Thule Group AB (publ) (THULE.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-31.2%

SEK 139.58

vs SEK 203.00 price

Levered DCF

SEK 117.62

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.94

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	23.21×	32.26×	26.27×	17.86×	32.01×	27.39×	25.23×	19.88×
P/B	3.58×	4.47×	4.22×	3.47×	9.85×	6.08×	5.15×	4.15×
P/S	2.48×	3.79×	3.16×	2.25×	5.52×	4.08×	3.17×	2.57×
EV / EBITDA	14.64×	21.19×	16.85×	13.27×	23.52×	18.69×	18.11×	14.95×
Gross margin	46.0%	42.7%	40.9%	38.1%	40.1%	41.2%	40.2%	40.5%
Operating margin	15.7%	16.0%	16.5%	16.8%	22.5%	20.3%	17.0%	17.9%
Net margin	10.7%	11.8%	12.0%	12.6%	17.2%	14.9%	12.5%	12.9%
Current ratio	2.13×	2.13×	2.49×	2.73×	1.74×	1.73×	1.94×	1.82×
Debt / equity	0.59×	0.54×	0.32×	0.47×	0.28×	0.21×	0.55×	0.54×
Interest coverage	7.19×	9.22×	9.53×	19.84×	54.42×	27.91×	21.73×	20.77×
Dividend yield	3.5%	2.8%	3.3%	6.0%	2.8%	0.0%	3.2%	3.7%
Payout ratio	80.3%	89.5%	88.0%	106.6%	90.6%	0.0%	81.9%	74.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.4%	13.9%	16.0%	19.5%	30.8%	22.2%	20.4%	20.9%
Return on invested capital	10.0%	8.8%	12.1%	12.9%	22.5%	17.5%	12.8%	13.3%
Return on assets	8.1%	7.5%	10.0%	10.9%	17.6%	13.8%	10.7%	10.9%
Free cash flow yield	3.0%	5.7%	5.5%	0.8%	1.1%	4.5%	3.9%	2.6%
Earnings yield	4.3%	3.1%	3.8%	5.6%	3.1%	3.7%	4.0%	5.0%
Enterprise value	SEK 29.9B	SEK 40.1B	SEK 31B	SEK 25.6B	SEK 58.8B	SEK 32.3B	SEK 24.4B	SEK 18.6B
Net debt / EBITDA	1.99×	2.09×	1.13×	1.49×	0.59×	0.23×	1.57×	1.58×
Cash conversion cycle (days)	114	132	145	182	123	76	90	91