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THO

Thor Industries

$97.57

-1.38 (-1.39%)

07:57
09/18/18
09/18
07:57
09/18/18
07:57

Thor Industries to acquire Erwin Hymer Group in deal valued about EUR 2.1B

Thor Industries and the shareholders of Erwin Hymer Group SE announced that they have entered into a definitive agreement for Thor to acquire Erwin Hymer Group, a privately held international company, for an enterprise value of approximately EUR 2.1B, with the purchase price to be funded with cash and equity. Equity consideration will consist of approximately 2.3M shares of Thor. The Hymer family will thereby remain engaged in the industry. The combination creates the world's largest RV manufacturer, with the leading position in both North America and Europe, and establishes a global sales and production footprint for the company. Thor expects the transaction to be accretive to earnings in the first year, before taking into account anticipated synergies, purchase accounting adjustments and transaction-related expenses. Subsequent to closing, Thor intends to repurchase shares both opportunistically and systematically in order to offset the issuance of shares to the Hymer family. Headquartered in Bad Waldsee, Germany, Erwin Hymer Group is one of the premier manufacturers of recreational vehicles in a growing European market, with an impressive lineup of industry leading vehicle brands, a strong reputation for investing in product innovation and a dedication to providing exceptional customer value. EHG sells through a worldwide network of more than 1,200 retail dealerships and employs more than 7,300 dedicated team members globally. EHG's product portfolio spans all major RV categories and price points, from lightweight travel trailers to high-end motorhomes. For the fiscal year ended August 31, 2018, the Erwin Hymer Group expects to generate revenues of over EUR 2.5B, or approximately $2.9B at current exchange rate. Martin Brandt will continue to lead the Erwin Hymer Group business post-closing as its CEO, reporting directly to Thor's CEO, Bob Martin. No changes in production facilities or employee levels are anticipated within EHG or Thor as a direct result of this transaction. The transaction has been approved by Thor's board of directors and is expected to close near the end of the calendar year, subject to customary closing conditions, including regulatory and other necessary approvals.

THO Thor Industries
$97.57

-1.38 (-1.39%)

05/01/18
BMOC
05/01/18
UPGRADE
BMOC
Outperform
Thor Industries upgraded to Outperform from Market Perform at BMO Capital
05/01/18
BMOC
05/01/18
UPGRADE
Target $150
BMOC
Outperform
Thor Industries upgraded to Outperform at BMO Capital on 'overdone pullback'
As reported earlier, BMO Capital analyst Gerrick Johnson upgraded Thor Industries to Outperform from Market Perform with a price target of $150, saying that after a 30% year-to-date decline in the stock price, the pullback is "overdone". The analyst notes that the valuation is now at 8.7-times expected FY19 earnings, which is a discount to the company's historical average of 12-times. Johnson also sees the RV industry as "fundamentally sound" as more baby boomers retire and tap into their 401Ks, while younger demographic is more attracted to the outdoor lifestyle. The analyst further notes that his conversations with dealers indicate a "strong" start to 2018 sales, with consumers benefiting from tax cuts and strong economy.
06/07/18
RHCO
06/07/18
NO CHANGE
Target $125
RHCO
Buy
Thor Industries 'down, but not broken,' says SunTrust, cutting PT to $125
SunTrust analyst Michael Swartz told investors in a research note that Q3 was not a "banner" quarter for Thor Industries, and that while bears have "plenty to hang their hats on," shares are down, but Thor's story is "not broken." Swartz, who maintained a Buy rating but lowered his price target to $125 from $165, believes that upcoming retail data points, easing inventory and, possibly, share repurchases, could serve as near-term catalysts.
08/17/18
NRCS
08/17/18
NO CHANGE
NRCS
Northcoast says channel checks pointing to weakening RV demand
Northcoast analyst Seth Woolf said he has become incrementally more cautious on the Recreation & Leisure Products group as his channel checks are pointing to weakening retail demand. While he believes "the buy-side is clearly expecting to see weak wholesale numbers in the coming months," Woolf also contends that the magnitude of declines could be a surprise. He maintains a Buy rating on Camping World (CWH) and Neutral ratings on LCI Industries (LCII), Thor Industries (THO) and Winnebago (WGO).

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