The boat has to be out of the water to remove the thruhull fitting. There should be a large nut around the body of the thru hull fitting. That has to be loosened. The fitting which is right angle, and the valve have to be removed. Then unthread the thru hull, out of the bottom of the boat. You can keep the thru hull fitting by putting a serial plate in the outside of the thru hull. there should be slots for a properly sized "plate" so it can be fixed and not rotate. This is a 2 person job. If 5200 was used as the sealant, it may take some debund and or heat to loosen up the sealant of the thru hull to the bottom of the boat.
Now you have the valve, the adaptor to the thread size, and the elbow out..You can examine the inner fiberglass. Hopefully there is no rot in the core. You will have to take a small Dremel bit or even a bent coat hanger 2" piece to cut any core within about 1/4 inch from the hole opening. You should have dry core. It is wet, then it has to be removed, down to dry core. After you are back to dry core which has been removed, you will fill this void with epoxy resin thickened with cabosil and medium density filler. That goes off, the edges around the hole are smoothed up with a drum sander checked in a drill. Then you are ready to put the repaired thru hull fitting back in the boat. If there is any glass defect on the inner side, this is the time to grind it out and rebuild any top surface which was damaged. 1708 cloth laminated with epoxy resin makes the best repair.