Intrinsic value of Callaway Golf - ELY

Previous Close

$12.75

  Intrinsic Value

$43.78

stock screener

  Rating & Target

str. buy

+243%

  Value-price divergence*

+19%

Previous close

$12.75

 
Intrinsic value

$43.78

 
Up/down potential

+243%

 
Rating

str. buy

 
Value-price divergence*

+19%

*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 1.2

 

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
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  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
Revenue, $m
  871
  982
  1,101
  1,225
  1,356
  1,493
  1,637
  1,786
  1,942
  2,105
  2,274
  2,449
  2,631
  2,821
  3,018
  3,223
  3,436
  3,657
  3,887
  4,127
  4,377
  4,638
  4,909
  5,192
  5,488
  5,796
  6,118
  6,455
  6,807
  7,175
  7,561
Variable operating expenses, $m
 
  364
  408
  453
  502
  552
  605
  660
  717
  777
  839
  901
  968
  1,038
  1,111
  1,186
  1,264
  1,346
  1,431
  1,519
  1,611
  1,707
  1,807
  1,911
  2,020
  2,133
  2,252
  2,376
  2,505
  2,641
  2,782
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
  894
  951
  1,010
  1,073
  1,137
  1,205
  1,275
  1,347
  1,423
  1,501
  1,579
  1,663
  1,751
  1,842
  1,935
  2,031
  2,133
  2,237
  2,346
  2,458
  2,575
  2,697
  2,823
  2,955
  3,091
  3,234
  3,383
  3,537
  3,699
  3,866
Operating income, $m
  44
  88
  150
  215
  284
  356
  432
  512
  595
  682
  772
  869
  968
  1,070
  1,177
  1,288
  1,404
  1,525
  1,650
  1,782
  1,919
  2,063
  2,212
  2,369
  2,533
  2,705
  2,884
  3,073
  3,270
  3,477
  3,694
EBITDA, $m
  61
  107
  171
  238
  309
  383
  462
  544
  630
  719
  813
  910
  1,011
  1,117
  1,227
  1,341
  1,460
  1,585
  1,715
  1,850
  1,991
  2,139
  2,293
  2,455
  2,624
  2,800
  2,985
  3,179
  3,382
  3,595
  3,818
Interest expense (income), $m
  2
  0
  4
  7
  11
  16
  20
  25
  30
  35
  40
  45
  51
  57
  63
  69
  76
  83
  90
  97
  105
  113
  122
  130
  140
  149
  159
  170
  180
  192
  204
Earnings before tax, $m
  58
  88
  146
  207
  272
  341
  412
  487
  565
  647
  733
  824
  917
  1,013
  1,114
  1,219
  1,328
  1,442
  1,560
  1,684
  1,814
  1,949
  2,091
  2,239
  2,393
  2,555
  2,725
  2,903
  3,090
  3,285
  3,490
Tax expense, $m
  -133
  24
  39
  56
  74
  92
  111
  132
  153
  175
  198
  223
  248
  274
  301
  329
  358
  389
  421
  455
  490
  526
  564
  604
  646
  690
  736
  784
  834
  887
  942
Net income, $m
  190
  65
  107
  151
  199
  249
  301
  356
  413
  472
  535
  602
  669
  740
  813
  890
  969
  1,052
  1,139
  1,230
  1,324
  1,423
  1,526
  1,634
  1,747
  1,865
  1,989
  2,119
  2,255
  2,398
  2,548

