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Malibu Boats Inc Class A MBUU Stock Quote

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Morningstar‘s Stock Analysis MBUU

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Pockets of Dealer Inventory Start to Fill for Malibu, but Supply Chain Struggles Lead to Slow Gains

Jaime M. Katz, CFA Senior Equity Analyst

Business Strategy and Outlook

| Jaime M. Katz, CFA |

Malibu is a long-established name in performance sport boats, venturing into the sterndrive and saltwater segments via acquisitions in recent years. We believe that its brand, innovative products, and consistent pricing power contribute to a brand intangible asset, which underpins our narrow moat rating. Supporting its market leadership, it’s demonstrated an ability to meet evolving customer preferences, bringing new products to market quickly, with new models and numerous new features rolled out annually in the performance sport segment. And it has capitalized on its brand strength by expanding into adjacent categories, such as trailers and accessories, which we expect to continue. However, Malibu hasn’t rested only on innovation to grow profits, also curating savings through streamlined production and rising efficiencies (through vertical integration). As evidence, efforts at Pursuit’s new plant had increased the EBT margin at the brand to 15% in 2022 (from 9% in 2020). With continuous improvements to the manufacturing process, Malibu should be able to limit expense growth over time.

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Key Statistics MBUU

Company Profile MBUU

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 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 (Monsoon) 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
Industry Recreational Vehicles
Most Recent Earnings Sep 30, 2022
Fiscal Year End Jun 30, 2023
Employees 3,015

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