Winnebago Industries Inc

WGO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$32.00	Vjgy	Vhrnhgd

Thor Industries: RV Leader Seeks to Bounce Back From Postpandemic Slump

David Whiston ,

Oct 3, 2023

We are initiating coverage on recreational vehicle manufacturer Thor Industries with a no-moat rating and a fair value estimate of $139 per share. Thor is the world’s largest RV manufacturer with greater than 40% market share in North America for both motorhomes and towables, and greater than 20% market share in Europe, generating over $11 billion in sales in fiscal 2023. The company boasts a portfolio of over 30 brands, most notably Airstream and Tiffin, targeting customers in both the North American and European market. For fiscal 2023, North America accounted for over 72% of sales and Europe accounted for over 27% of sales.

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