Intrinsic value of Callaway Golf - ELY

Previous Close

$15.47

  Intrinsic Value

$175.01

stock screener

  Rating & Target

str. buy

+999%

Previous close

$15.47

 
Intrinsic value

$175.01

 
Up/down potential

+999%

 
Rating

str. buy

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  29.80
  27.32
  25.09
  23.08
  21.27
  19.64
  18.18
  16.86
  15.68
  14.61
  13.65
  12.78
  12.00
  11.30
  10.67
  10.11
  9.60
  9.14
  8.72
  8.35
  8.02
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
Revenue, $m
  871
  1,131
  1,439
  1,801
  2,216
  2,687
  3,215
  3,800
  4,441
  5,137
  5,887
  6,691
  7,546
  8,452
  9,407
  10,411
  11,463
  12,563
  13,711
  14,907
  16,152
  17,446
  18,792
  20,191
  21,644
  23,154
  24,724
  26,357
  28,055
  29,821
  31,661
Variable operating expenses, $m
 
  419
  532
  665
  818
  992
  1,186
  1,401
  1,637
  1,893
  2,169
  2,462
  2,777
  3,110
  3,462
  3,831
  4,219
  4,623
  5,046
  5,486
  5,944
  6,421
  6,916
  7,430
  7,965
  8,521
  9,099
  9,700
  10,325
  10,975
  11,652
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
  949
  1,075
  1,222
  1,389
  1,577
  1,786
  2,016
  2,267
  2,539
  2,831
  3,140
  3,472
  3,823
  4,193
  4,580
  4,986
  5,410
  5,852
  6,313
  6,791
  7,289
  7,806
  8,342
  8,900
  9,479
  10,081
  10,707
  11,357
  12,033
  12,736
Operating income, $m
  44
  182
  364
  579
  827
  1,111
  1,430
  1,784
  2,174
  2,598
  3,056
  3,550
  4,074
  4,629
  5,215
  5,831
  6,477
  7,153
  7,859
  8,595
  9,361
  10,157
  10,986
  11,848
  12,744
  13,675
  14,643
  15,650
  16,698
  17,789
  18,925
EBITDA, $m
  61
  203
  390
  611
  866
  1,158
  1,486
  1,850
  2,250
  2,686
  3,156
  3,660
  4,198
  4,768
  5,370
  6,003
  6,666
  7,360
  8,085
  8,840
  9,627
  10,445
  11,296
  12,181
  13,101
  14,057
  15,051
  16,085
  17,161
  18,281
  19,447
Interest expense (income), $m
  2
  0
  8
  18
  30
  43
  59
  76
  95
  115
  138
  162
  188
  216
  245
  276
  308
  342
  378
  415
  453
  494
  535
  579
  624
  671
  720
  771
  823
  878
  935
Earnings before tax, $m
  58
  182
  356
  560
  797
  1,067
  1,371
  1,709
  2,079
  2,483
  2,918
  3,388
  3,886
  4,413
  4,970
  5,555
  6,169
  6,811
  7,481
  8,180
  8,907
  9,664
  10,451
  11,269
  12,119
  13,004
  13,923
  14,879
  15,875
  16,911
  17,990
Tax expense, $m
  -133
  49
  96
  151
  215
  288
  370
  461
  561
  670
  788
  915
  1,049
  1,192
  1,342
  1,500
  1,666
  1,839
  2,020
  2,209
  2,405
  2,609
  2,822
  3,043
  3,272
  3,511
  3,759
  4,017
  4,286
  4,566
  4,857
Net income, $m
  190
  133
  260
  409
  582
  779
  1,001
  1,247
  1,518
  1,812
  2,130
  2,473
  2,836
  3,222
  3,628
  4,055
  4,503
  4,972
  5,461
  5,971
  6,502
  7,055
  7,629
  8,226
  8,847
  9,493
  10,164
  10,862
  11,588
  12,345
  13,132

