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Mastercraft IPO

JordanJordan Posts: 1,247 ★★★Triple Panda Award Recipient ★★★

Comments

  • klindyklindy Posts: 2,547 ★★★Triple Panda Award Recipient ★★★
    Interesting.
    Keith Lindemulder
    AWSA Chairman of the Board
    AWSA Southern Region EVP
  • Razorskier1Razorskier1 Posts: 3,425 Mega Baller
    Not surprised. Private equity investors have a timeline.
    Jim Ross
  • oldjeepoldjeep Posts: 3,686 ★★★Triple Panda Award Recipient ★★★
    Wasn't aware the owning company was based out of MN
    . You would think they would have a bigger presence here.
    Chuck P
    Not a mechanic but I play one at home
  • eleeskieleeski Posts: 3,975 Infinite Pandas
    Wait, is that what we have to do to purchase a Mastercraft? IPO, bond issues or some other creative financing can raise enough money to take a new boat home. Maybe.

    Seriously, good luck to Mastercraft with this activity. We really do need strong boat companies in our sport.

    Eric
    jcamp
  • JordanJordan Posts: 1,247 ★★★Triple Panda Award Recipient ★★★
    2014....

    20.5% of the market
    177 million in sales
    Just under 20 million in profit
    Lovell
  • ntxntx Posts: 835 Crazy Baller
    If I remember correctly when malibu went public about a year ago, it was offered at 17.00. It has gotten has high as 24. Currently In the 19 to 21 range. It will be interesting to see what mastercraft starts at.
  • MattPMattP Posts: 6,219 Mega Baller
    @Jordan do you have those numbers for Malibu?
  • Razorskier1Razorskier1 Posts: 3,425 Mega Baller
    @MattP. I can get the details. MBUU market share is in the 30's. Revenue this year forecast at $227mm. They report earnings tomorrow morning before the market open.
    Jim Ross
    E_T
  • JordanJordan Posts: 1,247 ★★★Triple Panda Award Recipient ★★★
    edited May 2015
    For Malibu...2014

    Market share a few points higher than MC (190m versus 177m in revenue)
    $190 million in sales
    Lost $4.6 million
    E_T
  • Razorskier1Razorskier1 Posts: 3,425 Mega Baller
    MBUU made $4.7mm last year and was free cash flow positive. For June 15 fiscal year they are forecast to make over $32mm. Operating profit margin around 14%. They have really improved manufacturing efficiency and have been selling high priced wake boats. The average selling price factory to dealer is $67,000. Boat volumes are also showing a nice recovery still from the recession. The best ever years for "performance sport boats" as a category was about 13,000 units. Currently about half that level.
    Jim Ross
  • MattPMattP Posts: 6,219 Mega Baller
  • Chef23Chef23 Posts: 6,056 Mega Baller
    edited May 2015
    @MattP you can see most of the numbers the way Malibu presents them to investors/analysts here:

    http://files.shareholder.com/downloads/AMDA-2F4INY/138404823x0x813076/cbe47d38-1cc2-4e8a-9bcc-046e2d04620a/Investor_Presentation_for_Q2_2015_-_Winter_-_Orlando_-_for_print.pdf

    It is from a March 2015 analyst presentation.

    If you read the presentation you can see they are heavily focused on the wake and surf markets. The only mention of ski boats is the LXR as a new model.
    Mark Shaffer
  • JordanJordan Posts: 1,247 ★★★Triple Panda Award Recipient ★★★
  • Razorskier1Razorskier1 Posts: 3,425 Mega Baller
    Made. They are very profitable
    Jim Ross
  • JordanJordan Posts: 1,247 ★★★Triple Panda Award Recipient ★★★
    Fiscal Year Ended
    June 30, 2014

    Net Sales ...................................................................................$ 190,935
    Gross Profit........................................................................................50,794
    Operating (loss) income..........................................................................(455)
    Net (loss) income ................................................................................(1,188)
    Net (loss) income attributable to non-controlling interest.....................3,488
    Net loss attributable to Malibu Boats, Inc..........................................$ (4,676)
    Basic loss per share of Class A Common Stock........................................$(0.42)
    Diluted loss per share of Class A Common Stock.....................................$(0.42)




    Sorry for the formatting issues

    Information straight from there 10K.....filed with the SEC












  • ForrestGumpForrestGump Posts: 6,142
    edited May 2015
    @Jordan The 4.7M Fiscal '14 loss included a one time charge of $20M from the lawsuit they lost. So operationally they made $15M and some change.
    Shane "Crash" Hill

  • RAWSkiRAWSki Posts: 755 Mega Baller
    Not every company should go public, IMO the ski boat business if one of them. Investors want returns year after year, a private company can have 'ups and downs' but still make money for it's ownership and provide jobs.
    E_T
  • Razorskier1Razorskier1 Posts: 3,425 Mega Baller
    10K is required reporting. Often has little to do with actual cash flow, and more to do with regulatory requirements. Important reading, but only part of the story. MBUU is profitable and generating free cash flow. Their capex requirements for both maintenance and expansion are very modest. They recently took on some debt to retire some stock (mostly done to reduce the private equity ownership, now down to 23%) and because they can afford some debt given strong free cash flow. For the June 16 and June 17 fiscal years they should generate more than $30mm in free cash flow per year while growing adjusted earnings per share at a double digit clip. I spoke with management less than two months ago and continue to be impressed with their strategic focus and efficiency of operations.

    @RAWSki -- absolutely agree. The pressures public companies to both consistently beat investor expectations on a quarterly basis AND manage for the long-term are sometimes at odds. As a private company, you have the luxury of investing for the future without worrying about how shareholders will deal with it.
    Jim Ross
    RichardDoaneSkoot1123
  • JordanJordan Posts: 1,247 ★★★Triple Panda Award Recipient ★★★
    Never commented on the company's Cash Flow.....

    Always read the 10k, to calculate FCF also....a lot more truth gets published in required filings than at investor presentations.
    psantang
  • auskierauskier Posts: 457 Baller
    would that have included the purchase of the australian factory as well?
    Toby
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