Ann: Earnings update, page-6

Look this is again looking like a deep value play.

Management have disappointed with their attempts at turning around the RV business. They need to be held to account. This is not just about capital loss (wasted on attempts at reinvigorating the RV business), but also opportunity cost (capital better invested into other performing segments or handed back to shareholders). Sandon capital I am sure are furious, after recently increasing their position. Their last presentation on Fleetwood, outlined a "work in progress". Understatement...

So when would I buy more? My average is about 1.29 (including the divided re-investment at above 3 per share recently!). That average values the company at about 78m. NTA is about 136m. Therefore at that price you have a 58m buffer. Note that PPE and inventory is about 115m. You will need to account for write downs on the RV business.
Therefore, I will not be topping up unless the price approaches my average.

That means back to valuing FWD as an asset play rather than a turnaround (in Peter Lynch lingo).