Trigano: Family-Controlled European Leader in Leisure Vehicles

Jean Pierre Verster of Protea Capital Management presented his investment thesis on Trigano (France: TRI) at Best Ideas 2023.

Thesis summary:

Trigano is the European leader in leisure vehicles. It designs and manufactures caravans, motorhomes, trailers, garden equipment, and camping gear.

The company was founded in 1935 by Edgar Trigano. The following year, in the wake of the political victory of the Popular Front, French people were able to take paid annual leave for the first time. Trigano’s canvas tents, the “Canadienne” (a square blue and orange tent), became an instant hit and sold by the millions. In 1981, Francois Feuillet joined the company and soon diversified Trigano into the production and distribution of motorhomes. Feuillet purchased the whole company in 1990 and subsequently sold a minority stake via an IPO in 1998 in order to finance a string of acquisitions.

Feuillet family members maintain majority control of this EUR 2.4 billion market cap business. Trigano shares have returned ~30% per annum over the past ten years but still offer significant upside. The shares trade at a single-digit P/E multiple even though sustainable ROE is estimated at ~20%.

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About the instructor:

Jean Pierre Verster is the founder & CEO of Protea Capital Management, an investment management firm headquartered in Johannesburg, South Africa. He was part of the investment team at 36ONE Asset Management, which manages the largest hedge fund in South Africa, from 2010 to 2016. He partnered with Fairtree Asset Management thereafter to launch the Protea range of hedge funds. In 2019, he founded Protea Capital Management as a stand-alone investment management business. Since 2015, Jean Pierre also serves as an independent non-executive director at Capitec Bank, the largest retail bank in South Africa by number of clients, where he is chairman of the audit committee.

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