White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
Thule Group AB (publ) operates as a sports and outdoor company in Europe, North America, and internationally. It offers roof boxes, roof racks, bike carriers, rooftop tents, and windbreakers, as well as solutions for water and winter sports.
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Thule Group AB (publ) operates as a sports and outdoor company in Europe, North America, and internationally. It offers roof boxes, roof racks, bike carriers, rooftop tents, and windbreakers, as well as solutions for water and winter sports. The company also provides bike trailers, jogging and all-terrain strollers, child bikes, car seats, and carriers and harnesses for dog transportation; and duffel bags, backpacks, luggage, laptop bags, hiking backpacks, camera bags, and cases for consumer electronics. It sells its products under the Case Logic, Thule, and Quad Lock brands. The company was founded in 1942 and is headquartered in Malmö, Sweden.
Thule Group (0R3W) currently trades at kr 193.70, while our model-based Fair Value estimate is kr 165.51, 14.6% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 203.48 per share, and 10 of the 25 models we run sit above the kr 193.70 price.
Bear case: the Asset-Based group reads lowest at kr 34.10, and 15 of the 25 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 91.40 (bear) to kr 258.47 (bull), the price of kr 193.70 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 68/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Thule Group reported revenue of 7.8B SEK in FY2020 versus 5.3B SEK in FY2016, a compound +10.2%/yr. Reported net income was 1.2B SEK in FY2020, compounding +14.6%/yr from FY2016.
Key figures
Market cap 30.3B SEK (≈ $3.0B) · P/E ratio 0.2 · P/S ratio 0.02 · EPS (TTM) kr 17.70 · Dividend yield 4.3% · Net margin 14.9% · Return on equity 15.9% · Return on assets (EBIT) 14.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 39% fair-value upside, at −15%, 0R3W screens richer than that median.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
kr 68.46
kr 116.99
kr 195.04
74
EPV
kr 105.45
kr 122.39
kr 137.01
74
Growth DCF
kr 68.27
kr 113.43
kr 183.95
73
All 25 models by family
DCF Models
FCF DCF
kr 68.46
kr 116.99
kr 195.04
74
5Y Revenue Exit
kr 63.07
kr 108.01
kr 167.73
68
5Y EBITDA Exit
kr 115.70
kr 213.41
kr 334.46
70
5Y P/E Exit
kr 133.80
kr 249.65
kr 380.01
66
10Y Revenue Exit
kr 62.28
kr 104.47
kr 166.35
62
10Y EBITDA Exit
kr 98.01
kr 178.74
kr 299.00
63
10Y P/E Exit
kr 109.60
kr 204.27
kr 335.24
59
Earnings-Based
Graham-Dodd
kr 76.82
kr 321.01
kr 437.79
61
Lynch FV
kr 81.30
kr 116.14
kr 150.98
58
PEG = 1.0
kr 81.30
kr 116.14
kr 150.98
55
EPV
kr 105.45
kr 122.39
kr 137.01
74
Dividend Discount
Gordon GGM
kr 115.64
kr 230.43
kr 348.94
64
DDM Multi-Stage
kr 115.64
kr 199.14
kr 243.24
64
Multiples
P/E Multiple
kr 186.41
kr 248.54
kr 310.68
63
P/S Multiple
kr 68.26
kr 91.02
kr 113.77
58
P/B Multiple
kr 144.04
kr 192.06
kr 240.07
55
EV/EBIT
kr 206.28
kr 275.64
kr 345.01
66
EV/EBITDA
kr 154.35
kr 206.41
kr 258.47
67
EV/Revenue
kr 61.88
kr 89.18
kr 116.49
53
Asset-Based
NCAV (Graham)
kr 25.45
kr 34.10
kr 50.90
54
Growth DCF
Growth DCF
kr 68.27
kr 113.43
kr 183.95
73
Rev-Margin DCF
kr 63.07
kr 107.30
kr 162.61
68
Economic Profit
Residual Income
kr 66.76
kr 80.35
kr 117.60
72
ROIC Compounder
kr 117.51
kr 153.59
kr 198.13
69
Growth Earnings
Growth-Adj P/E
kr 142.43
kr 203.48
kr 264.52
65
Open the full fair value analysis →
Overall quality
68/100
Of which business quality 66
· Market factors (momentum, volatility) 33
Profitability
72
Margins and returns on capital today
Quality Growth
71
Are margins and returns improving?
