The North American market is consolidated into an oligopoly, shared between Forest River, a subsidiary of Berkshire Hathaway, Thor Industries and Winnebago.

These structures are of course attractive to investors, as they prevent competition and ensure comfortable margins for the players in place.

Winnebago will have benefited more convincingly than Thor, its other publicly traded rival, struggling with the difficult integration of Erwin Hymer's European operations.

Over ten years - from 2012 to 2022 - the group's performance is remarkable: revenues have increased fivefold and margin expansion has been uninterrupted.

The billion dollars invested in acquisitions will have been well spent, as evidenced by an operating cash flow that goes from zero to $400 million over the period.

The $450 million returned to shareholders in dividends and share buybacks, on the other hand, resulted in a similar increase in debt.

Fiscal year 2023 seems to mark a potential turnaround in the cycle, similar to the one observed at Trigano a few weeks ago: revenues are down by 22%, and net income by 41%.

Due to the summer season, the second half of the year is generally better than the first: all other things being equal, annualized earnings per share should therefore fluctuate between $6 and $7 over the year 2023.

At less than $60, the current price reflects a palpable apprehension of the market.