Expectations ahead of CMD

Thule Group AB: 1 director

A director at Thule Group AB bought 1,200 shares at 253.600SEK and the significance rating of the trade was 55/100. 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 the last two years clearl...

Reiterate BUY after a reassuring Q3

Softer sales but reassuring margins

Keeping our hopes up for 2026e

A bright outlook into H2'25 and beyond

Reassuring growth, margin roughly in line

We look beyond a soft Q2e and reiterate BUY

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