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Thule Group (OM:THULE) Faces Chairman Exit As Valuation Questions Grow After Q3 Results

Simply Wall St · 2d ago

Thule Group (OM:THULE) drew attention after its Q3 2026 earnings release and a concurrent leadership shake up, as slower organic sales growth and the chairman’s resignation focused investors on the stock’s recent performance.

At a share price of SEK192.5, Thule Group has seen momentum cool, with the share price return down 10.9% over the past 90 days and year to date lower by 17.1%. The 1 year total shareholder return has declined 21.6% as investors reassess leadership changes and slower organic sales growth against recent earnings support.

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With Thule Group shares under pressure despite recent earnings support, you are effectively choosing between stepping in now while sentiment is muted or waiting for a deeper pullback. So how does the current valuation stack up?

Most Popular Narrative: 26% Undervalued

On the most followed view, Thule Group’s fair value of SEK261.25 sits well above the last close at SEK192.5. This frames the recent price weakness as a valuation gap rather than a fully priced story.

The ongoing efficiency program, including SG&A reductions and the automated warehouse project in Poland that is expected to save about SEK 100m annually once fully ramped, creates room for EBIT margin expansion and higher free cash flow over time.

See why 15 investors see Thule Group as 26% undervalued.

Result: Fair Value of SEK261.25 (UNDERVALUED)

Still, the bullish case for Thule Group runs into real friction if North American weakness drags on and if RV demand in Europe softens further, both of which could pressure margins.

Find out about the key risks to this Thule Group narrative.

Another View: What Thule Group’s P/E Is Saying

There is a different message when you look at Thule Group through its P/E ratio instead of fair value models. The stock trades on 16.7x earnings, which is slightly richer than the European Leisure sector at 16.3x, yet far below a 43.2x peer average and the 19.8x fair ratio estimate.

That mix hints at limited downside protection if sentiment weakens, but also room for the multiple to close part of the gap to the fair ratio if the story holds together. It leaves you weighing whether this is a patience test or an opportunity to back a rerating.

See what the numbers say about this price — find out in our valuation breakdown.

OM:THULE P/E Ratio as at Oct 2026
OM:THULE P/E Ratio as at Oct 2026

Next Steps

Mixed on Thule Group after all this, or leaning one way already? Consider your options while the price and narrative are still in motion and review the 3 key rewards and 1 important warning sign.

Looking for more investment ideas beyond Thule Group?

If Thule Group has you reassessing your watchlist, this is the moment to widen your search and pressure test your next moves with fresh ideas.