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Dometic Group AB (publ) (DTCGF)

NEUTRAL
Consumer CyclicalLeisureSweden

基本面

64

价格

$22.80

市值

$7.39B

第一部分 · 这家公司值多少

概览

Dometic makes the equipment that lets people cook, cool, power and stay comfortable away from a fixed home: refrigerators, air conditioners, awnings and power systems for recreational vehicles, plus similar climate and power equipment for boats under its Marine brands. It sells both to vehicle and boat manufacturers who fit the equipment during production, and through dealers to owners upgrading or replacing gear after purchase.

盈利方式

Revenue comes from selling hardware either to original equipment manufacturers, who install it before a vehicle or boat is sold, or through the aftermarket, where dealers and owners buy replacement or upgrade parts. Demand for both channels tracks how many new RVs, caravans and boats are being built and how much people are spending on outdoor recreation, which makes the business sensitive to consumer discretionary spending and to interest rates that affect big-ticket purchases.

护城河

品牌 · 狭窄

Dometic's names are well established with RV and marine manufacturers who specify its equipment as original fittings, which gives it a durable relationship advantage in a niche market. The advantage is narrow because the underlying products — refrigerators, air conditioners, awnings — are not difficult for competitors to replicate, and OEM customers can and do switch suppliers when price or quality shifts.

需求驱动因素

周期性

RVs, caravans and boats are large discretionary purchases that buyers postpone when consumer confidence weakens or credit gets more expensive, which flows directly through to Dometic's OEM orders. The company itself described 2025 as a year of tough market conditions and declining demand in the outdoor recreation industry, with only tentative signs of stabilisation by year-end.

看多理由

Buyers argue that the 2025 sales decline eased through the year, order intake improved and channel inventories began normalising, suggesting the worst of the outdoor-recreation downturn is behind the company as tariff-related cost headwinds also fade.

看空理由

Sellers fear that a business this tied to discretionary RV and marine purchases remains exposed to consumer confidence and to whatever tariff or trade policy comes next, and that a genuine recovery in OEM demand may take longer than early signs of stabilisation suggest.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

资产负债表与流动性

营收

$20.15B

截至最近已公布季度的最近12个月 — 根据每股指标估算

净利润

$310M

截至最近已公布季度的最近12个月 — 根据每股指标估算

自由现金流

$1.66B

股东权益合计

$22.96B

负债合计

$14.62B

流动比率

1.65

利息覆盖率

-

债务/EBITDA

5.91

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

合理估值

公允价值

$30.25

当前价格

$22.80

安全边际

+24.6%

公允价值区间

$19.67 - $40.84

估算方法

Analyst Target:$40.00
DCF:$50.16
PE-based:$5.91
Graham Growth:$7.18
EPV:$27.65
分析师共识:强力买入 (9B / 2H / 0S)
最近财报超预期:-4.01%

估值指标

市盈率(P/E)

23.60

ROE

1.4%

市净率(P/B)

0.32

P/FCF

4.45

毛利率

29.5%

ROIC

4.3%

盈利能力雷达图

Value Creation (Economic Moat)

ROIC

4.3%

WACC

4.4%

ROIC − WACC

-0.1 pp

ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.

基本面分析标准

通过(13)

  • P/FCF 4.45
  • P/B Ratio 0.32
  • Debt/Equity ratio
  • Operating Margin 7.1%
  • Positive Free Cash Flow
  • Current Ratio
  • Debt/EBITDA
  • Price below Graham Number
  • DCF valuation (Undervalued)
  • Revenue Growth 5Y 5.4%
  • Analyst Consensus 82% Buy
  • Earnings Quality (OCF/NI) 5.59
  • Net Margin Trend 2.0% vs -9.4%

未通过(7)

  • Price CAGR -10.05%
  • ROIC 4.3%
  • Gross Margin 29.5%
  • CapEx intensity
  • ROE 1.4%
  • Earnings Surprise avg -64.2%
  • Piotroski F-Score 2/9

不可用(7)

  • EPS data insufficient
  • Dividend Payout NaN%
  • Interest Coverage
  • Return on Tangible Assets
  • Low reliance on intangibles
  • PEG Ratio (need PE > 0 and growth > 0)
  • Share Dilution (missing shares data)

Piotroski F-评分

2/9

存在严重财务隐患

score
criteria

盈利质量

5.59

高质量:盈利有现金流支撑

股权稀释

-

正在回购股份,对股东友好

公司治理

管理团队

姓名职位年龄
Mr. Juan VarguesPresident & CEO66
Mr. Per CarlssonActing Chief Financial Officer61
Mr. Anton LundqvistChief Technology Officer55
Mr. Tobias NorrbyHead of Investor Relations-
Ms. Anna Smieszek Ph.D.Executive VP & Group General Counsel61
Mr. Peter JanneroChief Marketing Officer56
Ms. Jenny EveliusExecutive VP & Head of Group HR56
Ms. Chialing HsuehPresident of Global Ventures62
Mr. Eric B. FetchkoPresident of Segment Marine63

审计风险

8

董事会风险

5

薪酬风险

9

股东权利风险

1

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

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