Intrinsic value of Callaway Golf - ELY

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$10.61

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$10.61

 
Intrinsic value

$22.51

 
Up/down potential

+112%

 
Rating

str. buy

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ELY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.20
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  871
  934
  999
  1,067
  1,137
  1,210
  1,287
  1,366
  1,449
  1,535
  1,625
  1,718
  1,816
  1,918
  2,025
  2,136
  2,253
  2,375
  2,502
  2,635
  2,775
  2,921
  3,074
  3,235
  3,403
  3,579
  3,763
  3,957
  4,160
  4,372
  4,596
Variable operating expenses, $m
 
  346
  370
  395
  421
  448
  476
  505
  536
  567
  600
  632
  668
  706
  745
  786
  829
  874
  921
  970
  1,021
  1,075
  1,131
  1,190
  1,252
  1,317
  1,385
  1,456
  1,531
  1,609
  1,691
Fixed operating expenses, $m
 
  530
  543
  557
  571
  585
  600
  615
  630
  646
  662
  678
  695
  713
  731
  749
  767
  787
  806
  827
  847
  868
  890
  912
  935
  958
  982
  1,007
  1,032
  1,058
  1,084
Total operating expenses, $m
  827
  876
  913
  952
  992
  1,033
  1,076
  1,120
  1,166
  1,213
  1,262
  1,310
  1,363
  1,419
  1,476
  1,535
  1,596
  1,661
  1,727
  1,797
  1,868
  1,943
  2,021
  2,102
  2,187
  2,275
  2,367
  2,463
  2,563
  2,667
  2,775
Operating income, $m
  44
  58
  86
  115
  145
  177
  211
  246
  283
  322
  362
  408
  452
  500
  549
  601
  656
  714
  775
  839
  907
  978
  1,053
  1,132
  1,215
  1,303
  1,396
  1,494
  1,597
  1,705
  1,820
EBITDA, $m
  61
  76
  105
  135
  167
  200
  235
  271
  309
  350
  392
  436
  482
  531
  583
  637
  693
  753
  816
  882
  952
  1,026
  1,103
  1,185
  1,271
  1,362
  1,458
  1,559
  1,665
  1,777
  1,896
Interest expense (income), $m
  2
  0
  1
  1
  2
  2
  3
  3
  4
  5
  5
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  22
  24
  25
  27
  28
Earnings before tax, $m
  58
  58
  85
  114
  144
  175
  208
  243
  279
  317
  357
  401
  446
  492
  541
  592
  646
  703
  763
  826
  892
  962
  1,036
  1,114
  1,196
  1,283
  1,374
  1,470
  1,572
  1,679
  1,791
Tax expense, $m
  -133
  16
  23
  31
  39
  47
  56
  66
  75
  86
  96
  108
  120
  133
  146
  160
  174
  190
  206
  223
  241
  260
  280
  301
  323
  346
  371
  397
  424
  453
  484
Net income, $m
  190
  42
  62
  83
  105
  128
  152
  177
  204
  231
  261
  293
  325
  359
  395
  432
  471
  513
  557
  603
  651
  702
  756
  813
  873
  936
  1,003
  1,073
  1,147
  1,225
  1,308

