Cash flow from operating activities for the full year totaled 1,132 MSEK (2,310).

[Tane]

Here is a shorter version of Nordea’s analysis, updated on Feb 11th. The target price has been revised slightly upwards, and the buy recommendation remains.

[Timo_Huhtamaki]

Rarely do you see as many insider purchases by the board and executive management as we have seen in Thule in recent months.

https://www.insiderscreener.com/en/company/thule-group-ab

[Tane]

Quick AI summary of Thule’s Q1 report.

Thule’s Q1 results exceeded forecasts

Thule Group reported a strong start to 2026, exceeding analyst expectations for Q1 operating profit and organic sales growth. Despite a challenging market, the company achieved improved profitability and positive organic sales thanks to strategic focus and efficiency. The CEO expressed confidence, highlighting a strong financial position and positive market trends as Thule moves into its peak season.

• Q1 2026 operating profit was SEK 424 million, exceeding the analyst consensus forecast of SEK 409-411 million.

• Net sales for the quarter were SEK 2,573 million, slightly higher than expectations, with organic sales growth of 3.9%, exceeding the expected 3.2%.

• Operating margin improved to 16.5%, exceeding the expected 15.9-16.0%.

• Cash flow from operating activities improved significantly to SEK 25 million, compared to negative SEK 334 million the previous year.

• Organic sales growth was strongest in Europe (+5.2%) and the ‘Active with Kids & Dogs’ product category (+10.9%).

[Tane]

Thule makes an acquisition:

Thule expands in the dog transportation market through the acquisition of...

Thule Group has announced the acquisition of Swiss-based curli AG to strengthen its position in the growing pet accessories market. Curli’s turnover was approximately 6.4 million Swiss francs in 2025, and the purchase price is approximately 10.1 million francs, with a maximum earn-out of 6.8 million francs. The acquisition supports Thule’s strategy to expand into dog transportation and equipment solutions, complements the existing product portfolio, and offers distribution and R&D synergies. The transaction is not expected to have a significant short-term impact on earnings.