CWH - Camping World Ready For Strong Upcycle

2024-07-26 00:50:05 ET

Summary

• Strong market share growth, moving from 18% to 25% in a single quarter.
• The company is expanding aggressively, aiming to add over 100 locations by 2028 to further increase market share.
• Market conditions are currently challenging due to high interest rates and pricing deflation, but an upcycle is expected to accelerate once rates decrease.

Investment Thesis

Camping World Holdings ( CWH ) is the world’s largest RV dealer, including both its Camping World mainline brand, and its Good Sam service brand. New units make up around 50% of sales, used units make up 25.6%, ancillary retail sales make up 13.5%, with the remaining being the Good Sam RV club membership and insurance/financing broker....

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