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
  760
  852
  948
  1,050
  1,156
  1,267
  1,383
  1,503
  1,629
  1,760
  1,896
  2,037
  2,183
  2,336
  2,494
  2,659
  2,831
  3,009
  3,195
  3,388
  3,589
  3,800
  4,019
  4,247
  4,486
  4,736
  4,996
  5,269
  5,554
  5,852
Adjusted assets (=assets-cash), $m
  674
  760
  852
  948
  1,050
  1,156
  1,267
  1,383
  1,503
  1,629
  1,760
  1,896
  2,037
  2,183
  2,336
  2,494
  2,659
  2,831
  3,009
  3,195
  3,388
  3,589
  3,800
  4,019
  4,247
  4,486
  4,736
  4,996
  5,269
  5,554
  5,852
Revenue / Adjusted assets
  1.292
  1.292
  1.292
  1.292
  1.291
  1.292
  1.292
  1.291
  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
  162
  182
  202
  224
  246
  270
  295
  320
  347
  375
  404
  434
  465
  498
  532
  567
  603
  641
  681
  722
  765
  810
  857
  905
  956
  1,010
  1,065
  1,123
  1,184
  1,247
Working capital, $m
  273
  178
  199
  222
  245
  270
  296
  323
  352
  381
  412
  443
  476
  511
  546
  583
  622
  662
  704
  747
  792
  839
  889
  940
  993
  1,049
  1,107
  1,168
  1,232
  1,299
  1,368
Total debt, $m
  12
  24
  50
  77
  106
  136
  167
  200
  234
  269
  306
  345
  384
  426
  469
  513
  560
  608
  659
  711
  765
  822
  881
  943
  1,008
  1,075
  1,145
  1,219
  1,296
  1,376
  1,460
Total liabilities, $m
  202
  214
  240
  267
  296
  326
  357
  390
  424
  459
  496
  535
  574
  616
  659
  703
  750
  798
  849
  901
  955
  1,012
  1,071
  1,133
  1,198
  1,265
  1,335
  1,409
  1,486
  1,566
  1,650
Total equity, $m
  599
  546
  612
  681
  754
  830
  910
  993
  1,079
  1,170
  1,263
  1,361
  1,462
  1,568
  1,677
  1,791
  1,909
  2,032
  2,160
  2,294
  2,433
  2,577
  2,728
  2,885
  3,050
  3,221
  3,400
  3,587
  3,783
  3,988
  4,202
Total liabilities and equity, $m
  801
  760
  852
  948
  1,050
  1,156
  1,267
  1,383
  1,503
  1,629
  1,759
  1,896
  2,036
  2,184
  2,336
  2,494
  2,659
  2,830
  3,009
  3,195
  3,388
  3,589
  3,799
  4,018
  4,248
  4,486
  4,735
  4,996
  5,269
  5,554
  5,852
Debt-to-equity ratio
  0.020
  0.040
  0.080
  0.110
  0.140
  0.160
  0.180
  0.200
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.290
  0.300
  0.300
  0.310
  0.310
  0.320
  0.320
  0.330
  0.330
  0.330
  0.340
  0.340
  0.340
  0.350
  0.350
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
  65
  107
  151
  199
  249
  301
  356
  413
  472
  535
  602
  669
  740
  813
  890
  969
  1,052
  1,139
  1,230
  1,324
  1,423
  1,526
  1,634
  1,747
  1,865
  1,989
  2,119
  2,255
  2,398
  2,548
Depreciation, amort., depletion, $m
  17
  19
  21
  23
  25
  27
  30
  32
  35
  37
  40
  40
  43
  47
  50
  53
  57
  60
  64
  68
  72
  77
  81
  86
  91
  96
  101
  107
  112
  118
  125
Funds from operations, $m
  99
  83
  127
  174
  224
  276
  330
  388
  447
  510
  575
  642
  713
  786
  863
  943
  1,026
  1,113
  1,203
  1,298
  1,396
  1,499
  1,607
  1,720
  1,838
  1,961
  2,090
  2,226
  2,368
  2,516
  2,672
Change in working capital, $m
  21
  20
  21
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
Cash from operations, $m
  78
  63
  106
  152
  200
  251
  304
  361
  419
  480
  544
  610
  680
  752
  827
  906
  987
  1,073
  1,162
  1,254
  1,351
  1,452
  1,558
  1,669
  1,784
  1,905
  2,032
  2,165
  2,304
  2,450
  2,603
Maintenance CAPEX, $m
  0
  -14
  -16
  -18
  -20
  -22
  -25
  -27
  -29
  -32
  -35
  -38
  -40
  -43
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -77
  -81
  -86
  -91
  -96
  -101
  -107
  -112
  -118
New CAPEX, $m
  -16
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
Cash from investing activities, $m
  9
  -32
  -35
  -39
  -42
  -45
  -49
  -52
  -55
  -59
  -63
  -67
  -70
  -74
  -80
  -84
  -88
  -94
  -98
  -104
  -109
  -115
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -173
  -182
Free cash flow, $m
  87
  31
  70
  113
  158
  206
  256
  309
  364
  422
  482
  544
  609
  677
  748
  822
  899
  979
  1,063
  1,151
  1,242
  1,337
  1,437
  1,541
  1,650
  1,764
  1,883
  2,008
  2,139
  2,277
  2,421
Issuance/(repayment) of debt, $m
  -3
  24
  26
  27
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  55
  57
  59
  62
  64
  67
  70
  74
  77
  80
  84
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
  24
  26
  27
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  55
  57
  59
  62
  64
  67
  70
  74
  77
  80
  84
Total cash flow (excl. dividends), $m
  80
  55
  96
  140
  187
  236
  287
  342
  398
  457
  519
  582
  649
  719
  791
  867
  946
  1,028
  1,114
  1,203
  1,296
  1,394
  1,496
  1,603
  1,714
  1,831
  1,954
  2,082
  2,216
  2,357
  2,505
Retained Cash Flow (-), $m
  -186
  -62
  -66
  -69
  -73
  -76
  -80
  -83
  -87
  -90
  -94
  -98
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -139
  -145
  -151
  -157
  -164
  -171
  -179
  -187
  -196
  -205
  -214
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
 
  108
  31
  71
  114
  160
  208
  258
  311
  367
  425
  485
  548
  613
  682
  753
  827
  905
  985
  1,070
  1,158
  1,249
  1,345
  1,445
  1,550
  1,660
  1,774
  1,895
  2,021
  2,153
  2,291
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
 
  104
  28
  62
  94
  124
  151
  175
  195
  211
  223
  230
  234
  233
  229
  221
  210
  197
  181
  165
  147
  129
  112
  95
  79
  65
  52
  41
  31
  23
  17
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 6.3
Price to Sales 1.4
Price to Book 2
Price to Tangible Book
Price to Cash Flow 15.4
Price to Free Cash Flow 19.4
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 12.8% 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 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 $1.2 billion.

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COMPANY NEWS

▶ ETFs with exposure to Callaway Golf Co. : July 14, 2017   [Jul-14-17 02:12PM  Capital Cube]
▶ New Strong Buy Stocks for July 5th   [Jul-05-17 10:07AM  Zacks]
▶ Pro golf has new reason for optimism   [Jun-28-17 03:22PM  Yahoo Finance]
▶ The Most Powerful Car Made in the US: Callaway Corvette   [Jun-26-17 12:14PM  Bloomberg Video]
▶ Top Ranked Momentum Stocks to Buy for June 23rd   [Jun-23-17 12:11PM  Zacks]
▶ Relax With These Leisure Stocks   [Jun-17-17 05:38AM  Zacks]
▶ Relax With These Leisure Stocks   [05:07PM  Zacks]
▶ Corvette station wagon: Sporty yet practical   [Jun-13-17 09:34AM  Fox Business Videos]
▶ 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]
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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