Tourism Holdings Limited

Kalkine’s Global Travel & Leisure Report offers a comprehensive view of the key companies and evolving trends across the travel value chain covering countries including US, Canada, Australia, UK, and New Zealand. This includes airlines, hospitality chains, digital travel platforms, as well as the rapidly growing leisure, entertainment, and gaming segments that are redefining the way people engage with travel experiences.

Australia’s tourism industry continues to demonstrate a steady recovery and expansion, supported by resilient domestic demand and improving international mobility. The sector spans accommodation, transport, aviation, tours, and recreational travel services, with road-trip and nature-based holidays remaining a structural pillar of Australia’s tourism offering. According to the Australian Bureau of Statistics (ABS), tourism activity sustained its upward trajectory in September 2025, with short-term visitor arrivals reaching 696,500 (+10.4% YoY) and short-term resident returns at 1,050,090 (+2.9% YoY). Momentum continued into October 2025, with total arrivals rising to 2.10 million (+8.25% YoY) and total departures increasing to 1.82 million (+9.64% YoY), underscoring the sector’s broad-based recovery.

The continued growth in inbound traveller’s underscores Australia’s enduring appeal as a long-haul, experience-rich destination, while the flow of domestic travel and resident returns reflects healthy two-way mobility. Combined, these trends support sustained demand across transport, hospitality, and self-drive holiday segments. Australia’s tourism landscape, characterized by expansive scenic routes, national parks, and well-developed regional infrastructure, is inherently aligned with flexible, road-trip-focused travel. This structural preference directly benefits Tourism Holdings Ltd (THL), whose campervan and motorhome rental offerings facilitate autonomous, extended-duration exploration of Australia’s diverse regions. Against this backdrop, THL operates within a favorable and demand-supportive industry environment.

Kalkine’s Global Travel & Leisure Report covers the Investment Highlights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on Tourism Holdings Limited (ASX: THL). 

Section 1: Company Overview and Fundamentals Insights

Company Overview: Tourism Holdings Limited (ASX: THL) is a global tourism company that operates through several segments, including New Zealand Rentals & Sales, Action Manufacturing, Tourism, Australia Rentals, Sales & Manufacturing, United States Rentals & Sales, Canadian Rentals & Sales, and UK/Ireland Rentals & Sales. The company is involved in the manufacturing, rental, and sale of recreational vehicles (RVs), such as motorhomes, campervans, and caravans, as well as other tourism-related activities. Kalkine’s Global Travel and Leisure Report covers the Investment Highlights, Key Financial Metrics, Risks, and Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

1.2 The Key Positives, Negatives, Investment Highlights, and Risks

1.3 Top 10 Shareholders:

The top 10 shareholders together form ~36.41% of the total shareholding. Trouchet (Luke), Accident Compensation Corporation hold maximum stakes of 11.80% and 9.28%, respectively. 

 1.4 Key Metrics: THL’s EBITDA margin increased to 20.5% in FY25 compared to industry median of 14.0%. Below is captured other metrics:

Section 2: Business Updates, Financial and Operational Highlights

2.1 Recent Business Updates:

2.2 FY25 Results Highlights (for the 12 months ended 30 June 2025): Below mentioned are some key financial highlights:   

2.3 Historical Financial Trend

Section 3: Key Risks and Outlook:

Section 4: Stock Recommendation Summary

4.1 Price Performance and Technical Summary

The stock has decreased by ~1.30% in the last three months, whereas over the past one year, stock has increased by ~31.03%. The stock has a 52-week low and 52-week high of AUD 1.200 and AUD 2.430, respectively, and is currently trading above the 52-week high-low average. THL was last covered in a report dated ‘17 June 2025’.

4.2 Fundamental Valuation

Valuation Methodology: EV/Sales Multiple Based Relative Valuation (Illustrative)

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance. 

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 11 December 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above. 

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Note 5: Dividend Yield may vary as per the stock price movement. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.