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Malibu Boats Inc Class A MBUU

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Morningstar’s Analysis

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Slower Throughput Continues to Exacerbate Duration to Remedy Backlog at Malibu; Shares Attractive

Jaime M. Katz, CFA Senior Equity Analyst

Analyst Note

| Jaime M. Katz, CFA |

We don’t plan any material change to our $104 fair value estimate for narrow-moat Malibu Boats after digesting first-quarter results and view shares as undervalued trading at just 11 times our 2022 EPS estimate. Malibu delivered sales growth of 40% in the period, to $253 million, with units up 24% (including Maverick) and an average sales per unit increase of 13%. The gross margin contracted 170 basis points to 23.6%, with a majority of the decline attributable to a portfolio mix shift as saltwater climbed to represent 24% of sales versus 9% in the year-ago period. And while input inflation and labor costs could continue to have a near-term impact on EBITDA margins (which contracted 250 basis points to 17.6% in the quarter), we expect such degradation will begin to improve in the back half of fiscal 2022 if supply chain constraints ease.

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Company Profile

Business Description

Malibu Boats is a leading designer and manufacturer of power boats in the United States. It is the market leader in performance sport boats, sold under its Malibu and Axis brands. It acquired Cobalt Boats, a leading producer of sterndrive boats, in 2017 number-one market share position in the U.S. in the 24-foot to 29-foot segment), and Pursuit Boats, which makes high-end offshore and outboard motorboats in 2018. In 2021, it purchased Maverick Boat Group, a leading seller of flat fishing boats, with exposure to bay, dual-console, and center-console boats. Malibu has also expanded into boat trailers and accessories, and in 2020 began producing its own engines for its performance sport boats. Malibu’s target market includes a wide range of water enthusiasts who embrace active lifestyles.

5075 Kimberly Way
Loudon, TN, 37774
T +1 865 458-5478
Sector Consumer Cyclical
Industry Recreational Vehicles
Most Recent Earnings Sep 30, 2021
Fiscal Year End Jun 30, 2022
Stock Type Cyclical
Employees 2,645