MBUU Below Book Value: Can Saxdor Turn Malibu Boats Into a GlobaMalibu Boats, Inc. Class ABATS:MBUUmikirduit23MBUU is one of the more interesting traditional-business turnaround setups I’m watching. The stock trades around 0.95x book value, which looks cheap on paper, but FY2026 fundamentals were weak. Net income dropped 88.8% to about $1.7M even though revenue rose 13.3% to $914M. The key issue was margin pressure. Gross margin fell to around 16%, while acquisition costs, higher labor expenses and Saxdor-related integration costs weighed heavily on profitability. But FY2027 could look very different. Management expects revenue of roughly $1.08B–$1.12B, or 18–22% growth, and adjusted EBITDA of $101M–$109M, implying 37–48% growth. The main catalyst is Saxdor. Saxdor was only consolidated for about four months in FY2026, but a full-year contribution could materially change MBUU’s revenue mix. It also gives Malibu access to 100+ dealers across 50 countries. My current framework: Attractive buy zone: $23.97–$25.91 Short-term downside risk: $23.09 First take-profit / gap area: $34–$38 Turnaround fair value: ~$42.30 The $34–$38 gap is important to me because it could become a faster take-profit zone if MBUU rerates on improving sentiment before the full turnaround is reflected in earnings. In other words, I would not necessarily wait for $42.30 if the stock quickly fills that gap while fundamentals are still in the early stages of recovery. The risks are still meaningful: higher rates, expensive fuel, tariffs and execution around integration. My view: MBUU is not a “cheap because PBV is below 1x” story. It only gets interesting if Saxdor helps restore margins and growth. If the turnaround starts working, $34–$38 could be the first realistic profit-taking zone, while $42.30 remains the more optimistic fundamental fair-value case.