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Malibu Boats, Inc.
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== '''Competition''' == The firm’s main competitors include both established companies such as Brunswick Corporation, Polaris Inc., as well as mid-market companies, such as MasterCraft Boat Holdings and Marine Products Corporation, that are looking for ways to innovate and gain market share. Malibu Boats competes directly with Marine Products in the fiberglass outdoor boat market while it competes with MasterCraft in the wake/ski boat market and the saltwater fishing boat market. Brunswick and Polaris have dedicated boat segments that manufacture and distribute a wide variety of brands. [[File:Comparables table.jpg|thumb|992x992px|Comparables table|left]] Despite the company’s high return on invested capital (ROIC) compared to its peers, it is evident that the investors have significantly undervalued the company. Its P/E ratio is lower than that of its peers. By conducting comparable company analysis, it is noticeable that investors have significantly underappreciated the company’s prospects. In the context of the comparable company analysis, three different ratios were used: EV/Sales, EV/EBITDA and P/E. Firstly, sales of 2022 were multiplied by the median EV/Sales ratio of the firm’s competitors. The implied enterprise value was $1,460 million. Next, net debt was subtracted, and we arrived at a $1,475 million market capitalization. This figure divided by shares outstanding resulted in a fair value of $71.52, which shows that the company is undervalued by 18% relative to its peers. A similar process was followed using EV/EBITDA and P/E and we arrived at a fair value of $96.71 and $91.65, respectively. These results may mean that investors may not be fully recognizing the company’s earnings potential or growth prospects relative to its peers, leading to a lower current valuation. ----[1] <nowiki>https://finance.yahoo.com/news/recreational-boat-market-worth-25-080000401.html</nowiki> __INDEX__
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