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
  875
  1,114
  1,394
  1,715
  2,080
  2,489
  2,941
  3,437
  3,976
  4,557
  5,179
  5,840
  6,542
  7,281
  8,058
  8,873
  9,724
  10,612
  11,538
  12,501
  13,503
  14,545
  15,627
  16,752
  17,921
  19,136
  20,400
  21,714
  23,082
  24,505
Adjusted assets (=assets-cash), $m
  674
  875
  1,114
  1,394
  1,715
  2,080
  2,489
  2,941
  3,437
  3,976
  4,557
  5,179
  5,840
  6,542
  7,281
  8,058
  8,873
  9,724
  10,612
  11,538
  12,501
  13,503
  14,545
  15,627
  16,752
  17,921
  19,136
  20,400
  21,714
  23,082
  24,505
Revenue / Adjusted assets
  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
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
  1.292
Average production assets, $m
  144
  187
  238
  297
  366
  443
  531
  627
  733
  848
  971
  1,104
  1,245
  1,395
  1,552
  1,718
  1,891
  2,073
  2,262
  2,460
  2,665
  2,879
  3,101
  3,331
  3,571
  3,820
  4,080
  4,349
  4,629
  4,921
  5,224
Working capital, $m
  273
  205
  261
  326
  401
  486
  582
  688
  804
  930
  1,066
  1,211
  1,366
  1,530
  1,703
  1,884
  2,075
  2,274
  2,482
  2,698
  2,923
  3,158
  3,401
  3,655
  3,918
  4,191
  4,475
  4,771
  5,078
  5,398
  5,731
Total debt, $m
  12
  57
  124
  203
  294
  397
  512
  639
  779
  931
  1,095
  1,270
  1,457
  1,655
  1,863
  2,082
  2,312
  2,552
  2,803
  3,064
  3,335
  3,618
  3,912
  4,217
  4,534
  4,864
  5,206
  5,563
  5,933
  6,319
  6,720
Total liabilities, $m
  202
  247
  314
  393
  484
  587
  702
  829
  969
  1,121
  1,285
  1,460
  1,647
  1,845
  2,053
  2,272
  2,502
  2,742
  2,993
  3,254
  3,525
  3,808
  4,102
  4,407
  4,724
  5,054
  5,396
  5,753
  6,123
  6,509
  6,910
Total equity, $m
  599
  628
  800
  1,001
  1,232
  1,494
  1,787
  2,112
  2,468
  2,855
  3,272
  3,718
  4,193
  4,697
  5,228
  5,786
  6,370
  6,982
  7,620
  8,284
  8,976
  9,695
  10,443
  11,220
  12,028
  12,867
  13,740
  14,647
  15,591
  16,573
  17,595
Total liabilities and equity, $m
  801
  875
  1,114
  1,394
  1,716
  2,081
  2,489
  2,941
  3,437
  3,976
  4,557
  5,178
  5,840
  6,542
  7,281
  8,058
  8,872
  9,724
  10,613
  11,538
  12,501
  13,503
  14,545
  15,627
  16,752
  17,921
  19,136
  20,400
  21,714
  23,082
  24,505
Debt-to-equity ratio
  0.020
  0.090
  0.160
  0.200
  0.240
  0.270
  0.290
  0.300
  0.320
  0.330
  0.330
  0.340
  0.350
  0.350
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
Adjusted equity ratio
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718
  0.718

