We published a note on Malibu Boats (NASDAQ:MBUU) back in January and didn't love the IPO. In short it seemed fully valued at the proposed IPO price. The IPO was a success and the shares have traded up to the current $19/share so it's worked. But we wondered "where does this go from here?"
As usual we started with our Intrinsic Valuation (IV) model and even with fairly conservative . . .