CWH: Stable Sales and Clean Channel Inventories

The following report outlines our long thesis on CWH as well as the feedback from our latest survey of independent RV dealers across the country.

CWH: And Now Comes the Growth Phase, Albeit Slow at the Beginning

“The truth is, for 2023 the only metric that matters for CWH and the RV industry at large is INVENTORY.  Appropriate inventory channel management preserves economics for everyone in the space and positions the industry for growth once again...

CWH: Setting the Stage for the Next Cycle - PAA Research's Fall 2023 RV Dealer Survey

In our view there are four issues that are paramount for CWH shares and that will dictate how the stock trades over the short term 1.How much will demand pull forward in 2020-1H22 impact sales of RVs going forward?  The RV...

CWH: Success Managing Inventory in 2023 Sets the Stage for Growth in 2024 and Beyond

“And so we feel like the channel is very, very clean right now…. And there's been tremendous discipline. But we're encouraged and optimistic as it relates to really the cleanliness of the inventories and the weeks...

CWH: For 2023, Inventory Is All That Matters

“We said on retail 370,000 to 390,000 is our expectation. Wholesale 325,000 to 350,000.” Brian Michael Hall, CFO, LCI Industries. 2/14/23. 4Q22 Earnings Conf. Call “The one thing that I'm noticing that is different than any other soft period...

CWH: Where Operational Excellence and Vision Meet Enormous Market Opportunity

“In our RV end market, we have seen an industry-wide restocking of dealer inventories approaching pre-pandemic levels. We are beginning to see OEM production react accordingly. We currently estimate full year 2022 RV wholesale unit...

CWH: Bears Swimming Against the Tide; When Estimates Go Down and the Stock Goes Up, the Short Interest Starts to Loom...

For the past two years, we have listened to criticism after criticism of Marcus Lemonis and Camping World.   Skeptics typically bring up the following issues when criticizing Marcus, his...

CWH: Time to Shine

Our latest RV dealer checks suggest industry demand remains solid while inventory levels have started to normalize. More importantly we think we are moving into an environment were the merits of CWH's strategic growth initiatives introduced over the past 2-3 years should start to shine. ...

CWH: “Stress Test” Estimates on Dealer Productivity Suggest a Potential Earnings Floor of $3.50-$4.00/Share

Over the past 5-years, Marcus Lemonis and his team at CWH achieved a number of accomplishments including: Increased company revenues by more than 50% Expanded CWH’s leadership at the top of RV...

CWH: At Your Service, Exploring Camping World's $8-$12B Service Revenue Opportunity; RV Dealer Survey Feedback

Camping World investors remain overly obsessed with new RV sales at a time when the company's growth prospects are increasingly tethered to high margin revenue sources such as service, rentals, camping...

CWH: A Simple Sanity Check Suggests the EBITDA Floor Is Higher Than You Think

For those who think they’re really good at playing this game, we present you the following question: A year ago consensus estimates for FY21 EBITDA for CWH were $293MM.  By tomorrow, we expect consensus EBITDA estimates for CWH for...

CWH: Breaking Through the Ceiling Creates a New Floor; Raising Estimates

For the past 6-9 months, every single one of our conversations around CWH revolved around a single question: When will demand collapse?  Put this in the category of “every general fights the last war”.  Even after crushing...

CWH: The Inventory Advantage, Raising Target to $75, PAA Research's Spring 2021 RV Dealer Survey

CWH: Camping World Shares Are Absurdly Cheap and Ten Other Things We Know for Certain

Eighty-one cents?! That’s all CWH gained yesterday following a quarter during which the generated 26.9% same store sales growth, delivered 740 bps of gross profit margin expansion, efficiently managed G&A costs, and beat...

CWH: Building the "Costco of Camping" - Our Letter to Buffett and Munger

We sent the attached slide deck along with individual letters to Warren Buffett and Charlie Munger. This is the second time we have sent a letter to Warren Buffett. Eleven years ago, we sent a letter to Mr. Buffett to illuminate some of the...

CWH: What a Successful Launch of the “AirBnB” for the RV Space Could Mean for Camping World – An Absolute Game...

“As we think about the possibilities of it, it wouldn't surprise me if we -- it wouldn't surprise me if we stayed away from the rental business, but we looked at alternative technology...

CWH: Camping World Is Getting Back to Its Compounding/Market Share Gain Roots, $3.00+ in EPS Is in Sight, Raising Price...

“So we have 2 goals going forward; grow our total file size [customers] profitably, by the way; and grow the average spend per member. That is our business model, and it always has been. We did...

CWH: PAA Research's Summer 2020 RV Dealer Survey - The Power of CWH's Business Model Still Remains Underappreciated,...

We recently conducted a survey of more than 30 RV dealers across the country. The attached report includes the feedback from those dealer checks.  We think the power of CWH's business model...

CWH: Demand Turns on a Dime and Now We Might Have Line of Sight to $400MM in EBITDA

“As we sit here today, I'm proud to tell you that last weekend, our Friday, Saturday and Sunday in May was the biggest weekend in our company's history, period, end of story, in all aspects, every part of our...

CWH: Social Distancing from Anywhere – Time to Go Long Camping World Holdings (CWH) with a $20 Price Objective

We are introducing Camping World Holdings (CWH) as a long idea with a $20 Price Objective.  Please see the attached slide deck which outlines our investment thesis and feedback from our survey of more...