Cashflow
46
Earnings quality: real cash, not paper profit
Fin. Strength
75
Balance sheet, leverage, solvency risk
Investment
67
Disciplined investing over empire-building
Low Volatility
51
Calm price path (market factor)
Momentum
32
Price trend over the last 3–12 months (market factor)
52W Momentum
14
Distance to the 52-week high (market factor)
Open the full quality analysis →
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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Pick a strategy and jump into the live analysis with that exact screen applied.
Is Thule Group (0R3W) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 165.51 versus a price of kr 193.70, about −15% upside (overvalued).
What is the fair value of 0R3W?
Our model-based fair value for Thule Group is kr 165.51 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 193.70.
What is the quality score of 0R3W?
Thule Group has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Thule Group (0R3W)?
Our model-based price target is the fair value of kr 165.51 (as of Sep 24, 2026) from 25 valuation models. Cautious scenario kr 91.40, optimistic scenario kr 258.47. It is a calculation from audited fundamentals, not an analyst target.
What is the Thule Group stock forecast for 2026?
Our models put fair value at kr 165.51, about −15% upside versus a price of kr 193.70 (overvalued). Cautious scenario kr 91.40, optimistic scenario kr 258.47. The calculation is refreshed regularly with new filings.
What is the revenue of Thule Group (0R3W)?
Thule Group reported trailing-twelve-month revenue of about 10.4B SEK (latest available figure, as of Sep 24, 2026).
Does Thule Group pay a dividend?
Thule Group currently shows a dividend yield of about 4.28% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Thule Group (0R3W)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thule Group it is kr 165.51 per share (as of Sep 24, 2026), against a price of kr 193.70. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Thule Group stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0R3W trades above its calculated fair value: price kr 193.70, fair value kr 165.51, a gap of about −15% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0R3W?
No. The price is what the market pays today (kr 193.70); the fair value is what the company's own numbers justify (kr 165.51). For Thule Group the two are kr 28.19 per share apart. That gap is exactly why we show both numbers side by side.
How much is Thule Group worth?
The market values Thule Group at about 30.3B SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 193.70; our models calculate a fair value of kr 165.51 per share.
What do the bullish and bearish scenarios say about 0R3W?
Our models span a range for Thule Group: cautious scenario kr 91.40, base kr 165.51, optimistic kr 258.47 per share (as of Sep 24, 2026, price kr 193.70). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0R3W from its 52-week high?
Thule Group trades at kr 193.70, about 23% below its 52-week high of kr 251.28 and 4% above the low of kr 186.42 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 165.51 is for.
Which stocks are comparable to Thule Group?
From the same area (Consumer Cyclical) we also value Pop Mart International Group, ANTA Sports Products Limited, Amer Sports, Inc, Hasbro, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Thule Group stock attractive at the current price?
The data as of Sep 24, 2026: price kr 193.70, calculated fair value kr 165.51 (−15%), Quality Score 68/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0R3W calculated?
We run Thule Group through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 165.51, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Thule Group itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on
is it worth investing now.
What is the share price of Thule Group (0R3W)?
The closing price on Oct 2, 2026 was kr 193.70. Our model-based fair value is kr 165.51, about −15% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thule Group right now?
The model range is unusually wide (kr 91.40 to kr 258.47). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Thule Group
How large is the market capitalisation of Thule Group (0R3W)?
The market capitalisation of Thule Group is 30.3B SEK (≈ $3.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Thule Group (0R3W)?
The price-to-earnings ratio of Thule Group is 0.2 (as of Aug 5, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Thule Group (0R3W)?
The price-to-sales ratio of Thule Group is 0.02 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Thule Group (0R3W)?
Earnings per share at Thule Group are kr 17.70 (price ÷ EPS = P/E 0.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thule Group (0R3W)?
The dividend yield of Thule Group is 4.3% (payout 46.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Thule Group (0R3W)?
The net margin of Thule Group is 14.9% (fiscal year 2020). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Thule Group (0R3W)?
The return on equity (ROE) of Thule Group is 15.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Thule Group (0R3W)?
On an EBIT basis the return on assets of Thule Group is 14.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Thule Group (0R3W)?
The operating margin of Thule Group is 22.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thule Group (0R3W)?
Revenue at Thule Group is growing +0.5% versus a year earlier (3y avg +10.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Thule Group (0R3W)?
Earnings per share at Thule Group are growing +4.9% versus a year earlier. How much earnings per share grew versus a year earlier.
