Intrinsic value of MarineMax - HZO

Previous Close

$14.15

  Intrinsic Value

$3.03

stock screener

  Rating & Target

str. sell

-79%

  Value-price divergence*

+4%

Previous close

$14.15

 
Intrinsic value

$3.03

 
Up/down potential

-79%

 
Rating

str. sell

 
Value-price divergence*

+4%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of HZO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  25.43
  22.50
  20.75
  19.18
  17.76
  16.48
  15.33
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
Revenue, $m
  942
  1,154
  1,393
  1,661
  1,955
  2,278
  2,627
  3,003
  3,404
  3,831
  4,282
  4,757
  5,257
  5,779
  6,325
  6,895
  7,488
  8,105
  8,747
  9,414
  10,107
  10,828
  11,576
  12,355
  13,164
  14,006
  14,882
  15,795
  16,745
  17,736
  18,769
Variable operating expenses, $m
 
  1,063
  1,283
  1,529
  1,801
  2,098
  2,419
  2,765
  3,135
  3,528
  3,944
  4,382
  4,841
  5,323
  5,826
  6,350
  6,896
  7,465
  8,056
  8,670
  9,309
  9,972
  10,662
  11,379
  12,124
  12,900
  13,707
  14,547
  15,422
  16,335
  17,286
Fixed operating expenses, $m
 
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  49
  51
  52
  53
  55
  56
  57
  59
  60
  62
  63
  65
  67
  68
  70
  72
  73
Total operating expenses, $m
  902
  1,099
  1,320
  1,567
  1,840
  2,138
  2,460
  2,807
  3,178
  3,572
  3,989
  4,428
  4,888
  5,371
  5,875
  6,401
  6,948
  7,518
  8,111
  8,726
  9,366
  10,031
  10,722
  11,441
  12,187
  12,965
  13,774
  14,615
  15,492
  16,407
  17,359
Operating income, $m
  40
  55
  73
  93
  116
  140
  167
  196
  226
  259
  293
  330
  368
  408
  450
  494
  540
  587
  636
  688
  741
  797
  854
  914
  977
  1,042
  1,109
  1,180
  1,253
  1,329
  1,409
EBITDA, $m
  48
  65
  85
  108
  132
  160
  189
  221
  255
  291
  330
  370
  413
  457
  504
  552
  603
  656
  711
  768
  827
  888
  952
  1,019
  1,088
  1,160
  1,235
  1,314
  1,395
  1,480
  1,568
Interest expense (income), $m
  6
  5
  7
  9
  11
  13
  16
  19
  22
  25
  28
  32
  36
  40
  44
  49
  53
  58
  63
  68
  74
  79
  85
  91
  98
  104
  111
  118
  126
  133
  141
Earnings before tax, $m
  35
  50
  67
  85
  105
  127
  151
  177
  205
  234
  265
  298
  332
  368
  406
  445
  486
  529
  573
  619
  667
  717
  769
  823
  879
  937
  998
  1,061
  1,127
  1,196
  1,268
Tax expense, $m
  12
  14
  18
  23
  28
  34
  41
  48
  55
  63
  72
  80
  90
  99
  110
  120
  131
  143
  155
  167
  180
  194
  208
  222
  237
  253
  269
  287
  304
  323
  342
Net income, $m
  23
  37
  49
  62
  77
  93
  110
  129
  149
  171
  193
  217
  243
  269
  296
  325
  355
  386
  418
  452
  487
  524
  561
  601
  642
  684
  729
  775
  823
  873
  926

