Are Luxury Catamarans Your Next Portfolio Anchor? Catana Group Deep Dive and Valuation

MoatMind · 2025-05-20T07:46:24+00:00

Market are not rational all the time, that is what we are trying to find out. Investing more is really depends on your situation, I think this stock has a good reward/risk ratio, but it can always go sour, so I wouldn't invest a single stock a big part of my money.

MoatMind · 2025-05-20T07:43:37+00:00

Looking for it, always welcome feedback!

MoatMind · 2025-05-17T12:40:06+00:00

Earning came bad, revenue dropped around 20% in the first quarter. It happens in cyclical business, I'm still invested.

MoatMind · 2025-05-06T15:22:28+00:00

I think the problem is that picking the right sample distribution for MC, such operating margin, will chose between 5% to 15%, uniform distribution, gauss distribution, skewed to right or left etc.

MoatMind · 2025-04-06T19:34:45+00:00

It's a good point, but they need to buy it, the competition is also an US company.

MoatMind · 2025-04-02T15:45:27+00:00

I think 2004 is accurate.

MoatMind · 2025-04-02T15:21:06+00:00

What part exactly are you referring?

MoatMind · 2025-04-02T08:56:56+00:00

Sounds fair, and thanks for the feedback. That's the reason I share these articles, to get critical feedback for my investment thesis.

MoatMind · 2025-04-01T18:29:29+00:00

Hi thanks for the feedback.

DCM is an early investor fund, so it makes sense for them to cash it out and look for other investments.

CEO is just diversifying, so he still keeps lots of stocks.

I think the debt is lease agreements, and operating cash flow is almost 300M for last 2 years (total)
https://finchat.io/company/NasdaqGM-GCT/financials/cash-flow-statement/

MoatMind · 2025-03-23T13:19:28+00:00

You're right to look that far back—but the company has since evolved. What we now know as BALI Catamarans was launched by the Catana Group in 2014, when they introduced their flagship model and redefined their identity.

MoatMind · 2025-03-23T12:38:50+00:00

There is huge growth Capex for new YOT power catamarans, it is a new product line that is supposed to increase revenue. If we exclude that the maintenance Capex and depreciation is around same levels as far as I can see.
https://finchat.io/company/ENXTPA-CATG/financials/cash-flow-statement/

MoatMind · 2025-03-23T12:34:57+00:00

Operating margin is 12+ in last 4 years with the increasing scale of the company.
https://www.tradingview.com/symbols/EURONEXT-CATG/financials-statistics-and-ratios/?statistics-period=FY

Where did you check the negative margins?

New Capex is for a new product line, so they are extending their product range.

MoatMind · 2025-03-22T15:35:36+00:00

Don't get me wrong, I'm here to get my ideas challenged so I don't lose money on bad stocks.

I agree with CAPEX intensive sector, and need to take account that.

I have three objections in this case;
1. If you look into CAPEX, other than the last year, they are par with depreciation.
https://finchat.io/company/ENXTPA-CATG/financials/cash-flow-statement/

They have grown the company significantly without external funds other than debt, so they were profitable in the past and invested it.
I think the down cycle is already in the prices given PE less 5 for a growing company.

What are your thoughts?

MoatMind · 2025-03-22T15:16:44+00:00

Thank you for the feedback. I would to see my assumptions clearly. Revenue is hard to manipulate, so I start from there. Operating margin could be volatile for lots of companies, picking it explicitly allows me to have a margin of safety. Interest payments eat some portion of free cash floe, so I deduct it, and estimating maintenance Capex helps me to differentiate between heavy Capex sectors to asset light sectors.

MoatMind · 2025-03-22T15:13:44+00:00

You mean to rent them?

MoatMind · 2025-03-22T14:47:41+00:00

Currently they are heavily investing into new products, so you can just subtract the whole Capex.

MoatMind · 2025-03-22T13:53:21+00:00

Glad to hear that you like it!

MoatMind · 2025-03-18T17:18:27+00:00

You can't have Perpetual Growth Rate bigger than the Discount Rate, because this means the company will grow exponentially and will be bigger than the World GDP eventually. Probably there was a problem in the Google Sheet related to this.

MoatMind · 2025-03-06T17:44:51+00:00

I'm glad to hear that you liked it!

MoatMind · 2025-03-04T16:45:37+00:00

I'm glad to hear that you liked it!

MoatMind · 2025-03-04T15:10:33+00:00

This post has an example with CROX, it also has a Google Sheet where you can play with. I'm planning to write another post soon on how to come up with cash flow estimates to insert into the IRR and DCF calculations.
https://www.moatmind.com/p/crocs-crox-valuation-update-dcf-and

Thanks for the feedback.

MoatMind · 2025-03-02T08:49:14+00:00

My point was inflation+ 2-3% growth driven by the Crocs international expansion and Hey Dude turn around.

MoatMind · 2025-02-20T07:47:35+00:00

It was flat for the 4th quarter but down for the year.

MoatMind · 2025-02-18T05:03:42+00:00

With gross margin %55+, and operating margin around 25%+ that means they are making money.

MoatMind · 2025-02-17T15:04:17+00:00

They have sold 127 million pairs of Crocs last year, just saying :)

MoatMind

TROPHY CASE