Discounted Cash Flow (DCF) Analysis Levered

MarineMax, Inc. (HZO)

$31.01

+2.09 (+7.23%)

All numbers are in Millions, Currency in USD

Stock DCF: 280.15 | 31.01 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	1,177.37	1,237.15	1,509.71	2,063.26	2,308.10	2,744.57	3,263.57	3,880.72	4,614.57	5,487.20
Revenue (%)
Operating Cash Flow	70.41	-12.43	304.67	373.88	76.59	255.78	304.14	361.66	430.05	511.37
Operating Cash Flow (%)
Capital Expenditure	-13.80	-17.06	-12.81	-26.13	-58.46	-39.51	-46.99	-55.87	-66.44	-79
Capital Expenditure (%)
Free Cash Flow	56.61	-29.49	291.87	347.76	18.14	216.26	257.16	305.79	363.61	432.37

Weighted Average Cost Of Capital

Share price	$ 31.01
Beta	1.449
Diluted Shares Outstanding	22.86
Cost of Debt
Tax Rate	24.41
After-tax Cost of Debt	0.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.529
Total Debt	279.56
Total Equity	708.87
Total Capital	988.43
Debt Weighting	28.28
Equity Weighting	71.72
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	1,177.37	1,237.15	1,509.71	2,063.26	2,308.10	2,744.57	3,263.57	3,880.72	4,614.57	5,487.20
Operating Cash Flow	70.41	-12.43	304.67	373.88	76.59	255.78	304.14	361.66	430.05	511.37
Capital Expenditure	-13.80	-17.06	-12.81	-26.13	-58.46	-39.51	-46.99	-55.87	-66.44	-79
Free Cash Flow	56.61	-29.49	291.87	347.76	18.14	216.26	257.16	305.79	363.61	432.37
WACC
PV LFCF						186.10	205.28	226.43	249.77	275.51
SUM PV LFCF										1,232.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.80
Free cash flow (t + 1)	441.02
Terminal Value	7,603.74
Present Value of Terminal Value	5,223.16

Intrinsic Value

Enterprise Value	6,455.41
Net Debt	51.28
Equity Value	6,404.13
Shares Outstanding	22.86
Equity Value Per Share	280.15