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  127
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  801
  723
  773
  826
  880
  937
  996
  1,057
  1,121
  1,188
  1,257
  1,330
  1,406
  1,485
  1,567
  1,653
  1,744
  1,838
  1,936
  2,040
  2,148
  2,261
  2,379
  2,503
  2,634
  2,770
  2,913
  3,062
  3,220
  3,384
  3,557
Adjusted assets (=assets-cash), $m
  674
  723
  773
  826
  880
  937
  996
  1,057
  1,121
  1,188
  1,257
  1,330
  1,406
  1,485
  1,567
  1,653
  1,744
  1,838
  1,936
  2,040
  2,148
  2,261
  2,379
  2,503
  2,634
  2,770
  2,913
  3,062
  3,220
  3,384
  3,557
Revenue / Adjusted assets
  1.292
  1.292
  1.292
  1.292
  1.292
  1.291
  1.292
  1.292
  1.293
  1.292
  1.293
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
Average production assets, $m
  144
  154
  165
  176
  188
  200
  212
  225
  239
  253
  268
  284
  300
  316
  334
  352
  372
  392
  413
  435
  458
  482
  507
  534
  561
  590
  621
  653
  686
  721
  758
Working capital, $m
  273
  157
  168
  179
  191
  203
  216
  229
  243
  258
  273
  289
  305
  322
  340
  359
  378
  399
  420
  443
  466
  491
  516
  543
  572
  601
  632
  665
  699
  735
  772
Total debt, $m
  12
  15
  30
  46
  62
  79
  97
  115
  134
  154
  175
  197
  220
  243
  268
  294
  321
  349
  379
  410
  442
  476
  512
  549
  588
  629
  672
  717
  764
  813
  865
Total liabilities, $m
  202
  217
  232
  248
  264
  281
  299
  317
  336
  356
  377
  399
  422
  445
  470
  496
  523
  551
  581
  612
  644
  678
  714
  751
  790
  831
  874
  919
  966
  1,015
  1,067
Total equity, $m
  599
  506
  541
  578
  616
  656
  697
  740
  785
  832
  880
  931
  984
  1,039
  1,097
  1,157
  1,220
  1,286
  1,356
  1,428
  1,503
  1,583
  1,666
  1,752
  1,843
  1,939
  2,039
  2,144
  2,254
  2,369
  2,490
Total liabilities and equity, $m
  801
  723
  773
  826
  880
  937
  996
  1,057
  1,121
  1,188
  1,257
  1,330
  1,406
  1,484
  1,567
  1,653
  1,743
  1,837
  1,937
  2,040
  2,147
  2,261
  2,380
  2,503
  2,633
  2,770
  2,913
  3,063
  3,220
  3,384
  3,557
Debt-to-equity ratio
  0.020
  0.030
  0.060
  0.080
  0.100
  0.120
  0.140
  0.160
  0.170
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.290
  0.300
  0.310
  0.310
  0.320
  0.320
  0.330
  0.330
  0.340
  0.340
  0.350
Adjusted equity ratio
  0.718
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  190
  42
  62
  83
  105
  128
  152
  177
  204
  231
  261
  293
  325
  359
  395
  432
  471
  513
  557
  603
  651
  702
  756
  813
  873
  936
  1,003
  1,073
  1,147
  1,225
  1,308
Depreciation, amort., depletion, $m
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  29
  28
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  65
  69
  72
  76
Funds from operations, $m
  99
  60
  81
  103
  126
  150
  176
  202
  230
  259
  290
  321
  355
  391
  428
  467
  509
  552
  598
  646
  697
  751
  807
  867
  929
  995
  1,065
  1,138
  1,216
  1,298
  1,384
Change in working capital, $m
  21
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  34
  36
  37
Cash from operations, $m
  78
  48
  70
  92
  114
  138
  163
  189
  216
  245
  275
  306
  339
  374
  410
  449
  489
  532
  577
  624
  674
  726
  781
  840
  901
  966
  1,034
  1,106
  1,182
  1,262
  1,346
Maintenance CAPEX, $m
  0
  -14
  -15
  -16
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
  -72
New CAPEX, $m
  -16
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
Cash from investing activities, $m
  9
  -24
  -26
  -27
  -30
  -31
  -33
  -34
  -37
  -38
  -40
  -42
  -44
  -47
  -50
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -98
  -104
  -109
Free cash flow, $m
  87
  24
  44
  64
  85
  107
  130
  155
  180
  207
  235
  263
  294
  327
  361
  397
  435
  474
  516
  561
  607
  656
  708
  762
  820
  881
  944
  1,012
  1,083
  1,158
  1,237
Issuance/(repayment) of debt, $m
  -3
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
Issuance/(repurchase) of shares, $m
  -3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -5
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
Total cash flow (excl. dividends), $m
  80
  39
  59
  80
  102
  124
  148
  173
  199
  227
  256
  285
  317
  350
  386
  423
  462
  503
  546
  592
  640
  690
  743
  800
  859
  921
  987
  1,057
  1,130
  1,207
  1,289
Retained Cash Flow (-), $m
  -186
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
Prev. year cash balance distribution, $m
 
  127
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  132
  24
  43
  63
  85
  107
  130
  154
  180
  207
  234
  264
  295
  328
  362
  399
  437
  477
  519
  564
  611
  661
  713
  768
  826
  887
  952
  1,020
  1,092
  1,168
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  127
  22
  38
  52
  66
  78
  88
  97
  103
  108
  111
  113
  112
  110
  106
  101
  95
  88
  80
  72
  63
  55
  47
  39
  32
  26
  20
  16
  12
  9
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs, golf balls, golf bags, and other golf-related accessories. It offers drivers, fairway woods, hybrids, irons, wedges, and putters. The company also designs and sells golf accessories, such as packaged sets, golf bags, golf gloves, golf footwear, golf apparel, travel gear, headwear, towels, umbrellas, eyewear, and other accessories under the Callaway Golf, Odyssey, and Strata brand names. In addition, it licenses its trademarks and service marks for use on golf related accessories, such as golf apparel and footwear, golf gloves, prescription eyewear, and practice aids. The company sells its products directly to golf retailers, sporting goods retailers, and mass merchants; and to third-party distributors in the United States, as well as in approximately 100 countries. It also sells pre-owned golf products through its Website, www.callawaygolfpreowned.com; and Callaway Golf and Odyssey products directly to consumers through its Websites www.callawaygolf.com and www.odysseygolf.com. The company was founded in 1982 and is based in Carlsbad, California.

