Intrinsic value of MarineMax - HZO

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$22.60

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$22.60

 
Intrinsic value

$2.98

 
Up/down potential

-87%

 
Rating

str. sell

 
Value-price divergence* premium content

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*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 0.6

 

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
  33.50
  30.65
  28.09
  25.78
  23.70
  21.83
  20.15
  18.63
  17.27
  16.04
  14.94
  13.94
  13.05
  12.24
  11.52
  10.87
  10.28
  9.75
  9.28
  8.85
  8.46
  8.12
  7.81
  7.53
  7.27
  7.05
  6.84
  6.66
  6.49
  6.34
Revenue, $m
  942
  1,258
  1,643
  2,104
  2,647
  3,274
  3,989
  4,793
  5,685
  6,667
  7,737
  8,892
  10,132
  11,455
  12,857
  14,338
  15,896
  17,531
  19,241
  21,026
  22,886
  24,824
  26,839
  28,934
  31,112
  33,375
  35,726
  38,170
  40,712
  43,354
  46,104
Variable operating expenses, $m
 
  1,158
  1,513
  1,938
  2,438
  3,016
  3,674
  4,414
  5,236
  6,141
  7,126
  8,190
  9,332
  10,550
  11,841
  13,205
  14,641
  16,146
  17,721
  19,365
  21,078
  22,863
  24,719
  26,648
  28,654
  30,738
  32,904
  35,155
  37,495
  39,929
  42,462
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
  1,194
  1,550
  1,976
  2,477
  3,056
  3,715
  4,456
  5,279
  6,185
  7,171
  8,236
  9,379
  10,598
  11,890
  13,256
  14,693
  16,199
  17,776
  19,421
  21,135
  22,922
  24,779
  26,710
  28,717
  30,803
  32,971
  35,223
  37,565
  40,001
  42,535
Operating income, $m
  40
  63
  93
  129
  170
  219
  275
  337
  407
  483
  566
  657
  753
  857
  966
  1,082
  1,204
  1,332
  1,465
  1,605
  1,751
  1,902
  2,060
  2,224
  2,395
  2,572
  2,756
  2,947
  3,146
  3,353
  3,569
EBITDA, $m
  48
  74
  107
  146
  193
  247
  308
  378
  455
  540
  632
  732
  839
  954
  1,075
  1,204
  1,339
  1,480
  1,629
  1,783
  1,945
  2,113
  2,288
  2,469
  2,658
  2,855
  3,059
  3,271
  3,491
  3,721
  3,960
Interest expense (income), $m
  6
  5
  8
  11
  14
  19
  24
  30
  36
  44
  51
  60
  70
  80
  90
  102
  114
  126
  140
  154
  168
  183
  199
  215
  232
  250
  268
  287
  307
  328
  349
Earnings before tax, $m
  35
  58
  85
  118
  156
  200
  251
  307
  370
  439
  515
  596
  684
  777
  876
  980
  1,090
  1,205
  1,326
  1,451
  1,583
  1,719
  1,861
  2,009
  2,162
  2,322
  2,488
  2,660
  2,839
  3,025
  3,219
Tax expense, $m
  12
  16
  23
  32
  42
  54
  68
  83
  100
  119
  139
  161
  185
  210
  236
  265
  294
  325
  358
  392
  427
  464
  503
  542
  584
  627
  672
  718
  767
  817
  869
Net income, $m
  23
  43
  62
  86
  114
  146
  183
  224
  270
  321
  376
  435
  499
  567
  639
  716
  796
  880
  968
  1,060
  1,155
  1,255
  1,359
  1,466
  1,578
  1,695
  1,816
  1,942
  2,073
  2,209
  2,350

