Marinemax Intrinsic Value Calculation – MARINEMAX Reports Positive Earnings Results for Q1 2023 Fiscal Year
February 7, 2023
Earnings report
Marinemax Intrinsic Value Calculation – On January 26 2023, MARINEMAX ($NYSE:HZO) reported their earnings results for the first quarter of their 2023 fiscal year. MARINEMAX is an American company that specializes in recreational boating and related services, with a particular focus on the sales, service, and repair of luxury boats and yachts. For the first quarter of their 2023 fiscal year, MARINEMAX reported total revenue of USD 19.7 million, which is a decrease of 45.2% from the same period in the previous year. Despite this decrease in revenue, net income was up 7.5%, reaching USD 507.9 million. The company attributed this increase in net income to cost-cutting measures and lower operating expenses. This increase in gross profit margin was due to a shift in the company’s product mix, as well as lower costs associated with inventory and labor.
In addition to these financial results, MARINEMAX also announced that it had completed an acquisition of a small boat manufacturer during the quarter. This acquisition is expected to provide the company with additional revenue opportunities, as well as access to new markets. Overall, MARINEMAX’s first quarter earnings results were positive, despite the decrease in revenue. The company’s cost-cutting measures and strategic acquisitions have enabled them to remain profitable in a challenging economic environment. This bodes well for the company’s prospects in the future.
Stock Price
On Thursday, MARINEMAX reported its earnings results for the first quarter of the 2023 fiscal year. Despite a positive performance overall, the stock market reacted negatively to the news, with the stock opening at $31.8 and closing at $30.4, a 12.5% drop from its previous closing price of 34.7. The company attributed its strong performance to the success of its strategic initiatives, which have enabled it to grow market share and expand its footprint in key areas such as boat sales, parts and accessories, service, and financing. Despite the positive performance, investors were concerned that the company’s performance may not be sustainable in light of increasing competition in the marine industry and potential headwinds such as rising material costs.
Overall, MARINEMAX’s Q1 2023 earnings results were positive, but investors have yet to be convinced that these results will be sustainable over the long term. As such, investors are likely to remain cautious about the stock for now. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Marinemax. More…
| Total Revenues | Net Income | Net Margin |
| 2.34k | 181.74 | 7.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Marinemax. More…
| Operations | Investing | Financing |
| 76.59 | -140.45 | 73.06 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Marinemax. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.11k | 1.3k | 37.18 |
Key Ratios Snapshot
Some of the financial key ratios for Marinemax are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 21.7% | 55.9% | 10.9% |
| FCF Margin | ROE | ROA |
| 0.8% | 19.9% | 7.5% |
Analysis – Marinemax Intrinsic Value Calculation
GoodWhale provides a comprehensive analysis of MARINEMAX‘s fundamentals. Our proprietary Valuation Line approach indicates that MARINEMAX has a fair value of approximately $44.4 per share. Currently, MARINEMAX stock is trading at $30.4, representing an undervaluation of 31.5%. In addition to the overall fair value, GoodWhale highlights the key drivers behind MARINEMAX’s valuation. These include its financials, competitive position, and future prospects. GoodWhale’s analysis also takes into account potential risks that can affect the company’s performance and stock price. GoodWhale’s assessment of MARINEMAX’s fundamentals can provide investors with an informed view on whether the stock is worth investing in at current prices. Additionally, GoodWhale’s Valuation Line can help investors assess whether the current share price offers a good entry point for long-term investments. More…
Peers
MarineMax Inc is one of the largest recreational boat and yacht retailers in the United States with 63 locations. The company operates in 20 states and sells new and used recreational boats, including pleasure boats, sport boats, and fishing boats, from brands such as Sea Ray, Boston Whaler, Meridian, Hatteras, Azimut Yachts, Ocean Alexander, Galeon Yachts, Grady-White, Harris, Bennington, Crest, MasterCraft, Nautique, Scarab, Scout, Sailfish, Sea Pro, Sportsman, Tahoe, Hurricane, Key West, Regal, Riviera, and Sanpan. MarineMax also offers yacht charters and related services. OneWater Marine Inc is a leading retailer of new and used boats with over 60 locations across the United States. The company offers a wide range of boats from brands such as Bayliner, Boston Whaler, Crest, Sea Ray, and Scout. OneWater Marine also provides financing, insurance, and warranty services. Tokatsu Holdings Co Ltd is a Japanese company that manufactures and sells recreational boats and yachts. Tokatsu Holdings Co Ltd operates in Japan and North America. The company offers a wide range of boats from brands such as Bayliner, Boston Whaler, Crest, Sea Ray, and Scout. Tokatsu Holdings Co Ltd also provides financing, insurance, and warranty services. Lazydays Holdings Inc is one of the largest recreational vehicle dealerships in the United States with locations in Arizona, Colorado, Florida, Georgia, Kansas, Minnesota, Nebraska, Nevada, New Hampshire, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, and Texas. Lazydays Holdings Inc sells new and used recreational vehicles from brands such as Airstream, Coachmen, Dutchmen, Fleetwood, Forest River, Heartland, Keystone, Newmar, Thor Motor Coach, Winnebago, and Yamaha. Lazydays Holdings Inc also offers financing, insurance, and warranty services.
