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1. Company Snapshot

1.a. Company Description

Camping World Holdings, Inc., through its subsidiaries, retails recreational vehicles (RVs), and related products and services.It operates in two segments, Good Sam Services and Plans; and RV and Outdoor Retail.The company provides a portfolio of services, protection plans, products, and resources in the RV industry.


It also offers extended vehicle service contracts; roadside assistance plans; property and casualty insurance programs; travel assist travel protection plans; and RV and outdoor related consumer shows, as well as produces various monthly and annual RV focused consumer magazines; and operates the Coast to Coast Club.In addition, the company provides new and used RVs; vehicle financing; RV repair and maintenance services; various RV parts, equipment, supplies, and accessories, which include towing and hitching products, satellite and GPS systems, electrical and lighting products, appliances and furniture, and other products; and collision repair services comprising fiberglass front and rear cap replacement, windshield replacement, interior remodel solutions, and paint and body work.Further, it offers equipment, gears, and supplies for camping, hunting, fishing, skiing, snowboarding, bicycling, skateboarding, and marine and watersports equipment and supplies, as well as operates Good Sam Club, a membership organization that offers savings on a range of products and services and provides co-branded credit cards.


As of December 31, 2021, the company operated through a network of approximately 187 retail locations in 40 states of the United States.It serves customers through dealerships, and online and e-commerce platforms.The company was founded in 1966 and is headquartered in Lincolnshire, Illinois.

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1.b. Last Insights on CWH

Camping World Holdings' recent performance was driven by a Q4 loss of $0.47 per share, which exceeded analyst estimates by $0.04. Although the company reported a 6.8% revenue increase, its operational improvement was offset by rising costs. The company's new and used same-store unit sales grew for the second quarter in a row, but its adjusted EBITDA increased at a slower pace. Additionally, Camping World's ability to maintain profitability despite a decline in recreational vehicle sales suggests that the company is adapting to changing market conditions.

1.c. Company Highlights

2. Camping World Holdings Delivers Strong Q3 Results

Camping World Holdings reported a 5% increase in revenue to $1.8 billion for its third-quarter financial results, driven by a 30% surge in used RV sales. Adjusted EBITDA grew 40% to $95.7 million, indicating a significant improvement in profitability. The company's EPS came in at $0.43, beating analyst estimates of $0.36. The strong financial performance was highlighted by the company's CEO, Marcus Lemonis, who expressed confidence in its ability to outperform the RV industry in 2026 and grow earnings, reducing leverage.

Publication Date: Nov -29

📋 Highlights
  • Revenue Growth: Increased 5% to $1.8 billion, driven by 30% higher used RV sales.
  • EBITDA Expansion: Adjusted EBITDA surged 40% to $95.7 million, with a 2026 floor target of $310 million.
  • Market Share Target: Aims for 50–100 bps improvement in 2026, with used sales growing 8–10% annually.
  • AI & Cost Savings: Over $15 million in AI-driven cost takeouts planned, plus $500K–$2M EBITDA boost from M&A.
  • Margin Stabilization: New gross margins projected at 13–14%, used at 18–20%, amid 5–7% ASP increases for new RVs.

Revenue Growth Drivers

The company's used RV sales were a key driver of revenue growth, with a 30% increase in the third quarter. The company's focus on used RV sales is expected to continue, with a high-single-digit outlook for growth. Additionally, the company's service and Good Sam businesses are also expected to contribute to revenue growth.

Margin Expansion

The company's adjusted EBITDA margin expanded significantly, driven by the growth in used RV sales and cost efficiencies. The company's used margins are expected to be between 18% and 20% in 2026, while new margins are expected to remain in the 13% to 14% range.

Valuation Metrics

Using the current valuation metrics, the company's P/E Ratio stands at -12.98, indicating that the company is currently loss-making. However, the EV/EBITDA ratio is 4.89, suggesting that the company's enterprise value is relatively low compared to its EBITDA. The P/S Ratio is 0.11, indicating that the company's revenue is undervalued.

