Financials THOR Industries, Inc.

Equities

THO

US8851601018

Recreational Products

Market Closed - Nyse Other stock markets 04:00:01 2023-12-08 pm EST			5-day change	1st Jan Change
108.06 ^USD	+0.91%		+3.63%	+43.14%

Dec. 07	BMO Capital Adjusts Price Target on Thor Industries to $120 From $115, Maintains Outperform Rating	MT
Dec. 06	Thor Industries Fiscal First-Quarter Results Decline as Lower Unit Shipments, Prices Weigh on North American RV Sales	MT

Valuation

Fiscal Period : Juli	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3 282	6 292	6 553	4 599	6 157	5 762	-	-
Enterprise Value (EV) ¹	4 716	6 292	7 715	6 054	7 018	6 576	6 415	5 976
P/E ratio	24,1x	28,4x	9,99x	4,10x	16,6x	16,2x	12,7x	11,4x
Yield	2,62%	1,40%	1,39%	2,04%	1,56%	1,75%	1,83%	1,95%
Capitalization / Revenue	0,42x	0,77x	0,53x	0,28x	0,55x	0,54x	0,51x	0,48x
EV / Revenue	0,60x	0,77x	0,63x	0,37x	0,63x	0,62x	0,56x	0,49x
EV / EBITDA	8,25x	10,8x	6,60x	3,33x	8,14x	7,61x	6,55x	5,73x
EV / FCF	12,5x	14,5x	19,4x	8,10x	9,07x	11,6x	15,9x	12,0x
FCF Yield	8,01%	6,90%	5,15%	12,4%	11,0%	8,59%	6,28%	8,37%
Price to Book	1,57x	2,71x	2,24x	1,26x	1,56x	1,37x	1,33x	1,26x
Nbr of stocks (in thousands)	55 063	55 199	55 366	54 531	53 308	53 323	-	-
Reference price ²	59,6	114	118	84,3	115	108	108	108
Announcement Date	9/30/19	9/28/20	9/28/21	9/28/22	9/25/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : Juli	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7 865	8 168	12 317	16 313	11 122	10 588	11 360	12 092
EBITDA ¹	572	583	1 169	1 817	862	864	979	1 043
EBIT ¹	423	387	908	1 533	585	580	669	730
Operating Margin	5,38%	4,74%	7,37%	9,40%	5,26%	5,48%	5,89%	6,03%
Earnings before Tax (EBT) ¹	185	273	845	1 460	499	485	596	653
Net income ¹	133	223	660	1 138	374	357	456	512
Net margin	1,69%	2,73%	5,36%	6,98%	3,37%	3,38%	4,01%	4,23%
EPS ²	2,47	4,02	11,9	20,6	6,95	6,67	8,49	9,49
Free Cash Flow ¹	378	434	398	748	773	565	403	500
FCF margin	4,80%	5,32%	3,23%	4,58%	6,95%	5,33%	3,55%	4,13%
FCF Conversion (EBITDA)	66,1%	74,5%	34,0%	41,2%	89,7%	65,4%	41,1%	47,9%
FCF Conversion (Net income)	283%	195%	60,3%	65,7%	207%	158%	88,4%	97,6%
Dividend per Share ²	1,56	1,60	1,64	1,72	1,80	1,89	1,98	2,11
Announcement Date	9/30/19	9/28/20	9/28/21	9/28/22	9/25/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : July	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	3 593	3 958	3 875	4 658	3 822	3 108	2 347	2 929	2 738	2 501	2 235	2 926	2 899	2 649	2 492
EBITDA ¹	386	391	440	557	429	277	107	256	223	175	160	278	285	208	190
EBIT ¹	316	326	364	485	357	210	39,0	187	149	108	77,9	198	191	139	103
Operating Margin	8,79%	8,24%	9,41%	10,4%	9,34%	6,74%	1,66%	6,40%	5,46%	4,31%	3,49%	6,76%	6,58%	5,26%	4,12%
Earnings before Tax (EBT) ¹	302	313	346	462	338	179	32,7	155	132	72,6	55,7	178	174	104	86,8
Net income ¹	230	242	267	348	281	136	27,1	121	90,3	53,6	40,9	136	132	78,2	66,1
Net margin	6,41%	6,12%	6,88%	7,47%	7,35%	4,38%	1,15%	4,12%	3,30%	2,14%	1,83%	4,64%	4,55%	2,95%	2,65%
EPS ²	4,12	4,34	4,79	6,32	5,15	2,53	0,50	2,24	1,68	0,99	0,72	2,52	2,46	1,48	1,22
Dividend per Share ²	0,41	0,43	0,43	0,43	0,43	0,45	0,45	0,45	0,45	0,48	0,47	0,47	0,47	0,49	0,49
Announcement Date	9/28/21	12/8/21	3/9/22	6/8/22	9/28/22	12/7/22	3/7/23	6/6/23	9/25/23	12/6/23	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period : July	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1 434	-	1 161	1 456	861	814	653	214
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2,51x	-	0,99x	0,80x	1,00x	0,94x	0,67x	0,21x
Free Cash Flow ¹	378	434	398	748	773	565	403	500
ROE (net income / shareholders' equity)	14,1%	10,5%	25,2%	34,9%	9,89%	9,04%	10,7%	10,9%
Shareholders' equity ¹	942	2 124	2 621	3 257	3 784	3 952	4 274	4 688
ROA (Net income/ Total Assets)	6,76%	4,04%	10,6%	-	-	4,90%	6,00%	6,50%
Assets ¹	1 971	5 514	6 213	-	-	7 294	7 595	7 878
Book Value Per Share ²	37,9	42,0	52,8	66,9	73,8	78,7	81,0	86,1
Cash Flow per Share ²	-	-	9,45	17,9	18,2	12,9	14,9	16,6
Capex ¹	130	107	129	242	208	245	205	184
Capex / Sales	1,66%	1,31%	1,05%	1,49%	1,87%	2,32%	1,81%	1,52%
Announcement Date	9/30/19	9/28/20	9/28/21	9/28/22	9/25/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for THOR Industries, Inc.

Trading Rating :

Investor Rating :

ESG Refinitiv :

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

108.06USD

Average target price

102.1USD

Spread / Average Target

-5.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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