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  190
  133
  260
  409
  582
  779
  1,001
  1,247
  1,518
  1,812
  2,130
  2,473
  2,836
  3,222
  3,628
  4,055
  4,503
  4,972
  5,461
  5,971
  6,502
  7,055
  7,629
  8,226
  8,847
  9,493
  10,164
  10,862
  11,588
  12,345
  13,132
Depreciation, amort., depletion, $m
  17
  21
  26
  32
  39
  47
  56
  65
  76
  87
  100
  110
  125
  139
  155
  172
  189
  207
  226
  246
  267
  288
  310
  333
  357
  382
  408
  435
  463
  492
  522
Funds from operations, $m
  99
  154
  286
  441
  621
  826
  1,057
  1,313
  1,594
  1,900
  2,230
  2,584
  2,961
  3,361
  3,783
  4,227
  4,692
  5,179
  5,687
  6,217
  6,769
  7,342
  7,939
  8,559
  9,204
  9,875
  10,572
  11,297
  12,051
  12,837
  13,655
Change in working capital, $m
  21
  47
  56
  65
  75
  85
  96
  106
  116
  126
  136
  145
  155
  164
  173
  182
  190
  199
  208
  216
  225
  234
  244
  253
  263
  273
  284
  295
  307
  320
  333
Cash from operations, $m
  78
  107
  230
  376
  546
  741
  961
  1,207
  1,478
  1,774
  2,094
  2,438
  2,806
  3,197
  3,610
  4,045
  4,502
  4,980
  5,480
  6,001
  6,543
  7,108
  7,696
  8,306
  8,941
  9,601
  10,288
  11,001
  11,744
  12,517
  13,322
Maintenance CAPEX, $m
  0
  -14
  -19
  -24
  -30
  -37
  -44
  -53
  -63
  -73
  -85
  -97
  -110
  -125
  -139
  -155
  -172
  -189
  -207
  -226
  -246
  -267
  -288
  -310
  -333
  -357
  -382
  -408
  -435
  -463
  -492
New CAPEX, $m
  -16
  -43
  -51
  -60
  -69
  -78
  -87
  -96
  -106
  -115
  -124
  -133
  -141
  -149
  -158
  -166
  -174
  -181
  -189
  -197
  -205
  -214
  -222
  -231
  -240
  -249
  -259
  -269
  -280
  -292
  -304
Cash from investing activities, $m
  9
  -57
  -70
  -84
  -99
  -115
  -131
  -149
  -169
  -188
  -209
  -230
  -251
  -274
  -297
  -321
  -346
  -370
  -396
  -423
  -451
  -481
  -510
  -541
  -573
  -606
  -641
  -677
  -715
  -755
  -796
Free cash flow, $m
  87
  50
  160
  293
  448
  627
  830
  1,057
  1,309
  1,586
  1,886
  2,209
  2,555
  2,923
  3,313
  3,724
  4,157
  4,610
  5,083
  5,577
  6,092
  6,628
  7,186
  7,766
  8,368
  8,995
  9,647
  10,324
  11,029
  11,763
  12,526
Issuance/(repayment) of debt, $m
  -3
  57
  67
  79
  91
  103
  115
  128
  140
  152
  164
  175
  187
  198
  209
  219
  230
  240
  251
  261
  272
  283
  294
  305
  317
  330
  343
  356
  371
  386
  401
Issuance/(repurchase) of shares, $m
  -3
  11
  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
  68
  67
  79
  91
  103
  115
  128
  140
  152
  164
  175
  187
  198
  209
  219
  230
  240
  251
  261
  272
  283
  294
  305
  317
  330
  343
  356
  371
  386
  401
Total cash flow (excl. dividends), $m
  80
  118
  228
  371
  538
  729
  945
  1,185
  1,449
  1,738
  2,050
  2,384
  2,741
  3,121
  3,522
  3,944
  4,386
  4,850
  5,334
  5,838
  6,364
  6,911
  7,479
  8,071
  8,686
  9,325
  9,989
  10,680
  11,400
  12,148
  12,928
Retained Cash Flow (-), $m
  -186
  -144
  -172
  -201
  -231
  -262
  -293
  -325
  -356
  -387
  -417
  -446
  -475
  -503
  -531
  -558
  -585
  -611
  -638
  -665
  -692
  -719
  -748
  -777
  -808
  -839
  -872
  -907
  -944
  -982
  -1,022
Prev. year cash balance distribution, $m
 
  115
  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
 
  89
  56
  171
  307
  467
  651
  860
  1,093
  1,351
  1,633
  1,937
  2,266
  2,617
  2,991
  3,386
  3,802
  4,238
  4,696
  5,174
  5,672
  6,191
  6,732
  7,294
  7,878
  8,485
  9,117
  9,773
  10,456
  11,166
  11,906
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
 
