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THO

Thor Industries

$66.56

1.905 (2.95%)

09:26
01/21/19
01/21
09:26
01/21/19
09:26

Thor finalizing talks to exclude EHG's North American operations from deal

Thor Industries provided an update on its pending acquisition of the Erwin Hymer Group. The company announced that Thor and the sellers are finalizing discussions to exclude EHG's North American operations from Thor's purchase of EHG. Thor and EHG are currently negotiating appropriate revisions to the terms of the stock purchase agreement including adjustments to the purchase price and assumed liabilities as a consequence of the exclusion of EHG's North American operations, the company said. Upon completion of the current negotiations, Thor will provide an update regarding the changes to the financial terms of the agreement resulting from the exclusion of the EHG's North American operations from the transaction. The revised terms are expected to include, among other things, both a reduction in the purchase price and a reduction in the obligations the company would have otherwise assumed under the terms of the original stock purchase agreement, as well as a reduction in the acquisition financing debt the Company has syndicated to fund the purchase. The equity consideration component of the purchase price is not anticipated to change and the negotiated adjustments are expected to be made within the terms of the company's committed acquisition debt financing agreements.

THO Thor Industries
$66.56

1.905 (2.95%)

12/18/18
NRCS
12/18/18
NO CHANGE
NRCS
Towables, Manufactured Housing seeing steep declines, says Northcoast
Northcoast analyst Seth Woolf's RV dealer survey indicates a deterioration of virtually every metric he tracks, and revealed a meaningfully more cautious view of inventory levels, and suggests the promotional environment intensified. Woolf said the November towable sell-out index came in at 46.3 versus 54.7 in October, while the Manufactured Home index declined to 39.1 versus 47.1 in the prior survey. The analyst is growing less confident Buy rated Camping World (CWH) will be able to achieve its guidance and said anyone with a "floorplan and a pulse can get Thor Industries' (THO) best price.
12/10/18
BMOC
12/10/18
NO CHANGE
Target $78
BMOC
Outperform
Thor Industries price target lowered to $78 from $150 at BMO Capital
BMO Capital analyst Gerrick Johnson lowered his price target on Thor Industries to $78 after its Q1 earnings miss, driven by the unit shipment decline of 27% which the company facilitated in order to clear the build-up of inventory in its retail channel. The analyst keeps his Outperform rating on Thor Industries in the longer term however, stating that while the protracted inventory clearing is disappointing, he sees the demand for outdoor lifestyle experiences remaining "strong" and expects the company to "capitalize on these strong secular trends". Johnson further contends that Thor Industries looks to be "much better situated for the 2019 retail season".
09/21/18
BMOC
09/21/18
NO CHANGE
Target $150
BMOC
Outperform
BMO Capital would add to Thor Industries on weakness
BMO Capital analyst Gerrick Johnson kept his Outperform rating and $150 price target on Thor Industries, saying that while its Q4 earnings missed consensus, they were in line with expectations. The analyst also notes that although the company's dealer inventory growth decelerated to 26% and a backlog declined 40% - supportive of the bear case thesis in the near term - the long-term story on the stock and its 13-times forward earnings multiple valuation remain compelling. Johnson believes that investors should add to positions on any post-earnings weakness.
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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