Lazydays: Undiscovered, Mispriced, And Lower Risk Than Peer Camping World

Lazydays (NASDAQ:LAZY) is the second or third largest RV dealer in the fragment US RV dealership industry. Camping World (NYSE:CWH) is the largest with ~20% market share. 2019 was a rough year for the industry. Following a decade long run of double-digit sales growth for the RV industry, inventories got too high in 2019 which led to industry wide discounting which impacted margins.
Source: RV industry Association
LAZY has 9.8M common shares out plus a $60M convertible preferred with a $10.06 c…

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