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
  678
  886
  1,135
  1,428
  1,766
  2,152
  2,585
  3,067
  3,596
  4,173
  4,796
  5,465
  6,178
  6,935
  7,734
  8,574
  9,456
  10,378
  11,341
  12,344
  13,389
  14,476
  15,606
  16,781
  18,001
  19,270
  20,588
  21,959
  23,384
  24,867
Adjusted assets (=assets-cash), $m
  508
  678
  886
  1,135
  1,428
  1,766
  2,152
  2,585
  3,067
  3,596
  4,173
  4,796
  5,465
  6,178
  6,935
  7,734
  8,574
  9,456
  10,378
  11,341
  12,344
  13,389
  14,476
  15,606
  16,781
  18,001
  19,270
  20,588
  21,959
  23,384
  24,867
Revenue / Adjusted assets
  1.854
  1.855
  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
  1.854
  1.854
  1.854
Average production assets, $m
  110
  147
  192
  246
  310
  383
  467
  561
  665
  780
  905
  1,040
  1,185
  1,340
  1,504
  1,678
  1,860
  2,051
  2,251
  2,460
  2,678
  2,904
  3,140
  3,385
  3,640
  3,905
  4,180
  4,466
  4,763
  5,072
  5,394
Working capital, $m
  159
  384
  501
  642
  807
  999
  1,217
  1,462
  1,734
  2,034
  2,360
  2,712
  3,090
  3,494
  3,921
  4,373
  4,848
  5,347
  5,868
  6,413
  6,980
  7,571
  8,186
  8,825
  9,489
  10,179
  10,897
  11,642
  12,417
  13,223
  14,062
Total debt, $m
  167
  194
  274
  370
  483
  614
  762
  930
  1,116
  1,320
  1,543
  1,783
  2,042
  2,317
  2,609
  2,917
  3,242
  3,582
  3,938
  4,310
  4,697
  5,100
  5,520
  5,956
  6,409
  6,881
  7,370
  7,879
  8,408
  8,958
  9,531
Total liabilities, $m
  234
  262
  342
  438
  551
  682
  830
  998
  1,184
  1,388
  1,611
  1,851
  2,110
  2,385
  2,677
  2,985
  3,310
  3,650
  4,006
  4,378
  4,765
  5,168
  5,588
  6,024
  6,477
  6,949
  7,438
  7,947
  8,476
  9,026
  9,599
Total equity, $m
  312
  416
  544
  697
  877
  1,084
  1,321
  1,587
  1,883
  2,208
  2,562
  2,945
  3,356
  3,793
  4,258
  4,748
  5,265
  5,806
  6,372
  6,963
  7,579
  8,221
  8,888
  9,582
  10,303
  11,053
  11,832
  12,641
  13,483
  14,358
  15,269
Total liabilities and equity, $m
  546
  678
  886
  1,135
  1,428
  1,766
  2,151
  2,585
  3,067
  3,596
  4,173
  4,796
  5,466
  6,178
  6,935
  7,733
  8,575
  9,456
  10,378
  11,341
  12,344
  13,389
  14,476
  15,606
  16,780
  18,002
  19,270
  20,588
  21,959
  23,384
  24,868
Debt-to-equity ratio
  0.535
  0.470
  0.500
  0.530
  0.550
  0.570
  0.580
  0.590
  0.590
  0.600
  0.600
  0.610
  0.610
  0.610
  0.610
  0.610
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  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
  43
  62
  86
  114
  146
  183
  224
  270
  321
  376
  435
  499
  567
  639
  716
  796
  880
  968
  1,060
  1,155
  1,255
  1,359
  1,466
  1,578
  1,695
  1,816
  1,942
  2,073
  2,209
  2,350
Depreciation, amort., depletion, $m
  8
  11
  14
  18
  22
  28
  34
  41
  48
  57
  66
  75
  86
  97
  109
  122
  135
  149
  163
  178
  194
  210
  228
  245
  264
  283
  303
  324
  345
  368
  391
Funds from operations, $m
  -1
  53
  76
  104
  136
  174
  217
  265
  318
  377
  441
  511
  585
  664
  748
  837
  931
  1,028
  1,131
  1,238
  1,349
  1,465
  1,586
  1,712
  1,842
  1,978
  2,119
  2,265
  2,418
  2,576
  2,741
Change in working capital, $m
  -24
  96
  118
  141
  165
  191
  218
  245
  272
  299
  326
  352
  378
  403
  428
  452
  475
  498
  521
  544
  568
  591
  615
  639
  664
  690
  717
  745
  775
  806
  839
Cash from operations, $m
  23
  -32
  -41
  -37
  -29
  -17
  -1
  20
  46
  78
  115
  158
  207
  261
  321
  385
  455