  85
  51
  149
  253
  362
  473
  581
  683
  776
  856
  920
  967
  995
  1,004
  994
  966
  922
  865
  797
  721
  640
  559
  478
  401
  330
  266
  210
  162
  122
  90
Current shareholders' claim on cash, %
  100
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1

Callaway Golf Company designs, manufactures and sells golf clubs, golf balls, golf bags and other golf-related accessories. The Company has two segments: the golf clubs segment and golf balls segment. The golf clubs segment consists of its woods, hybrids, irons and wedges, and Odyssey putters. This segment also includes other golf-related accessories, royalties from licensing of its trademarks and service marks and sales of pre-owned golf clubs. The golf balls segment consists of Callaway Golf and Strata balls that are designed, manufactured and sold by the Company. It sells its products to retailers, directly and through its subsidiaries, and to third-party distributors. It sells pre-owned golf products through its Website, www.callawaygolfpreowned.com. In addition, it sells Callaway Golf and Odyssey products, including Toulon Design by Odyssey, directly to consumers through its Websites, www.callawaygolf.com and www.odysseygolf.com.

FINANCIAL RATIOS  of  Callaway Golf (ELY)

Valuation Ratios
P/E Ratio 7.7
Price to Sales 1.7
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 18.7
Price to Free Cash Flow 23.5
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 29.8% 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 14.8% 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 18.1%. 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 95.477 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 $1.5 billion.

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COMPANY NEWS

▶ Under Armour steps up with shoe sales   [Feb-13-18 11:03AM  Yahoo Finance Video]
▶ Callaway reports 4Q loss   [Feb-07-18 05:33PM  Associated Press]
▶ Callaway Golf Declares Quarterly Dividend   [06:39PM  PR Newswire]
▶ Callaway's hot new golf products   [Jan-24-18 01:22PM  CNBC Videos]
▶ Callaway Golf Announces Rogue Irons & Hybrids   [Jan-18-18 10:01AM  PR Newswire]
▶ Xander Schauffele Joins Callaway Golf Tour Staff   [Jan-03-18 06:50PM  PR Newswire]
▶ Sergio Garcia Joins Callaway Golf Tour Staff   [Jan-02-18 12:02PM  PR Newswire]
▶ Hovnanian and Kindred climb while Callaway Golf slumps   [Dec-27-17 04:56PM  Associated Press]
▶ Callaway Golf Shows Rising Price Performance With Jump To 83 RS Rating   [Dec-21-17 03:00AM  Investor's Business Daily]
▶ 3 Consumer Facing Growth Stocks to Buy For 2018   [Dec-18-17 07:03PM  Zacks]
▶ Callaway Golf Declares Quarterly Dividend   [Nov-08-17 02:01PM  PR Newswire]
▶ New Strong Buy Stocks for November 3rd   [Nov-03-17 08:01AM  Zacks]
▶ New Strong Buy Stocks for October 27th   [Oct-27-17 10:58AM  Zacks]
▶ Callaway beats Street 3Q forecasts   [Oct-25-17 07:49PM  Associated Press]
▶ Callaway Signs College Player Of The Year Sam Burns   [Oct-23-17 01:25PM  PR Newswire]
▶ Cramer: How to play these golf stocks   [06:47PM  CNBC Videos]
▶ Callaway Signs Former World #1 Amateur Maverick McNealy   [Oct-03-17 12:10PM  PR Newswire]
▶ Callaway Golf Extends Partnership With Phil Mickelson   [Sep-26-17 12:07PM  PR Newswire]
▶ 3 Stocks for a Bull Market   [Sep-18-17 08:45PM  Motley Fool]
▶ Golf Club Maker With 183% Growth Tees Up New Buy Zone   [Aug-28-17 10:36AM  Investor's Business Daily]
Financial statements 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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