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CWH: Where Operational Excellence and Vision Meet Enormous Market Opportunity

August 3rd, 2022

“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...

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

May 4th, 2022

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...

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CWH: Time to Shine

April 4th, 2022

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. ...

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

February 23rd, 2022

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...

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

October 14th, 2021

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...

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

August 4th, 2021

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...

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

May 5th, 2021

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...

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

April 27th, 2021

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

November 3rd, 2020

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...

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

October 13th, 2020

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...

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

August 26th, 2020

“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...

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

August 6th, 2020

“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...

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

July 29th, 2020

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...

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

May 8th, 2020

“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...

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

April 29th, 2020

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...

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Current Ideas

EXPI

SELL/SHORT

$4

HUSQ.B

SELL

$50

UFPI

SELL/SHORT

$45

TREX

SHORT

$18

PRDO

SELL/SHORT

$5

STRA

SELL/SHORT

$42

CWH

LONG

$75

OSTK

LONG

$128

CM

SELL/SHORT

$50

RY

SELL/SHORT

$50

ARC

LONG

$5.50

AYI

SHORT

$50

BIG

SHORT

$28

WWE

LONG

$65

XOXO

LONG

$37

RLGY

PAIR TRADE

$10

RDFN

PAIR TRADE

$30

BCO

LONG

$35

ING.PA

SHORT

$35

TRUP

SELL/SHORT

$10

CTC

SHORT

$101

ATGE

SHORT

$15

HCG.TO

SHORT

$0

RON.TO

SHORT

$9

ESI

SHORT

$0

BGG

PAIR - LONG BGG/SHORT TTC

25%

TTC

PAIR - LONG BGG/SHORT TTC

25%

Z

SHORT

$14.00

NA.TO

SHORT

$22

ZU

SHORT

$15

TRLA

SHORT

$20

MCRS

SHORT

$31

APOL

SHORT

$35

OPEN

SHORT

$30

KNL

PAIR - LONG KNL/SHORT MLHR

25%

CSGP

SHORT

$100

GCA

LONG

$8

IPSU

LONG

$20

MLHR

SHORT

$22

LOOP

PAIR - LONG CSGP/SHORT LOOP

40%

THQI

LONG

$35

WPO

SHORT

$275

COCO

SHORT

$0

HNI

SIG

RGR