Intrinsic value of MarineMax - HZO

Previous Close

$19.10

  Intrinsic Value

$2.78

stock screener

  Rating & Target

str. sell

-85%

Previous close

$19.10

 
Intrinsic value

$2.78

 
Up/down potential

-85%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.68
  10.60
  10.04
  9.54
  9.08
  8.67
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
Revenue, $m
  1,052
  1,164
  1,280
  1,402
  1,530
  1,662
  1,801
  1,944
  2,093
  2,249
  2,410
  2,577
  2,752
  2,933
  3,121
  3,317
  3,521
  3,734
  3,955
  4,186
  4,427
  4,679
  4,941
  5,216
  5,502
  5,802
  6,116
  6,443
  6,787
  7,146
  7,522
Variable operating expenses, $m
 
  1,110
  1,221
  1,338
  1,459
  1,586
  1,718
  1,855
  1,997
  2,145
  2,299
  2,459
  2,625
  2,798
  2,977
  3,164
  3,359
  3,562
  3,773
  3,994
  4,224
  4,464
  4,714
  4,976
  5,249
  5,535
  5,834
  6,147
  6,474
  6,817
  7,176
Fixed operating expenses, $m
 
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
Total operating expenses, $m
  1,007
  1,113
  1,224
  1,341
  1,462
  1,589
  1,721
  1,859
  2,001
  2,149
  2,303
  2,463
  2,629
  2,802
  2,981
  3,168
  3,363
  3,567
  3,778
  3,999
  4,229
  4,469
  4,719
  4,981
  5,254
  5,541
  5,840
  6,153
  6,480
  6,823
  7,182
Operating income, $m
  45
  50
  56
  61
  67
  73
  79
  86
  93
  100
  107
  115
  123
  131
  139
  148
  158
  167
  177
  188
  199
  210
  222
  235
  248
  261
  276
  291
  306
  323
  340
EBITDA, $m
  54
  60
  67
  73
  80
  87
  95
  102
  111
  119
  128
  137
  146
  156
  166
  177
  188
  199
  211
  224
  237
  250
  264
  279
  295
  311
  328
  346
  364
  384
  404
Interest expense (income), $m
  8
  8
  9
  10
  12
  13
  15
  16
  18
  19
  21
  23
  24
  26
  28
  30
  32
  34
  37
  39
  42
  44
  47
  50
  53
  56
  59
  62
  66
  69
  73
Earnings before tax, $m
  38
  42
  46
  51
  55
  60
  65
  70
  75
  80
  86
  92
  98
  105
  111
  118
  125
  133
  141
  149
  157
  166
  175
  185
  195
  206
  217
  228
  240
  253
  266
Tax expense, $m
  14
  11
  13
  14
  15
  16
  17
  19
  20
  22
  23
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  56
  59
  62
  65
  68
  72
Net income, $m
  24
  31
  34
  37
  40
  44
  47
  51
  55
  59
  63
  67
  72
  76
  81
  86
  91
  97
  103
  109
  115
  121
  128
  135
  142
  150
  158
  167
  176
  185
  195

