MBUU Malibu Boats Inc - Ordinary Shares - Class A

$MBUU is starting to look interesting as a turnaround play, but the thesis is really about Saxdor. Malibu Boats trades around 0.95x book value, while FY2026 net income collapsed 88.8% despite revenue rising 13.3%. The upside case is FY2027: management guides for 18–22% revenue growth and 37–48% adjusted EBITDA growth as Saxdor gets a full-year contribution. Saxdor also gives MBUU access to 100+ dealers across 50 countries. My issue: rates, fuel prices, tariffs and execution risk are still real. I’m watching $23.97–$25.91 as an attractive buy zone, with ~$23.09 as short-term downside risk. If the turnaround works, I see a path toward ~$42.30 fair value.