DCF Tool

HZO

Marinemax, Inc. – Beer, Wine, and Liquor Stores
marinemax offers you unparalleled resources to connect with people and places in a remarkable way. we bring this to life with exclusive social and learning events from owners'​ getaways!® and rendezvous, to women on water® and kids in boating classes. our fully-stocked boating gear center offers all the parts and accessories you need to maximize your enjoyment on the water. stop in at one of our 60+ stores nationwide, staffed by friendly and knowledgeable professionals, and experience the water.
Analysis Results
Intrinsic Value $2,146.73
Latest Price $32.85
Relative Value 98% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 45.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 45.3%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2024 0.746 0.695
2025 1.08 0.94
2026 1.57 1.27
2027 2.29 1.72
2028 3.32 2.33
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 62.8 billion. This corresponds to a present value of 40.9 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 6.95 billion. Adding in the terminal value gives a total present value of 47.9 billion.

There are presently 22.3 million outstanding shares, so the intrinsic value per share is 2146.73.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,123,176,000
Current Cash 201,456,000
Current Liabilities 847,049,000
Current Debt 570,827,000
Non-Cash Working Capital (NCWC) 645,498,000
Change in NCWC 397,639,000
EBIT 200,802,000
Tax Provision 37,957,000
Depreciation and Amortization 41,032,000
Capital Expenditure -65,408,000
Unlevered Free Cash Flow 522,368,716
Current Assets 753,997,000
Current Cash 228,274,000
Current Liabilities 412,772,000
Current Debt 134,908,000
Non-Cash Working Capital (NCWC) 247,859,000
Change in NCWC 176,095,000
EBIT 265,204,000
Tax Provision 63,932,000
Depreciation and Amortization 19,418,000
Capital Expenditure -58,456,000
Unlevered Free Cash Flow 337,527,656
Current Assets 517,519,000
Current Cash 222,192,000
Current Liabilities 251,093,000
Current Debt 27,530,000
Non-Cash Working Capital (NCWC) 71,764,000
Change in NCWC -147,929,000
EBIT 209,459,000
Tax Provision 50,815,000
Depreciation and Amortization 15,606,000
Capital Expenditure -26,125,000
Unlevered Free Cash Flow -708,967
Current Assets 503,327,000
Current Cash 155,493,000
Current Liabilities 272,534,000
Current Debt 144,393,000
Non-Cash Working Capital (NCWC) 219,693,000
Change in NCWC -209,551,000
EBIT 106,715,000
Tax Provision 22,806,000
Depreciation and Amortization 12,772,000
Capital Expenditure -12,807,000
Unlevered Free Cash Flow -127,847,829
Current Assets 568,583,000
Current Cash 38,511,000
Current Liabilities 412,893,000
Current Debt 312,065,000
Non-Cash Working Capital (NCWC) 429,244,000
Change in NCWC 85,841,000
EBIT 60,532,000
Tax Provision 12,968,000
Depreciation and Amortization 11,597,000
Capital Expenditure -17,061,000
Unlevered Free Cash Flow 124,873,640
Current Assets 465,291,000
Current Cash 48,822,000
Current Liabilities 286,015,000
Current Debt 212,949,000
Non-Cash Working Capital (NCWC) 343,403,000
Change in NCWC -7,891,000
EBIT 63,183,000
Tax Provision 13,968,000
Depreciation and Amortization 10,673,000
Capital Expenditure -13,804,000
Unlevered Free Cash Flow 35,596,808
Current Assets 473,756,000
Current Cash 41,952,000
Current Liabilities 334,687,000
Current Debt 254,177,000
Non-Cash Working Capital (NCWC) 351,294,000
Change in NCWC 64,097,000
EBIT 45,289,000
Tax Provision 14,261,000
Depreciation and Amortization 9,364,000
Capital Expenditure -14,367,000
Unlevered Free Cash Flow 87,300,201
Current Assets 391,111,000
Current Cash 38,585,000
Current Liabilities 231,879,000
Current Debt 166,550,000
Non-Cash Working Capital (NCWC) 287,197,000
Change in NCWC 20,954,000
EBIT 40,252,000
Tax Provision 12,208,000
Depreciation and Amortization 7,964,000
Capital Expenditure -12,913,000
Unlevered Free Cash Flow 42,132,354
Current Assets 345,059,000
Current Cash 32,611,000
Current Liabilities 183,391,000
Current Debt 137,186,000
Non-Cash Working Capital (NCWC) 266,243,000
Change in NCWC 43,532,000
EBIT 25,332,000
Tax Provision -27,414,000
Depreciation and Amortization 7,858,000
Capital Expenditure -9,746,000
Unlevered Free Cash Flow 66,976,000
Current Assets 288,952,000
Current Cash 27,839,000
Current Liabilities 162,826,000
Current Debt 124,424,000
Non-Cash Working Capital (NCWC) 222,711,000
Change in NCWC 7,558,000
EBIT 15,387,000
Tax Provision 91,000
Depreciation and Amortization 7,281,000
Capital Expenditure -9,194,000
Unlevered Free Cash Flow 20,908,774
Current Assets 276,056,000
Current Cash 23,756,000
Current Liabilities 159,617,000
Current Debt 122,470,000
Non-Cash Working Capital (NCWC) 215,153,000
Change in NCWC 16,378,000
EBIT 18,348,000
Tax Provision -894,000
Depreciation and Amortization 6,777,000
Capital Expenditure -9,822,000
Unlevered Free Cash Flow 31,681,000
Current Assets 262,610,000
Current Cash 23,617,000
Current Liabilities 160,865,000
Current Debt 120,647,000
Non-Cash Working Capital (NCWC) 198,775,000
Change in NCWC 1,615,000
EBIT 5,370,000
Tax Provision -176,000
Depreciation and Amortization 6,479,000
Capital Expenditure -5,732,000
Unlevered Free Cash Flow 7,732,000

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