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  42
  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
  640
  661
  728
  797
  870
  945
  1,024
  1,105
  1,190
  1,278
  1,370
  1,465
  1,564
  1,667
  1,774
  1,886
  2,002
  2,123
  2,249
  2,380
  2,517
  2,660
  2,809
  2,965
  3,128
  3,299
  3,477
  3,663
  3,858
  4,062
  4,276
Adjusted assets (=assets-cash), $m
  598
  661
  728
  797
  870
  945
  1,024
  1,105
  1,190
  1,278
  1,370
  1,465
  1,564
  1,667
  1,774
  1,886
  2,002
  2,123
  2,249
  2,380
  2,517
  2,660
  2,809
  2,965
  3,128
  3,299
  3,477
  3,663
  3,858
  4,062
  4,276
Revenue / Adjusted assets
  1.759
  1.761
  1.758
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.760
  1.759
  1.759
  1.760
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
  1.759
Average production assets, $m
  125
  137
  151
  165
  181
  196
  212
  229
  247
  265
  284
  304
  325
  346
  368
  391
  415
  441
  467
  494
  522
  552
  583
  615
  649
  685
  722
  760
  801
  843
  888
Working capital, $m
  139
  389
  428
  468
  511
  555
  601
  649
  699
  751
  805
  861
  919
  980
  1,042
  1,108
  1,176
  1,247
  1,321
  1,398
  1,479
  1,563
  1,650
  1,742
  1,838
  1,938
  2,043
  2,152
  2,267
  2,387
  2,512
Total debt, $m
  254
  243
  276
  311
  346
  384
  423
  463
  505
  549
  594
  641
  690
  741
  794
  849
  907
  967
  1,029
  1,094
  1,162
  1,233
  1,307
  1,384
  1,464
  1,549
  1,637
  1,729
  1,826
  1,927
  2,033
Total liabilities, $m
  338
  327
  360
  395
  430
  468
  507
  547
  589
  633
  678
  725
  774
  825
  878
  933
  991
  1,051
  1,113
  1,178
  1,246
  1,317
  1,391
  1,468
  1,548
  1,633
  1,721
  1,813
  1,910
  2,011
  2,117
Total equity, $m
  302
  334
  368
  403
  439
  477
  517
  558
  601
  646
  692
  740
  790
  842
  896
  952
  1,011
  1,072
  1,136
  1,202
  1,271
  1,343
  1,419
  1,497
  1,580
  1,666
  1,756
  1,850
  1,948
  2,052
  2,160
Total liabilities and equity, $m
  640
  661
  728
  798
  869
  945
  1,024
  1,105
  1,190
  1,279
  1,370
  1,465
  1,564
  1,667
  1,774
  1,885
  2,002
  2,123
  2,249
  2,380
  2,517
  2,660
  2,810
  2,965
  3,128
  3,299
  3,477
  3,663
  3,858
  4,063
  4,277
Debt-to-equity ratio
  0.841
  0.730
  0.750
  0.770
  0.790
  0.800
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.870
  0.880
  0.890
  0.890
  0.900
  0.900
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
Adjusted equity ratio
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  24
  31
  34
  37
  40
  44
  47
  51
  55
  59
  63
  67
  72
  76
  81
  86
  91
  97
  103
  109
  115
  121
  128
  135
  142
  150
  158
  167
  176
  185
  195
Depreciation, amort., depletion, $m
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
Funds from operations, $m
  -42
  41
  45
  49
  53
  58
  63
  68
  73
  78
  84
  89
  95
  101
  108
  115
  122
  129
  136
  144
  153
  161
  170
  180
  189
  200
  211
  222
  234
  246
  259
Change in working capital, $m
  -47
  37
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
Cash from operations, $m
  5
  4
  6
  8
  11
  14
  17
  20
  23
  26
  30
  33
  37
  41
  45
  49
  53
  58
  62
  67
  72
  77
  83
  88
  94
  100
  106
  112
  119
  126
  133
Maintenance CAPEX, $m
  0
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
New CAPEX, $m
  -14
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
Cash from investing activities, $m
  -32
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -35
  -36
  -38
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -74
  -79
  -82
  -87
  -91
  -95
  -100
  -105
Free cash flow, $m
  -27
  -18
  -18
  -17
  -16
  -15
  -14
  -13
  -11
  -10
  -9
  -7
  -6
  -4
  -2
  -1
  1
  3
  4
  6
  8
  10
  12
  13
  15
  17
  19
  21
  23
  26
  28
Issuance/(repayment) of debt, $m
  71
  31
  33
  34
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  77
  81
  84
  88
  92
  97
  101
  106
Issuance/(repurchase) of shares, $m
  -40
  1
  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 from financing (excl. dividends), $m  
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  77
  81
  84
  88
  92
  97
  101
  106
Total cash flow (excl. dividends), $m
  3
  14
  15
  17
  20
  22
  25
  28
  31
  34
  37
  40
  43
  47
  51
  54
  58
  62
  67
  71
  76
  80
  85
  91
  96
  102
  107
  114
  120
  127
  134
Retained Cash Flow (-), $m
  10
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -103
  -108
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
 