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  39
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  547
  622
  752
  896
  1,055
  1,229
  1,417
  1,620
  1,836
  2,066
  2,310
  2,566
  2,835
  3,117
  3,412
  3,719
  4,039
  4,372
  4,718
  5,078
  5,452
  5,840
  6,244
  6,664
  7,100
  7,554
  8,027
  8,519
  9,032
  9,566
  10,123
Adjusted assets (=assets-cash), $m
  508
  622
  752
  896
  1,055
  1,229
  1,417
  1,620
  1,836
  2,066
  2,310
  2,566
  2,835
  3,117
  3,412
  3,719
  4,039
  4,372
  4,718
  5,078
  5,452
  5,840
  6,244
  6,664
  7,100
  7,554
  8,027
  8,519
  9,032
  9,566
  10,123
Revenue / Adjusted assets
  1.854
  1.855
  1.852
  1.854
  1.853
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
Average production assets, $m
  110
  135
  163
  194
  229
  266
  307
  351
  398
  448
  501
  557
  615
  676
  740
  807
  876
  948
  1,023
  1,101
  1,183
  1,267
  1,354
  1,445
  1,540
  1,639
  1,741
  1,848
  1,959
  2,075
  2,196
Working capital, $m
  159
  352
  425
  506
  596
  695
  801
  916
  1,038
  1,168
  1,306
  1,451
  1,603
  1,763
  1,929
  2,103
  2,284
  2,472
  2,668
  2,871
  3,083
  3,302
  3,531
  3,768
  4,015
  4,272
  4,539
  4,817
  5,107
  5,409
  5,724
Total debt, $m
  167
  172
  222
  278
  339
  406
  479
  557
  641
  730
  824
  922
  1,026
  1,135
  1,249
  1,367
  1,491
  1,619
  1,753
  1,892
  2,036
  2,186
  2,342
  2,504
  2,673
  2,848
  3,030
  3,220
  3,418
  3,625
  3,840
Total liabilities, $m
  234
  240
  290
  346
  407
  474
  547
  625
  709
  798
  892
  990
  1,094
  1,203
  1,317
  1,435
  1,559
  1,687
  1,821
  1,960
  2,104
  2,254
  2,410
  2,572
  2,741
  2,916
  3,098
  3,288
  3,486
  3,693
  3,908
Total equity, $m
  312
  382
  461
  550
  648
  754
  870
  994
  1,127
  1,269
  1,418
  1,576
  1,741
  1,914
  2,095
  2,283
  2,480
  2,684
  2,897
  3,118
  3,347
  3,586
  3,834
  4,092
  4,360
  4,638
  4,929
  5,231
  5,546
  5,874
  6,216
Total liabilities and equity, $m
  546
  622
  751
  896
  1,055
  1,228
  1,417
  1,619
  1,836
  2,067
  2,310
  2,566
  2,835
  3,117
  3,412
  3,718
  4,039
  4,371
  4,718
  5,078
  5,451
  5,840
  6,244
  6,664
  7,101
  7,554
  8,027
  8,519
  9,032
  9,567
  10,124
Debt-to-equity ratio
  0.535
  0.450
  0.480
  0.510
  0.520
  0.540
  0.550
  0.560
  0.570
  0.580
  0.580
  0.590
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.620
  0.620
  0.620
  0.620
Adjusted equity ratio
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  23
  37
  49
  62
  77
  93
  110
  129
  149
  171
  193
  217
  243
  269
  296
  325
  355
  386
  418
  452
  487
  524
  561
  601
  642
  684
  729
  775
  823
  873
  926
Depreciation, amort., depletion, $m
  8
  10
  12
  14
  17
  19
  22
  25
  29
  32
  36
  40
  45
  49
  54
  58
  63
  69
  74
  80
  86
  92
  98
  105
  112
  119
  126
  134
  142
  150
  159
Funds from operations, $m
  -1
  46
  60
  76
  93
  112
  133
  155
  178
  203
  230
  258
  287
  318
  350
  384
  418
  455
  493
  532
  573
  615
  660
  705
  753
  803
  855
  909
  965
  1,024
  1,085
Change in working capital, $m
  -24
  65
  73
  81
  90
  98
  107
  115
  122
  130
  138
  145
  152
  159
  167
  174
  181
  188
  196
  203
  211
  220
  228
  237
  247
  257
  267
  278
  290
  302
  315
Cash from operations, $m
  23
  -18
  -13
  -5
  3
  14
  26
  40
  56
  73
  92
  113
  135
  158
  183
  210
  238
  267
  297
  328
  361
  396
  431
  468
  506
  546
  588
  630
  675
  721
  770
Maintenance CAPEX, $m
  0
  -8
  -10
  -12
  -14
  -17
  -19
  -22
  -25
  -29
  -32
  -36
  -40
  -45
  -49
  -54
  -58
  -63
  -69
  -74
  -80
  -86
  -92
  -98
  -105
  -112
  -119
  -126
  -134
  -142
  -150
New CAPEX, $m
  -13
  -25
  -28
  -31
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -58
  -61
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -121
Cash from investing activities, $m
  -30
  -33
  -38
  -43
  -49
  -55
  -60
  -66
  -72
  -79
  -85
  -92
  -98
  -106
  -113
  -121
  -127
  -135
  -144
  -152
  -161
  -170
  -180
  -189
  -200
  -211
  -222
  -233
  -245
  -258
  -271
Free cash flow, $m
  -7
  -51
  -50
  -49
  -45
  -40
  -34
  -26
  -17
  -6
  7
  21
  36
  53
  71
  90
  110
  131
  153
  176
  200
  226
  252
  279
  307
  336
  366
  398
  430
  464
  498
Issuance/(repayment) of debt, $m
  16
  44
  50
  56
  61
  67
  73
  78
  84
  89
  94
  99
  104
  109
  114
  119
  123
  129
  134
  139
  144
  150
  156
  162
  169
  175
  182
  190
  198
  206
  215
Issuance/(repurchase) of shares, $m
  -3
  33
  31
  27
  21
  14
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  13
  77
  81
  83
  82
  81
  78
  78
  84
  89
  94
  99
  104
  109
  114
  119
  123
  129
  134
  139
  144
  150
  156
  162
  169
  175
  182
  190
  198
  206
  215
Total cash flow (excl. dividends), $m
  6
  27
  30
  34
  37
  41
  44
  52
  67
  83
  101
  120
  140
  162
  184
  208
  233
  259
  287
  315
  345
  376
  408
  441
  475
  511
  549
  587
  628
  670
  714
Retained Cash Flow (-), $m
  -28
  -70
  -79
  -88
  -98
  -107
  -116
  -124
  -133
  -141
  -149
  -157
  -165
  -173
  -181
  -189
  -196
  -204
  -213
  -221
  -230
  -239
  -248
  -258
  -268
  -279
  -290
  -302
  -315
  -328
  -342
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -44
  -49
  -55
  -61
  -66
  -72
  -72
  -66
  -58
  -49
  -38
  -25
  -12
  3
  20
  37
  55
  74
  94
  115
  137
  160
  183
  207
  233
  259
  285
  313
  342
  371
Discount rate, %
 
