Thule Group - Initiation of coverage - On the road to success
We initiate coverage of Thule Group with a BUY and SEK445 target price, noting its exposure to high-growth/ -margin sport and recreational outdoor product categories, its strong brand and product portfolio, and appealing valuation. A re-rating looks set to be supported by accelerated sales growth and margin expansion, and an improving portfolio and ESG profile.Thule Group offers products for small things you always carry with you such as smartphone covers, as well as for heavier things you transport for longer distances. Co.'s Outdoor & Bags segment mainly includes the product groups bike carriers, water sport and ski-rack, roof boxes, multi-functional child carriers, computer and camera bags and backpacks. Co.'s Specialty segment encompasses the operations in toolboxes for pick-up trucks (Work Gear) product group in the U.S. Group-wide refers to Group-wide functions such as business development, marketing, HR, finance, IP, environment, IT and information.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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