This has been the case since the takeover of Germany's Erwin Hymer, which turned Thor into the world's number-one leisure vehicle manufacturer, with operations on both sides of the Atlantic, and even a burgeoning business in China.

Widespread fears of a recession after ten years of monetary euphoria, the pandemic episode and rising fuel prices took over, and maintained the leaden gloom. This attracted a whole host of contrarian investors, ready to bet on an unjust downturn.

While it's true that Thor's business model - in reality very low-capital-intensive - can be seductive, the market's fears were not illegitimate. The financial results published last night bear witness to this: over the first nine months of the year, the Group's sales fell by 44%, and net income by 66%, compared with the same period last year.

We note that the slowdown is currently being observed on the American market - where the post-Covid period has led to a peak in consumption - and that it has not yet affected the European continent, where management does not seem to anticipate any contagion. This is sure to put a smile on shareholders' faces.

One of the attractions of Thor's business model is its ability to adjust its production facilities to demand. The manufacture of leisure vehicles is more a matter of simple assembly than of heavy industry. As a result, the group is able to navigate its way through the current economic climate with minimum breakage.

Despite this context, management has raised its guidance, forecasting earnings per share of between $5.8 and $6.5 for the current fiscal year, which ends at the end of this quarter. As can be seen from the jump in share price, the market is more than appreciative of this news.