Thule Group AB: 4 directors

Two Directors at Thule Group AB bought 1,050 shares at between 220.000SEK and 221.788SEK. The significance rating of the trade was 45/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over th...

Unwarranted decline allows for a nice entry

Q1 results below expectations

A good entry point: upgrade to BUY

EU tariff summary for Swedish small caps

Thule Group (Buy, TP: SEK450.00) - On track

Following the Q4 results, we have more confidence in the speed and magnitude at which Thule should be able to achieve a structurally higher EBIT margin due to its mix-shift (supported by new category launches), record new product launches, and the Quad Lock acquisition. Consequently, we reiterate our BUY and have increased our target price to SEK450 (445).

Bright outlook well-reflected in the share price

Slightly stronger margin in a small quarter

Q4 preview: decelerating growth due to RV

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.

Acquires Quad Lock at SEK 3.6bn

Solid performance despite tough macro

Q3 results ahead of consensus

US consumers gearing up to spend in 2025

Slow growth but solid margin

Resilient to downgrades: upgrade to HOLD

Cons. '24e EBIT -22% L12M, stock +4%. Cons. '25e EBIT remains optimistic, but we expect the shares to remain resilient to downgrades.

Muted growth but normalised margins ahead

Sluggish growth but solid gross margin in Q2. We fear growth could be muted in the coming quarters, triggering a de-rating from current 18.8x EV/EBIT (NTM): SELL.

Q2 results: soft organic growth but margin in line

Q2 preview: pedaling forward, but margin flat

Continuous bike recovery set to drive growth. We estimate +5% sales growth (org.) and adj. EBIT of SEK 766m. Further downside to consensus, valuation lower but still stretched.

Bike offsets softness elsewhere

Bike-related grew ~25%, remaining categories slightly negative. Short-term expectations look stretched to us. Downside to ests. and 21x EV/EBIT: reiterate SELL.