  -18
  -19
  -18
  -17
  -16
  -15
  -14
  -12
  -11
  -10
  -8
  -7
  -5
  -3
  -2
  0
  1
  3
  5
  6
  8
  10
  12
  14
  16
  17
  19
  21
  23
  26
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  -17
  -16
  -14
  -13
  -11
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8

MarineMax, Inc. is a recreational boat and yacht dealer in the United States. 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, the Company sold new and used recreational boats, including pleasure and fishing boats, as of September 30, 2016. The Company also sells related marine products, including engines, trailers, parts and accessories. In addition, it provides repair, maintenance, and slip and storage services; arranges related boat financing, insurance, and extended service contracts; offers boat and yacht brokerage sales, and operates a yacht charter business. The Company primarily sells recreational boats, including pleasure boats and fishing boats. The Company offers marine engines and equipment and sells marine engines and propellers primarily to retail customers as replacements for their existing engines or propellers.

FINANCIAL RATIOS  of  MarineMax (HZO)

Valuation Ratios
P/E Ratio 17.4
Price to Sales 0.4
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 83.6
Price to Free Cash Flow -46.5
Growth Rates
Sales Growth Rate 11.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.7%
Cap. Spend. - 3 Yr. Gr. Rate 9.2%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 84.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 8%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 7.3%
Return On Equity 7.8%
Return On Equity - 3 Yr. Avg. 11.3%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 25.2%
Gross Margin - 3 Yr. Avg. 24.6%
EBITDA Margin 5.2%
EBITDA Margin - 3 Yr. Avg. 5%
Operating Margin 4.3%
Oper. Margin - 3 Yr. Avg. 4%
Pre-Tax Margin 3.6%
Pre-Tax Margin - 3 Yr. Avg. 3.4%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate 36.8%
Eff/ Tax Rate - 3 Yr. Avg. -19.1%
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 $1052 million for the last fiscal year's total revenue generated by MarineMax. The default revenue input number comes from 2017 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 10.6% 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 6.7%, 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 95.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3 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 3.8% 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 11.8%.

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 33.4%. 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 - $302 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 27.202 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 $0.5 billion.

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COMPANY NEWS

▶ MarineMax to Webcast First Quarter 2018 Results   [Jan-17-18 04:15PM  Business Wire]
▶ 5 Stocks That Look Good Short   [Jan-13-18 12:00PM  TheStreet.com]
▶ When Should You Buy MarineMax Inc (NYSE:HZO)?   [Jan-05-18 04:20PM  Simply Wall St.]
▶ ETFs with exposure to MarineMax, Inc. : December 26, 2017   [Dec-26-17 11:38AM  Capital Cube]
▶ ETFs with exposure to MarineMax, Inc. : December 8, 2017   [Dec-08-17 01:02PM  Capital Cube]
▶ No tricks, all treats for WellCare, MarineMax stocks on Halloween   [08:33AM  American City Business Journals]
▶ ETFs with exposure to MarineMax, Inc. : October 31, 2017   [Oct-31-17 11:41AM  Capital Cube]
▶ MarineMax beats Street 4Q forecasts   [07:07AM  Associated Press]
▶ MarineMax to Webcast Fourth Quarter 2017 Results   [Oct-25-17 07:00AM  Business Wire]
▶ MarineMax names new president   [Oct-02-17 12:58PM  American City Business Journals]
▶ MarineMax Promotes Executive   [08:00AM  Business Wire]
▶ MarineMax Provides Update Related to Hurricane Irma   [Sep-12-17 04:55PM  Business Wire]
▶ ETFs with exposure to MarineMax, Inc. : August 8, 2017   [Aug-08-17 04:38PM  Capital Cube]
▶ MarineMax Announces Stock Repurchase Program   [Aug-02-17 05:03PM  Business Wire]
▶ 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]
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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