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WGO

Winnebago

$30.31

6.74 (28.60%)

, THO

Thor Industries

$85.61

0.91 (1.07%)

12:32
10/03/16
10/03
12:32
10/03/16
12:32

Winnebago soars almost 27% after Grand Design purchase, preliminary Q4 results

Shares of recreation vehicles maker Winnebago Industries (WGO) are surging this afternoon after announcing it will be acquiring Grand Design Recreational Vehicle Company and providing preliminary fourth quarter results. Following the report, research firm Baird upgraded Winnebago to Outperform from Neutral. WHAT'S NEW: This morning before the market open, Winnebago announced that it had entered into a pact to acquire Grand Design Recreational Vehicle Company, a manufacturer of towable recreation vehicles, or RVs, for approximately $500M in cash and newly issued Winnebago shares. The RV maker added in its statement that the acquisition is expected to be accretive to its growth profile, profit margins and earnings per share. The transaction is expected to close by the end of Winnebago's first fiscal quarter of 2017. Michael Happe, Winnebago's President and CEO, commented, "The addition of Grand Design will accelerate our expansion in the towables business, creating a broader and more balanced portfolio well-positioned to capitalize on the opportunities across the RV market and to drive improved profitability and long-term value for stakeholders." According to Winnebago, the combined company will have approximately $1.4B in pro forma revenue along with a broader and more balanced portfolio well-positioned to deliver growth, improved profitability and value. Annual run-rate cost synergies are anticipated to be $7M, phased in over three years, to be achieved through identified opportunities in purchasing and the elimination of redundant processes with additional upside potential from sharing of manufacturing best practices. Winnebago expects to fund the transaction through a combination of $395M in cash and $105M in newly issued Winnebago shares. J.P. Morgan has agreed to provide committed financing for the transaction. Upon closing, Winnebago expects to have a debt to EBITDA ratio of approximately 2.5x, inclusive of anticipated annual run rate synergies. The combined company is expected to generate significant cash flow that will facilitate rapid debt reduction. Winnebago expects to reduce its debt to EBITDA ratio to below 1.5x by the end of fiscal 2018. PRELIMINARY QUARTERLY RESULTS: Separately, this morning Winnebago provided preliminary Q4 results. The company is anticipating Q4 EPS of 49c on revenue of $263.3M. Analysts were expecting Q4 EPS of 45c on revenue of $249.16M. The preliminary view includes 1c of transaction-related expenses. ANALYST REACTION: Following Winnebago's news, Baird upgraded the stock to Outperform from Neutral. PRICE ACTION: Shares of Winnebago are up almost 27% in afternoon trading to $29.90. OTHERS TO WATCH: Other companies in the RV space are also up this afternoon, including Thor Industries (THO) and Drew Industries (DW).

WGO

Winnebago

$30.31

6.74 (28.60%)

THO

Thor Industries

$85.61

0.91 (1.07%)

DW

Drew Industries

$98.82

0.8 (0.82%)

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    Oct

WGO Winnebago
$30.31

6.74 (28.60%)

02/09/16
NRCS
02/09/16
DOWNGRADE
NRCS
Neutral
Winnebago downgraded to Neutral from Buy at Northcoast
Northcoast downgraded Winnebago to Neutral based on moderating retail demand, consumer trade-down commentary, and deal uncertainty with new CEO.
02/09/16
02/09/16
DOWNGRADE

On The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: American Capital Senior Floating (ACSF) downgraded to Market Perform at Keefe Bruyette... American Science & Engineering (ASEI) downgraded to Hold from Buy at Benchmark... ArcelorMittal (MT) downgraded to Neutral from Overweight at JPMorgan... BioCryst (BCRX) downgraded to Hold from Buy at Jefferies... Brixmor (BRX) downgraded to Underperform from Outperform at RBC Capital... Diana Shipping (DSX) downgraded to Neutral from Buy at Clarksons Platou... Eagle Point Credit (ECC) downgraded to Neutral from Buy at Compass Point... Golden Ocean (GOGL) downgraded to Neutral from Buy at Clarksons Platou... Lukoil (LUKOY) downgraded to Hold from Buy at Deutsche Bank... Memorial Resource (MRD) downgraded to Neutral from Overweight at JPMorgan... Navios Maritime (NM) downgraded to Neutral from Buy at Clarksons Platou... Northstar Realty (NRF) downgraded to Market Perform from Outperform at Keefe Bruyette... Plains All American (PAA) downgraded to Neutral from Buy at BofA/Merrill... Plains GP Holdings (PAGP) downgraded to Neutral from Buy at BofA/Merrill... Qualys (QLYS) downgraded to Neutral from Buy at DA Davidson... Quidel (QDEL) downgraded to Hold from Buy at Canaccord... Randgold (GOLD) downgraded to Hold from Buy at Deutsche Bank... Scorpio Bulkers (SALT) downgraded to Neutral from Buy at Clarksons Platou... Tortoise Energy (TYG) downgraded to Hold from Buy at Stifel... Winnebago (WGO) downgraded to Neutral from Buy at Northcoast.
05/03/16
SIDC
05/03/16
INITIATION
Target $24
SIDC
Neutral
Winnebago initiated with a Neutral at Sidoti
Target $24.
10/03/16
BARD
10/03/16
UPGRADE
BARD
Outperform
Winnebago upgraded to Outperform from Neutral at Baird
THO Thor Industries
$85.61

0.91 (1.07%)

07/29/16
RHCO
07/29/16
UPGRADE
RHCO
Buy
Thor Industries upgraded on multiple catalysts at SunTrust
As noted earlier, SunTrust upgraded Thor to Buy from Neutral. Analyst Michael Swartz predicts that the company will benefit from higher than expected accretion and synergies from its Jayco acquisition, as well as 20%-40% growth in industry volumes by 2020. Target $90.
08/19/16
WDLK
08/19/16
DOWNGRADE
Target $80
WDLK
Hold
Thor Industries downgraded to Hold from Buy at Wunderlich
Wunderlich analyst Rommel Dionisio downgraded Thor Industries to Hold citing the recent rally in the shares. The analyst keeps an $80 price target for the name.
09/13/16
NRCS
09/13/16
UPGRADE
Target $95
NRCS
Buy
Thor Industries upgraded to Buy from Neutral at Northcoast
Northcoast analyst Seth Woolf upgraded Thor Industries to Buy with a $95 price target. The analyst said the recent move in shares still doesn't reflect full accretion of the Jayco acquisition nor the strategic benefits. Woolf believes that the Jayco deal gives the company the best product portfolio in the industry. This is particularly true as it relates to Thor's ability to ride the wave of younger consumers entering the channel via entry-level travel trailers, the analyst wrote.
09/28/16
WLSD
09/28/16
UPGRADE
WLSD
Buy
Thor Industries upgraded to Buy from Gradually Accumulate at Wellington Shields
DW Drew Industries
$98.82

0.8 (0.82%)

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