Camplify's business model better than traditional RV rentals - Canaccord

Camplify Holdings

22/06/2023 23:20

** Brokerage Canaccord Genuity says Australia's Camplify
Holdings Ltd  CHL.AX  has a leading marketplace for recreational
vehicles (RV)  
    ** Brokerage says CHL has a superior business model to the
traditional RV rental agencies as it does not own or hold
inventory; instead acts as an intermediary via its website
    ** Canaccord keeps conviction for co at "buy", keeps price
target at A$3.25
    ** In the last four years, CHL has secured more RVs on its
platform than all rental and competing marketplaces combined in
Australia with substantially less invested capital- Canaccord 
    ** Brokerage estimates a serviceable addressable market in
Australia of A$1.4 bln ($945.56 mln) in revenue for co if all
registered RVs were on the CHL platform, equating to a A$9 bln
per annum opportunity after incorporating all of co's core
operating markets  
    ** All three analysts covering the stock rate it "buy" or
higher; their median PT is A$2.60 – Refinitiv data
    ** Stock has risen 16.2% this year, as of last close


($1 = 1.4806 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))