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MarineMax, Inc. (HZO)

NYSE - Nasdaq Real Time Price. Currency in USD
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32.19-0.77 (-2.34%)
As of 12:21PM EST. Market open.
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  • S
    S
    Here's the issue with HZO...
    Q1 - they affirmed FY2019 EPS at $1.85-1.95
    Q2 - they dropped FY2019 EPS to $1.75-1.85
    Q3 - analysts expect them to drop FY2019 EPS nearer to $1.6

    Good news with HZO...
    HZO probably has the cleanest balance sheet I've ever seen. Stockholder Equity goes is on a constant uptrend:
    Q22018 - $319M
    Q32018 - $342M
    Q42018 - $353M
    Q12019 - $361M
    Q22019 - $368M

    Divide $368M by total outstanding shares of 23M gives a book value of $16.

    Q3 of 2018 was $0.75, so let's assume they only hit that again this year... they increased Stockholder Equity by $23M that quarter, so let's assume they increase Stockholder equity by that amount again - that would put book value at $17. With another
    $10M increase in Stockholder Equity likely for Q42019 - that puts a very safe book value of $17.5 by EOY... which is the absolute minimum this stock should be trading at.

    Can anyone offer any other points of view? Am I missing something or looking at the balance sheet wrong?
  • S
    S
    Should trade around $17.50 once dust settles. The past 12 months was actually a good year for them. Here are highlights from the balance sheet - comparing March 31, 2018 to March 31, 2019. Total assets increased around $60,000,000... while total liabilities only increased by $9,000,000. This $51,000,000 difference went straight to stockholder equity - a very clean balance sheet and easy to follow the money. Debt was only $952,000 on March 31, 2019 - so why would any one say anything about secondary offering? They are not in a cash or debt crisis. If they make $1.80 or so EPS in 2019, then their clean balance sheet should easily justify a price of $17.50 or higher. I see no real risk with their financials. Seems solid unless I am missing something.
  • A
    Anonymous
    Wall Street has broken the market cap down to just one third of sales now. But as far as I can tell from Yahoo data, HZO has never operated with long term debt, so BK risk is virtually nil. The interest expense is quite modest at below 1% of revenues. But on the other hand, HZO doesn't buy back the stock and doesn't pay a dividend...
  • Y
    Yahoo Finance Insights
    MarineMax reached a 52 Week high at 34.41
  • S
    Steve
    secondary offering coming.
  • S
    Steve
    according to technicals.
  • J
    Jimmy
    Nice to see some above average volume in HZO today....It WAS way over sold; now just over sold and will continue to go up next week back to yearly highs before the next earnings. Just a prediction based on the technicals.
  • S
    Steve
    About to crater.
  • S
    Steve
    back down after tomorrow.
  • S
    Steve
    Get out before the secondary offering.
  • A
    A.Miah
    buy the dip
  • S
    S
    Quick analysis of stockholder equity & treasury stock.

    Q22018 - $319M (-$75M Treasury Stock)
    Q32018 - $342M (-$75M Treasury Stock)
    Q42018 - $353M (-$75M Treasury Stock)
    Q12019 - $361M (-$75M Treasury Stock)
    Q22019 - $368M (-$75M Treasury Stock)
    Q32019 - $369M (-$95M Treasury Stock)
    Q42019 - $369M (-$102M Treasury Stock)

    So - they are buying back stock, which shows their confidence at these prices, because they did not buy back at all in 2018 or 1st half of fiscal 2019. This tells me that they think the price is much too low.

    They said on conference call (you can read transcript) that they bought back 1.7 million shares in 2019 for an average price of $16, which comes out to $27.2M , which is the exact amount the Treasury Stock changed on the balance sheet. Only time will tell if this was a good use of cash.
  • D
    David
    Zack's gives this stock a buy signal with an A for value and growth for what it's worth.
  • S
    S
    Insiders bought shares yesterday at 16.44 per share... finally - some support. I would expect to go up from there, as insider buys typically represent a floor in price.
  • S
    S
    For a little more detail on how they are building shareholder value - look at the Total Equity line of the balance sheet over the past 5 years. Do not get caught up in this panic and sell... you'll regret it.

    9/30/2014 - 239
    9/30/2015 - 284
    9/30/2016 - 312
    9/30/2017 - 302
    9/30/2018 - 353
    3/31/2018 - 368
  • S
    Steve
    23.20 is the ceiling.
  • S
    Steve
    Sell now and buy back at 20.00.
  • L
    LarryM
    Insiders have been selling heavy with the stock above $24.
  • Y
    Yahoo Finance Insights
    HZO is up 15.95% to 20.35
  • Y
    Yahoo Finance Insights
    HZO is up 14.17% to 22.95