Juan Huerta de Soto of Cobas Asset Management presented his thesis on Trigano (France: TRI) at European Investing Summit 2026.
Thesis summary:
Trigano is Europe’s leading recreational vehicle maker, with about 30% of the European motorhome market, 40% in France and 50% in Spain. Motorhomes are 75% of revenues, alongside accessories, mobile homes, trailers and caravans, and the French Feuillet family controls the company. Juan sees a cyclical but very cheap stock: a €2,400m market cap, €500m of net cash expected by fiscal year-end, an 18% FCF yield on Cobas’s next-year estimates, 3.5x EV/EBITDA and 5.5x P/FCF.
Juan cites economies of scale and brand recognition. The chassis, mostly from Fiat Professional, is half a motorhome’s cost, and he suspects Trigano’s scale, about 55,000 motorhomes a year, earns rebates up to 10% better than small rivals get. Assembly is artisanal: labor is only 10% of cost, so automation offers no return. Customers buy three to four vehicles in a lifetime, stay loyal to brands and sleep 77 nights a year in them. ROCE has hovered near 25%.
The opportunity stems from macro worries in Germany and France, Europe’s two largest markets, higher rates, fears that chassis OEMs will enter, and dealer destocking after over-ordering in 2023, which Juan considers resolved. Trigano’s European motorhome share dipped to 31% in 2025 from 35%. Europe’s population over 45 rose from 120 million (28%) in 2005 to 160 million (36%) and approaches 40% by 2035. Trigano integrates acquired brands financially but lets them compete; its EBIT margin has topped Thor Industries’ every year since 2017.
Net cash equals 21% of the market cap. Trigano pays a 3% dividend yield (€76m) and bought back €60m, or 2.5%, with more promised while the discount persists; the share count has been flat for 15 years. Book value per share rose from €19 in 2014 to €108 in 2025. François Feuillet, CEO from 1981 to 2020, chairs the supervisory board, and the family owns 58%. Executive Chairman Stéphane Gigou spent his career at Renault and Fiat Professional, which supplies 80-90% of Trigano’s chassis.
Juan withholds a target price but notes that Thor Industries trades at 14x 2027e P/E while Trigano trades at 5-6x 2027e P/FCF. Applying 13x normalized FCF and adding net cash and minor adjustments yields 100% upside. Catalysts include resilient European motorhome volumes, organic share gains in Germany, where Trigano holds 15-20% against a 30% ambition as Knaus Tabbert struggles, and better investor relations. Risks include European macro headwinds, Chinese competition, which Juan discounts, and regulation such as French parking limits.
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European Investing Summit 2026 was held from October 20-23, 2026. The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.