  530
  609
  693
  782
  875
  971
  1,073
  1,178
  1,288
  1,402
  1,520
  1,643
  1,770
  1,902
Maintenance CAPEX, $m
  0
  -8
  -11
  -14
  -18
  -22
  -28
  -34
  -41
  -48
  -57
  -66
  -75
  -86
  -97
  -109
  -122
  -135
  -149
  -163
  -178
  -194
  -210
  -228
  -245
  -264
  -283
  -303
  -324
  -345
  -368
New CAPEX, $m
  -13
  -37
  -45
  -54
  -63
  -73
  -84
  -94
  -104
  -115
  -125
  -135
  -145
  -155
  -164
  -173
  -182
  -191
  -200
  -209
  -218
  -227
  -236
  -245
  -255
  -265
  -275
  -286
  -297
  -309
  -322
Cash from investing activities, $m
  -30
  -45
  -56
  -68
  -81
  -95
  -112
  -128
  -145
  -163
  -182
  -201
  -220
  -241
  -261
  -282
  -304
  -326
  -349
  -372
  -396
  -421
  -446
  -473
  -500
  -529
  -558
  -589
  -621
  -654
  -690
Free cash flow, $m
  -7
  -77
  -97
  -105
  -110
  -113
  -113
  -108
  -99
  -85
  -66
  -43
  -14
  20
  59
  103
  151
  204
  261
  321
  386
  454
  525
  600
  678
  759
  843
  931
  1,022
  1,116
  1,213
Issuance/(repayment) of debt, $m
  16
  66
  80
  96
  113
  131
  149
  167
  186
  204
  223
  241
  258
  275
  292
  308
  324
  340
  356
  372
  387
  403
  420
  436
  453
  471
  490
  509
  529
  550
  572
Issuance/(repurchase) of shares, $m
  -3
  116
  144
  162
  177
  190
  201
  207
  209
  206
  198
  185
  166
  142
  113
  79
  40
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  13
  182
  224
  258
  290
  321
  350
  374
  395
  410
  421
  426
  424
  417
  405
  387
  364
  340
  356
  372
  387
  403
  420
  436
  453
  471
  490
  509
  529
  550
  572
Total cash flow (excl. dividends), $m
  6
  -11
  -17
  -9
  3
  17
  36
  59
  87
  119
  156
  198
  245
  296
  351
  411
  476
  544
  617
  693
  773
  857
  945
  1,036
  1,131
  1,230
  1,333
  1,440
  1,551
  1,666
  1,786
Retained Cash Flow (-), $m
  -28
  -104
  -128
  -153
  -180
  -208
  -237
  -266
  -296
  -325
  -354
  -383
  -411
  -438
  -464
  -491
  -516
  -541
  -566
  -591
  -616
  -642
  -667
  -694
  -721
  -749
  -779
  -809
  -842
  -875
  -911
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
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  50
  102
  157
  216
  277
  342
  410
  481
  554
  630
  709
  791
  875
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
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  6
  10
  12
  13
  13
  12
  10
  9
  7
  5
  4
  3
  2
Current shareholders' claim on cash, %
  100
  83.6
  70.7
  61.1
  53.9
  48.4
  44.1
  40.7
  38.1
  36.0
  34.4
  33.1
  32.2
  31.5
  31.0
  30.7
  30.5
  30.5
  30.5
  30.5
  30.5
  30.5
  30.5
  30.5
  30.5
  30.5
  30.5
  30.5
  30.5
  30.5
  30.5

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 23.9
Price to Sales 0.6
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 23.9
Price to Free Cash Flow 54.9
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 33.5% 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 26.174 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 $0.6 billion.


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COMPANY NEWS

▶ 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]
▶ Richer customers pump up MarineMax   [02:20PM  at bizjournals.com]
▶ MarineMax to Webcast Third Quarter 2016 Results   [Jul-19-16 07:00AM  Business Wire]
▶ MarineMax Expands Financing Capacity   [08:00AM  Business Wire]
Stock chart of HZO Financial statements 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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