The business of recreational vehicles (RVs) continues to perform well. The two main publicly-traded players are Thor Industries (THO) and Winnebago (WGO), with Thor being the larger of the two. While both companies will see serious tailwinds from rising Chinese demand, we like Thor's prospects to better navigate the relatively unchartered waters, given its size and resource base. The company is over 4x larger than Winnebago in terms of market cap.
We like the fact that the Great Recession got rid of the weaker players as Coachman Industries sold its RV assets; Fleetwood Enterprises filed for Chapter 11; and Monaco Coach filed for Chapter 7. We see this as bullish for Thor Industries as...
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