Outlook for 2026

The company is confident in its ability to drive growth in 2026, with a focus on used RV sales, service, and Good Sam businesses. The company has set a conservative adjusted EBITDA floor of $310 million for 2026, which does not incorporate potential upside from cost takeouts, used unit sales, M&A, or new unit sales. Analysts estimate next year's revenue growth at 4.5%, indicating a moderate pace of growth.

3. NewsRoom

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CWH Investors Have Opportunity to Join Camping World Holdings, Inc. Fraud Investigation with the Schall Law Firm

Dec -03

Source: globenewswire.com

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Camping World to Attend the 2025 Raymond James TMT and Consumer Conference

Dec -02

Source: businesswire.com

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CWH Investors Have Opportunity to Join Camping World Holdings, Inc. Fraud Investigation with the Schall Law Firm

Nov -26

Source: globenewswire.com

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Bragar Eagel & Squire, P.C. Continues Investigations into Regencell, Beyond Meat, Alvotech, and Camping World on Behalf of Stockholders and Encourages Investors to Contact the Firm

Nov -22

Source: globenewswire.com

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CWH Investors Have Opportunity to Join Camping World Holdings, Inc. Fraud Investigation with the Schall Law Firm

Nov -19

Source: globenewswire.com

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CWH Investors Have Opportunity to Join Camping World Holdings, Inc. Fraud Investigation with the Schall Law Firm

Nov -14

Source: businesswire.com

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Camping World to Attend the 2025 Stephens Annual Investment Conference

Nov -12

Source: businesswire.com

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CWH Investigation: Investors Encouraged to Contact Kirby McInerney LLP

Nov -11

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.96%)

6. Segments

RV and Outdoor Retail

Expected Growth: None%

None

Good Sam Services and Plans

Expected Growth: None%

None

Intersegment Eliminations

Expected Growth: None%

None

7. Detailed Products

RV Sales

Camping World Holdings, Inc. offers a wide range of recreational vehicles (RVs) from top manufacturers, including motorhomes, travel trailers, fifth-wheel trailers, and tent trailers.

RV Service and Maintenance

The company provides RV service and maintenance, including routine maintenance, repairs, and upgrades, to keep RVs in top condition.

Camping Gear and Accessories

Camping World Holdings, Inc. offers a vast selection of camping gear and accessories, including tents, sleeping bags, cookware, and more.

RV Insurance and Protection Plans

The company offers RV insurance and protection plans to protect customers' investments and provide peace of mind on the road.

RV Rentals

Camping World Holdings, Inc. offers RV rentals for those who want to try out the RV lifestyle or need a temporary RV solution.

Good Sam Club Memberships

The company offers Good Sam Club memberships, which provide exclusive discounts, benefits, and services for RVers.

RV Storage and Protection

Camping World Holdings, Inc. offers RV storage and protection solutions, including storage facilities and protective covers.

8. Camping World Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Camping World Holdings, Inc. faces moderate threat from substitutes as customers have limited alternatives for RVs and outdoor gear. However, the company's strong brand presence and wide range of products mitigate this threat.

Bargaining Power Of Customers

Camping World Holdings, Inc. has a large customer base, but individual customers have limited bargaining power due to the company's dominant market position and wide range of products.

Bargaining Power Of Suppliers

Camping World Holdings, Inc. has a moderate level of dependence on suppliers, particularly for RVs and outdoor gear. However, the company's large scale and diversified supplier base mitigate this risk.

Threat Of New Entrants

Camping World Holdings, Inc. operates in a capital-intensive industry with high barriers to entry, making it difficult for new entrants to compete with the company's scale and brand presence.

Intensity Of Rivalry

Camping World Holdings, Inc. operates in a highly competitive industry with several established players, leading to intense rivalry and pricing pressure.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 96.87%
Debt Cost 5.53%
Equity Weight 3.13%
Equity Cost 17.36%
WACC 5.90%
Leverage 3094.82%

11. Quality Control: Camping World Holdings, Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.75$

Current Price

10.75$

Potential

-0.00%

Expected Cash-Flows