Fleetwood: A better buy

A lower share price and improvements to the investment case make Fleetwood a better buy.

When we upgraded Fleetwood in Fleetwood: A buy after the bust? (Speculative Buy – $2.54), we did so knowing the business was in a fair bit of distress. Occupancy at Searipple Village had fallen to just 50%; the caravan business was losing money and Osprey Village was yet to generate revenue. Debt had increased, dividends were under threat and the stock was trading at a discount to net tangible asset (NTA) value.

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