  5.40
  5.67
  5.95
  6.25
  6.56
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.04
  15.80
  16.59
  17.42
  18.29
  19.20
  20.16
  21.17
  22.23
PV of cash for distribution, $m
 
  -41
  -44
  -46
  -48
  -48
  -48
  -44
  -37
  -29
  -22
  -15
  -9
  -3
  1
  4
  7
  8
  9
  9
  9
  8
  7
  6
  5
  4
  3
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100
  91.6
  85.7
  81.7
  79.1
  77.7
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2
  77.2

MarineMax, Inc. operates as a recreational boat retailer in the United States. It sells new and used recreational boats, including pleasure boats, such as sport boats, sport cruisers, sport yachts, and other yachts; fishing boats; convertible yachts; motor yachts; ski boats; and jet boats. The company also offers marine parts and accessories that comprise marine electronics; dock and anchoring products consisting of boat fenders, lines, and anchors; boat covers; trailer parts; water sport accessories, such as tubes, lines, wakeboards, and skis; engine parts; oils; lubricants; steering and control systems; corrosion control products; service products; accessories, including propellers and instruments; and a line of boating accessories comprising life jackets, inflatables, and water sports equipment. In addition, it provides marine engines and equipment; novelty items, such as shirts, caps, and license plates; and maintenance, repair, and slip and storage accommodation services. Further, the company offers new or used boat finance services; arranges insurance coverage, including boat property, credit life, accident, disability, and casualty insurance coverage; assists in arranging extended service contracts; provides boat or yacht brokerage services; and conducts a yacht charter business. As of September 30, 2016, it operated through 56 retail locations in Alabama, California, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, and Texas. Additionally, the company maintains a vacations operations facility in Tortola, British Virgin Islands. It also markets and sells its products through offsite locations, print catalog, and Internet. MarineMax, Inc. was founded in 1998 and is headquartered in Clearwater, Florida.