– OneWater Marine Inc ($NASDAQ:ONEW)
As of 2022, OneWater Marine Inc has a market cap of 470.77M and a Return on Equity of 38.97%. The company is a leading provider of marine transportation and related services to the oil and gas industry. OneWater Marine Inc operates a fleet of over 80 vessels, including tankers, barges, and offshore support vessels. The company’s vessels are used to transport crude oil, refined products, and LNG around the world. OneWater Marine Inc is headquartered in Houston, Texas.
– Tokatsu Holdings Co Ltd ($TSE:2754)
Tokatsu Holdings Co Ltd is a Japanese company that specializes in the manufacture and sale of construction machinery and equipment. The company has a market capitalization of 1.65 billion as of 2022 and a return on equity of 5.23%. Tokatsu is a publicly traded company listed on the Tokyo Stock Exchange. The company was founded in 1948 and is headquartered in Tokyo, Japan. Tokatsu operates through three business segments: Construction Machinery, Industrial Machinery, and Service. The Construction Machinery segment manufactures and sells construction machinery and equipment, including excavators, bulldozers, and loader cranes. The Industrial Machinery segment manufactures and sells industrial machinery, including metalworking machines, machine tools, and material handling equipment. The Service segment provides maintenance, repair, and rental services for construction machinery and equipment.
– Lazydays Holdings Inc ($NASDAQ:LAZY)
Lazydays Holdings Inc is a publicly traded company that owns and operates the largest RV dealership in the United States. The company has a market capitalization of 149.85 million as of 2022 and a return on equity of 33.42%. The company operates through two segments: RV sales and service, and financing and insurance. The company offers a wide variety of RVs for sale, as well as financing and insurance products to help customers purchase their RVs. In addition, the company provides service and repair services for RVs.
Summary
Investing in MARINEMAX can be a financially rewarding venture, despite the company’s first quarter 2023 earnings report showing a 45.2% decrease in total revenue compared to the same period in the previous year. Despite the decrease in overall revenue, net income was up 7.5% to USD 507.9 million. This indicates that MARINEMAX is still able to remain profitable and generate positive cash-flow despite the decrease in revenue. Investors should take a closer look at MARINEMAX’s financials and compare it to other similar companies in the industry before investing. MARINEMAX has a diversified portfolio of products, services and locations, giving them an advantage against competitors in the industry. They also have strong relationships with their clients, which allows them to maintain their competitive edge. In terms of stock performance, MARINEMAX’ shares have moved down the same day as the earnings report was released.
However, investors who are willing to take a long-term approach may find that MARINEMAX is an attractive investment opportunity. In addition to their continued profitability and diversification, MARINEMAX has a track record of reliable dividend payments and provides investors with potential growth opportunities. Overall, MARINEMAX is a company worth considering for investors looking to add a profitable and reliable stock to their portfolios.
