WGO – Given management’s confidence about market share, Newmar, and consumer interest, market expectations are far too bearish and longer-term upside is warranted

• Winnebago Industries, Inc. (WGO:USA) currently trades below corporate averages relative to Uniform earnings, with a 17.7x Uniform P/E. At these levels, the market has overly bearish expectations for the firm, but management’s confidence about market share, Newmar acquisition benefits, and consumer interest suggest longer-term equity upside is warranted for WGO
  
  

• Specifically, management is confident the Newmar acquisition positions them to more effectively compete in the high-end motorhome market and that their Grand Design business, Newmar motorhomes, and Class B products continue to gain market share. In addition, they are confident consumer interest and investment in outdoor products have been robust, that they are blending employee health protocols with their productivity to meet rising demand, and that they have not had any outbreaks within the company