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

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.