Marine Products (NYSE:MPX) - Share price, News & Analysis

MPX fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	0/6
Past Performance	4/6
Financial Health	6/6
Dividends	4/6

MPX Stock Overview

Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sportboat, sport fishing, and jet boat markets worldwide.

Rewards

PE ratio (12.4x) is below the US market (15.3x)

Earnings have grown 4.3% per year over the past 5 years

Risk Analysis

High level of non-cash earnings

Dividend of 4.72% is not well covered by earnings

Marine Products Competitors

Brunswick

NYSE:BC

US$5.4b

Malibu Boats

NasdaqGM:MBUU

US$1.2b

Johnson Outdoors

NasdaqGS:JOUT

US$610.3m

MasterCraft Boat Holdings

NasdaqGM:MCFT

US$406.4m

Price History & Performance

Summary of all time highs, changes and price drops for Marine Products
Historical stock prices
Current Share Price	US$10.18
52 Week High	US$18.74
52 Week Low	US$10.11
Beta	1.06
1 Month Change	-18.30%
3 Month Change	-15.87%
1 Year Change	-38.93%
3 Year Change	-29.50%
5 Year Change	-23.75%
Change since IPO	397.93%

Shareholder Returns

	MPX	US Leisure	US Market
7D	-10.7%	-8.4%	-2.7%
1Y	-38.9%	-44.8%	-12.9%

Return vs Industry: MPX exceeded the US Leisure industry which returned -44.8% over the past year.

Return vs Market: MPX underperformed the US Market which returned -12.9% over the past year.

Price Volatility

Is MPX's price volatile compared to industry and market?
MPX volatility
MPX Average Weekly Movement	7.1%
Leisure Industry Average Movement	7.6%
Market Average Movement	7.8%
10% most volatile stocks in US Market	16.8%
10% least volatile stocks in US Market	2.9%

Stable Share Price: MPX is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: MPX's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1965	880	Ben Palmer	https://www.marineproductscorp.com

Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sportboat, sport fishing, and jet boat markets worldwide. The company offers Chaparral sterndrive pleasure boats, including SSi Sport Boats, SSX Sport Boats, and the Surf Series; Chaparral outboard pleasure boats, which include OSX Luxury Sportboats, and SSi and SSX outboard models; and Robalo outboard sport fishing boats. It also provides center and dual consoles, and Cayman Bay Boats under the Robalo brand name.

Marine Products Fundamentals Summary

How do Marine Products's earnings and revenue compare to its market cap?
MPX fundamental statistics
Market Cap	US$347.57m
Earnings (TTM)	US$27.99m
Revenue (TTM)	US$296.25m

12.4x

P/E Ratio

1.2x

P/S Ratio

Is MPX overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
MPX income statement (TTM)
Revenue	US$296.25m
Cost of Revenue	US$228.05m
Gross Profit	US$68.21m
Other Expenses	US$40.21m
Earnings	US$27.99m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	0.82
Gross Margin	23.02%
Net Profit Margin	9.45%
Debt/Equity Ratio	0.0%

How did MPX perform over the long term?

See historical performance and comparison

Dividends

4.7%

Current Dividend Yield

58%

Payout Ratio

Valuation

Is Marine Products undervalued compared to its fair value and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

12.42x

Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: MPX ($10.18) is trading above our estimate of fair value ($8.42)

Significantly Below Fair Value: MPX is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: MPX is poor value based on its PE Ratio (12.4x) compared to the US Leisure industry average (9.7x).

PE vs Market: MPX is good value based on its PE Ratio (12.4x) compared to the US market (15.3x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MPX's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: MPX is overvalued based on its PB Ratio (3.4x) compared to the US Leisure industry average (2.7x).

Future Growth

How is Marine Products forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

17.9%

Forecasted Consumer Durables industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Marine Products has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Past Performance

How has Marine Products performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

4.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MPX has a high level of non-cash earnings.

Growing Profit Margin: MPX's current net profit margins (9.4%) are higher than last year (9%).

Past Earnings Growth Analysis

Earnings Trend: MPX's earnings have grown by 4.3% per year over the past 5 years.

Accelerating Growth: MPX's earnings growth over the past year (20%) exceeds its 5-year average (4.3% per year).

Earnings vs Industry: MPX earnings growth over the past year (20%) underperformed the Leisure industry 30.9%.

Return on Equity

High ROE: MPX's Return on Equity (27.6%) is considered high.

Financial Health

How is Marine Products's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: MPX's short term assets ($104.0M) exceed its short term liabilities ($24.8M).

Long Term Liabilities: MPX's short term assets ($104.0M) exceed its long term liabilities ($15.5M).

Debt to Equity History and Analysis

Debt Level: MPX is debt free.

Reducing Debt: MPX has not had any debt for past 5 years.

Debt Coverage: MPX has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: MPX has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

Dividend

What is Marine Products's current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

4.72%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: MPX's dividend (4.72%) is higher than the bottom 25% of dividend payers in the US market (1.58%).

High Dividend: MPX's dividend (4.72%) is in the top 25% of dividend payers in the US market (4.11%)

Stability and Growth of Payments

Stable Dividend: MPX's dividend payments have been volatile in the past 10 years.

Growing Dividend: MPX's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (58.3%), MPX's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: MPX is paying a dividend but the company has no free cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

3.3yrs

Average board tenure

CEO

Ben Palmer (61 yo)

no data

Tenure

US$905,219

Compensation

Mr. Ben M. Palmer is President, Chief Executive Officer & Director of Marine Products Corporation from May 17, 2022. He serves as Treasurer at Cudd Energy Services, Inc. Mr. Palmer had been Chief Financial...

CEO Compensation Analysis

Compensation vs Market: Ben's total compensation ($USD905.22K) is below average for companies of similar size in the US market ($USD2.59M).

Compensation vs Earnings: Ben's compensation has been consistent with company performance over the past year.

Board Members

Experienced Board: MPX's board of directors are considered experienced (3.3 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/21 00:00
End of Day Share Price	2022/05/20 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31