FINANCIAL RATIOS  of  MarineMax (HZO)

Valuation Ratios
P/E Ratio 14.9
Price to Sales 0.4
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 14.9
Price to Free Cash Flow 34.4
Growth Rates
Sales Growth Rate 25.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 30%
Cap. Spend. - 3 Yr. Gr. Rate 5.4%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 53.5%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity 7.7%
Return On Equity - 3 Yr. Avg. 10.3%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 24%
Gross Margin - 3 Yr. Avg. 24.8%
EBITDA Margin 5.2%
EBITDA Margin - 3 Yr. Avg. 4.4%
Operating Margin 4.2%
Oper. Margin - 3 Yr. Avg. 3.4%
Pre-Tax Margin 3.7%
Pre-Tax Margin - 3 Yr. Avg. 2.8%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 34.3%
Eff/ Tax Rate - 3 Yr. Avg. -31.4%
Payout Ratio 0%

HZO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HZO stock intrinsic value calculation we used $942 million for the last fiscal year's total revenue generated by MarineMax. The default revenue input number comes from 2016 income statement of MarineMax. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HZO stock valuation model: a) initial revenue growth rate of 22.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.4%, whose default value for HZO is calculated based on our internal credit rating of MarineMax, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of MarineMax.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HZO stock the variable cost ratio is equal to 92.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $35 million in the base year in the intrinsic value calculation for HZO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.9% for MarineMax.

Corporate tax rate of 27% is the nominal tax rate for MarineMax. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HZO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HZO are equal to 11.7%.

Life of production assets of 13.8 years is the average useful life of capital assets used in MarineMax operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HZO is equal to 30.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $312 million for MarineMax - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 25.769 million for MarineMax is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of MarineMax at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for July 24th   [Jul-24-17 09:49AM  Zacks]
▶ MarineMax misses Street 3Q forecasts   [12:20AM  Associated Press]
▶ MarineMax to Webcast Third Quarter 2017 Results   [Jul-13-17 05:02PM  Business Wire]
▶ MarineMax, Inc. Value Analysis (NYSE:HZO) : June 30, 2017   [Jun-30-17 03:56PM  Capital Cube]
▶ MarineMax Expands Financing Capacity   [May-11-17 08:00AM  Business Wire]
▶ ETFs with exposure to MarineMax, Inc. : May 8, 2017   [May-08-17 04:44PM  Capital Cube]
▶ MarineMax misses 2Q profit forecasts   [Apr-27-17 08:20AM  Associated Press]
▶ MarineMax to Webcast Second Quarter 2017 Results   [Apr-20-17 09:00AM  Business Wire]
▶ Rising Revenue Tide is Lifting Marine Retailers   [Feb-27-17 04:21PM  Investopedia]
▶ UMs Florida stock index bests S&P 500   [Feb-24-17 08:00AM  at bizjournals.com]
▶ UMs Florida stock index bests S&P 500   [08:00AM  American City Business Journals]
▶ MarineMax to Webcast First Quarter 2017 Results   [Jan-17-17 04:15PM  Business Wire]
▶ MarineMax buys boat dealer with $50 million in sales   [Jan-12-17 02:00PM  at bizjournals.com]
▶ MarineMax Expands In The Southeast   [07:00AM  Business Wire]
▶ MarineMax Inc (HZO): Hedge Fund Ownership Surges 58% in Q3   [Nov-28-16 06:07PM  at Insider Monkey]
▶ Las Olas Marina could receive $25M redevelopment, add 330 jobs   [Oct-15-16 11:09PM  at bizjournals.com]
▶ MarineMax Promotes Executive Officers   [08:00AM  Business Wire]
Stock chart of HZO Financial statements of HZO Annual reports of HZO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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