Benchmark taking ‘show me’ approach, starts OneWater Marine at Hold

As previously reported, Benchmark initiated coverage of OneWater Marine with a Hold rating and no price target. The premium recreational boat dealer has “an outstanding track record of capital allocation and returns,” says the analyst, who believes its evolving business model has reset baseline profitability higher. However, the firm is taking a “show me” approach given macro headwinds combined with the difficulty in quantifying how much of its “impressive” return on capital profile was boosted by post-pandemic tailwinds, the analyst tells investors.