FINANCIAL RATIOS  of  Callaway Golf (ELY)

Valuation Ratios
P/E Ratio 5.3
Price to Sales 1.1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow 16.1
Growth Rates
Sales Growth Rate 3.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.3%
Cap. Spend. - 3 Yr. Gr. Rate 4.2%
Financial Strength
Quick Ratio 11
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 2%
Interest Coverage 30
Management Effectiveness
Return On Assets 27.5%
Ret/ On Assets - 3 Yr. Avg. 11.4%
Return On Total Capital 36.6%
Ret/ On T. Cap. - 3 Yr. Avg. 14.7%
Return On Equity 37.5%
Return On Equity - 3 Yr. Avg. 15.8%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 44.2%
Gross Margin - 3 Yr. Avg. 42.3%
EBITDA Margin 8.8%
EBITDA Margin - 3 Yr. Avg. 6.6%
Operating Margin 5.1%
Oper. Margin - 3 Yr. Avg. 3.9%
Pre-Tax Margin 6.7%
Pre-Tax Margin - 3 Yr. Avg. 3.8%
Net Profit Margin 21.8%
Net Profit Margin - 3 Yr. Avg. 8.5%
Effective Tax Rate -229.3%
Eff/ Tax Rate - 3 Yr. Avg. -59%
Payout Ratio 2.1%

ELY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ELY stock intrinsic value calculation we used $871 million for the last fiscal year's total revenue generated by Callaway Golf. The default revenue input number comes from 2016 income statement of Callaway Golf. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ELY stock valuation model: a) initial revenue growth rate of 7.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ELY is calculated based on our internal credit rating of Callaway Golf, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Callaway Golf.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ELY stock the variable cost ratio is equal to 37.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $517 million in the base year in the intrinsic value calculation for ELY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Callaway Golf.

Corporate tax rate of 27% is the nominal tax rate for Callaway Golf. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ELY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ELY are equal to 16.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Callaway Golf operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ELY is equal to 16.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $599 million for Callaway Golf - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 93.466 million for Callaway Golf is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Callaway Golf at the current share price and the inputted number of shares is $1.0 billion.


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COMPANY NEWS

▶ ETFs with exposure to Callaway Golf Co. : May 23, 2017   [May-23-17 12:40PM  Capital Cube]
▶ Like Growth? Then You'll Love These 3 Stocks   [May-14-17 01:26PM  Motley Fool]
▶ ETFs with exposure to Callaway Golf Co. : May 12, 2017   [May-12-17 03:54PM  Capital Cube]
▶ How Nike Gave Callaways Golf Game a Boost   [May-10-17 12:00PM  Motley Fool]
▶ Story Stocks from Briefing.com   [12:39PM  Briefing.com]
▶ Callaway tops Street 1Q forecasts   [05:07PM  Associated Press]
▶ Callaway Golf Declares Quarterly Dividend   [May-02-17 06:58PM  PR Newswire]
▶ ETFs with exposure to Callaway Golf Co. : April 21, 2017   [Apr-21-17 02:55PM  Capital Cube]
▶ Callaway Golf Has Created Its Most Epic Driver Yet   [Feb-25-17 10:00AM  TheStreet.com]
▶ Callaway Golf Declares Quarterly Dividend   [Feb-06-17 07:46PM  PR Newswire]
▶ Callaway Golf Signs Global Golf Superstar Michelle Wie   [Jan-25-17 03:28PM  PR Newswire]
▶ Callaway Introduces Chrome Soft X   [Jan-17-17 09:05AM  PR Newswire]
▶ Callaway Golf Signs Rising Superstar Daniel Berger   [Jan-05-17 09:07AM  PR Newswire]
▶ Is Callaway Golf Co (ELY) A Good Stock To Buy?   [Dec-06-16 11:05AM  at Insider Monkey]
▶ [$$] Growing Hispanic Market Favors Entravision   [Dec-03-16 12:01AM  at Barrons.com]
▶ Englander's Millennium Management Ups Alcoa Stake 10x   [Nov-16-16 02:48PM  at Investopedia]
▶ Callaway Golf Declares Quarterly Dividend   [01:40PM  PR Newswire]
Stock chart of ELY Financial statements of ELY Annual reports of ELY
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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