Fund Manager Summary on Camplify Holdings Ltd (ASX:CHL)
Camplify Holdings Ltd (ASX:CHL) has faced significant operational challenges and declining financial performance, as evident in a 1H25 revenue drop of 17.8% and an EBITDA loss of $6.8 million. Fund managers highlight execution difficulties related to the integration of the PaulCamper acquisition and the impact of a softening market due to cost of living pressures. However, recent comments suggest a potential turnaround, underscored by the completion of a cost-reduction program and the launch of a new insurance product, which may enhance revenue generation. The company, trading at an enterprise value of 0.4x FY25 consensus revenue, could be nearing an inflection point as it enters a traditionally stronger second half with improved monetization per booking. The road ahead holds both risks from market dynamics and opportunities for recovery, making ongoing performance monitoring essential for investors.
Commentary From The Managers
There are 6 insights from 3 fund managers regarding their investment in Camplify Holdings Ltd (ASX:CHL) available on Thesis Tracker.
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Updates are made available to members within 12 hours of being released. The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Salter Brothers
28 Aug 2025
$0.48
Summary
- Camplify Holdings Ltd (CHL) is a leading peer-to-peer RV sharing platform operating in Australia, NZ, and Europe.
- CHL reported a weak 1H25 result with group revenue down 17.8% and an EBITDA loss of $6.8 million.
- The decline in performance was attributed to softer domestic demand, platform migration issues at PaulCamper in Europe, and a strategic exit from van sales.
- Gross booking value (GTV) fell 26.9% to $65.4 million, but the company improved its take rate to 30.5%, indicating better monetization per booking.
- Despite these challenges, CHL is entering the seasonally stronger second half with a leaner cost base following a cost-out program.
- There has been improved conversion and automation across its tech platform.
- A new member-based insurance product was launched in Q4, enhancing service offerings.
- Salter Brothers continues to hold because they are closely monitoring progress, expecting improving fundamentals in the second half and a clearer path to profitability.
Salter Brothers
8 Aug 2025
$0.46
Summary
- Camplify operates a leading peer-to-peer digital marketplace connecting recreational vehicle (RV) owners to hirers.
- The company is a market leader in Australia and New Zealand, with operations expanding into Germany, UK, Spain, Austria, and the Netherlands.
- Camplify has faced operational challenges related to the integration of the Paul Camper acquisition from December 2022.
- There has been a reduction in non-core operations and general market softness due to cost of living pressures.
- Salter Brothers believes the company has resolved key challenges within its Paul Camper business.
- The leadership team has been strengthened with the appointment of a new CFO and CTO.
- Salter Brothers sees potential for renewed growth and profitability as the company may be nearing an inflection point.
- Currently, Camplify is trading at an enterprise value of just 0.4x FY25 consensus revenue (as of 05/08/2025).
Forager Funds
30 June 2025
$0.33
Summary
- Forager Funds sold their investment in Camplify (CHL) due to slowed growth and execution issues.
- The company had early traction in Australia but faced weaker than expected demand in Germany.
- Acquisition of PaulCamper did not meet expectations, leading to performance challenges.
- Forager Funds acknowledged mistakes in assessing the business quality and timing of their investment.
- The share price declined 76% over the year, exacerbated by tax loss selling.
- This investment now accounts for less than 1% of the portfolio after costing 3.1% this financial year.
Salter Brothers
28 Feb 2025
$0.57
Summary
- Camplify Holdings LTD (CHL) underperformed during the reporting season.
- The company reported a larger earnings loss than anticipated by the market and Salter Brothers.
- Despite the challenges, Salter Brothers believes the stock has been oversold.
- This situation presents an appealing opportunity for investment.
- Key factors include the completion of a major cost-reduction program.
- The launch of a new insurance product is expected to enhance revenue.
- Resolution of key issues in the German camper business is now underway.
- The company anticipates a seasonally stronger second half of the year.
- Salter Brothers believes that with appropriate execution, the share price will reach an inflection point.
Saville Capital
31 May 2024
$1.45
Summary
- Saville Capital sold their investment in Camplify (CHL) following a disappointing update regarding the integration of its PaulCamper business.
- Despite being attracted to the model and financial metrics of Camplify's core business, particularly in Australia/NZ, concerns arose from the PaulCamper acquisition.
- There is potential for integration issues to be temporary, along with significant upside if management successfully executes their plans.
- However, Saville Capital has chosen to be cautious based on past experiences with major acquisitions causing persistent problems.
- The fund manager prefers to observe the situation from a distance rather than participate in the current journey.
Saville Capital
28 Feb 2024
$2.25
Summary
- Camplify Holdings Ltd (CHL) reported a significant growth in 1H FY24 with GTV and revenue up by 93.6% and 95.4% respectively.
- Gross margins improved from 58.1% to 61.4%.
- Total bookings increased by 59.0% on a year-on-year basis.
- The number of RVs on the platform rose by 19.7% to 29,388.
- Despite these gains, CHL posted a modest EBITDA loss of - $1.4m, attributed to seasonal factors.
- CHL has successfully integrated the PaulCamper business into its global OnePlatform, enhancing operational efficiency.
- This integration will facilitate improved management of European markets with standardized technology.
- CHL aims to increase take rates and booking volumes through the rollout of products like Premium Membership in these new markets.
- A key focus remains the global rollout of the MGA Myway, set to complete in FY24 for Northern Hemisphere and 1Q FY25 for Southern Hemisphere.
- This new division is expected to enhance CHL’s core marketplace and facilitate insurance product retailing beyond its customer base.
- Recently, CHL acquired the “Rent a Tent” business, positioning itself strongly in festival and event accommodation solutions.
- Despite a solid performance, CHL's share price dropped initially by -25%, showcasing the volatility often found in micro-cap markets.
The completeness, accuracy or current status of the investments referenced are not guaranteed.
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Frequently Asked Questions
Who is investing in Camplify Holdings Ltd (ASX:CHL)?
Fund managers including Saville Capital, Salter Brothers and Forager Funds have invested in Camplify Holdings Ltd (ASX:CHL).
Why do fund managers invest in Camplify Holdings Ltd?
Fund managers invest in Camplify Holdings Ltd due to its positioning as a market leader in the peer-to-peer RV rental sector across Australia and Europe. Although it currently faces operational challenges and reported larger-than-expected losses, asset management firms believe the stock is oversold, presenting a potential opportunity. Factors such as the completion of a cost-reduction program, the launch of a new insurance product, and resolution of previous issues may lead to improved performance and profitability in the second half of the fiscal year.
What happened to Camplify Holdings Ltd (ASX:CHL)?
There have been no recent updates from fund managers regarding Camplify Holdings Ltd although fund managers including Saville Capital, Salter Brothers and Forager Funds have previously commented.
What is the short interest in Camplify Holdings Ltd (ASX:CHL)?
The short interest in Camplify Holdings Ltd (ASX:CHL) is 0.04% which makes it the 467th most shorted stock on the ASX. Of the 82.2M shares that Camplify Holdings Ltd has on issue, 36.0K have been sold short.
What does Camplify Holdings Ltd (ASX:CHL) do?
Camplify Holdings Ltd. engages in the recreational vehicle (RV) rental market. The firms operate a peer-to-peer (P2P) digital marketplace platform connecting RV Owners to Hirers. It operates through Marketplace and Membership segments. The company was founded by Justin Hales in 2014 and is headquartered in Wickham, Australia.