Idea note
This is an Idea note; It’s a collection of early signals – companies mentioned in fund letters, blogs, or by sharp investors online. Not a full pitch, just a starting point for ideas that might be worth a more in-depth look.
Turnaround Play: Quality Company at Temporary Discount
Idea source: Origo
Price 277.6 SEK (2025-07-03)
Thule Group AB - Swedish manufacturer of premium outdoor and transportation products including roof racks, bike carriers, strollers, and RV accessories. Consumer Discretionary sector, listed on Nasdaq Stockholm.
Ticker: THULE | Timeframe: 18-36 months | 🔁 Turnaround
Origo believes Thule’s weak Q1 results and subsequent stock decline have created an “interesting buying opportunity” despite short-term headwinds. The fund managers view the 28% decline from recent highs as excessive given Thule’s demonstrated ability to innovate and expand regardless of market conditions. Origo sees the company’s ambitious 2030 targets of SEK 20 billion in revenue (compared to 9.5 billion in 2024) and 20% operating margins as “fully realistic” given successful new product launches and the strategic Quad Lock acquisition. They increased their position from marginal to medium-sized in both their Quest and Seleqt funds following the earnings disappointment.
Setup: Market-leading Swedish outdoor equipment company trading 28% below 52-week highs after disappointing Q1 results.
Latest Development: Q1 revenue growth of 10% came entirely from acquisitions; organic sales declined 2.9% with North America down 13%.
Mispricing Reason: Market overreaction to temporary margin compression (15% vs 17% prior year) caused by product launch timing.
Timing Catalyst: New product categories (car seats, dog transport) plus Quad Lock integration driving growth despite challenging market.
Value Catalysts: Pricing power implementation, inventory reduction targets, and accelerated new product launches scheduled for 2025.
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