CWH (Camping World Holdings Inc) vs S&P 500 Comparison

CWH

S&P 500

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CWH

S&P 500

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CWH

S&P 500

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S&P 500

CWH

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Camping World Holdings Inc
Glance View

Market Cap

2.2B USD

Industry

Retail

Camping World Holdings Inc., founded by David Garvin in 1966, has grown into the largest retailer of RVs and related products in the United States. The company was later championed by Marcus Lemonis, who transformed it through strategic acquisitions and a strong focus on customer service. Under Lemonis's leadership, Camping World expanded its footprint, establishing a robust network of retail locations across the nation. This growth enabled the company to cater to the diverse needs of outdoor enthusiasts, offering not only recreational vehicles but also a comprehensive array of accessories, gear, and services designed to enhance the camping experience. Their business model thrives on creating a one-stop-shop for RV owners and avid campers, allowing customers to purchase, service, and accessorize their recreational investments under one roof. Camping World primarily generates its revenue from three key streams: vehicle sales, parts and services, and finance and insurance. The sale of new and pre-owned RVs remains the central pillar of their business model, contributing the largest share of their income. Complementing these sales are their parts and service departments, which provide essential maintenance and a wide selection of aftermarket products to keep vehicles in top condition and consumers fully equipped for their adventures. Additionally, the finance and insurance sector not only supports vehicle purchases but also fortifies the company's revenue through loan facilitation and protection plans. Each component of Camping World's business synergizes to create a resilient ecosystem that supports growth, while also fostering a loyal customer base dedicated to the outdoor lifestyle.

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CWH Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

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CWH

vs

S&P 500

Stocks Performance
CWH vs S&P 500

Performance Gap
CWH vs S&P 500

Performance By Year
CWH vs S&P 500

Competitors Performance
Camping World Holdings Inc vs Peers

Camping World Holdings Inc
Glance View

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CWH vs S&P 500

Stocks Performance CWH vs S&P 500

Performance Gap CWH vs S&P 500

Performance By Year CWH vs S&P 500

Competitors Performance Camping World Holdings Inc vs Peers

Camping World Holdings Inc Glance View

Company

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Stocks

CWH

vs

S&P 500

Stocks Performance
CWH vs S&P 500

Performance Gap
CWH vs S&P 500

Performance By Year
CWH vs S&P 500

Competitors Performance
Camping World Holdings Inc vs Peers

Camping World Holdings Inc
Glance View