Intrinsic value of ClubCorp Holdings - MYCC

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$13.65

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of MYCC 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 0.9

 

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, %
  3.32
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  1,088
  1,130
  1,176
  1,224
  1,275
  1,330
  1,388
  1,449
  1,514
  1,583
  1,655
  1,731
  1,812
  1,897
  1,986
  2,081
  2,180
  2,285
  2,395
  2,510
  2,632
  2,760
  2,895
  3,037
  3,186
  3,342
  3,506
  3,679
  3,861
  4,052
  4,252
Variable operating expenses, $m
 
  212
  220
  227
  236
  244
  254
  264
  274
  285
  296
  277
  290
  304
  318
  333
  349
  366
  384
  402
  422
  442
  464
  487
  510
  535
  562
  590
  619
  649
  681
Fixed operating expenses, $m
 
  837
  858
  880
  902
  924
  947
  971
  995
  1,020
  1,046
  1,072
  1,099
  1,126
  1,154
  1,183
  1,213
  1,243
  1,274
  1,306
  1,339
  1,372
  1,407
  1,442
  1,478
  1,515
  1,553
  1,591
  1,631
  1,672
  1,714
Total operating expenses, $m
  997
  1,049
  1,078
  1,107
  1,138
  1,168
  1,201
  1,235
  1,269
  1,305
  1,342
  1,349
  1,389
  1,430
  1,472
  1,516
  1,562
  1,609
  1,658
  1,708
  1,761
  1,814
  1,871
  1,929
  1,988
  2,050
  2,115
  2,181
  2,250
  2,321
  2,395
Operating income, $m
  92
  81
  98
  117
  138
  161
  187
  215
  245
  277
  313
  382
  423
  467
  514
  564
  618
  675
  737
  802
  872
  946
  1,025
  1,108
  1,197
  1,292
  1,392
  1,498
  1,611
  1,731
  1,857
EBITDA, $m
  199
  205
  226
  249
  274
  302
  332
  365
  400
  439
  480
  524
  572
  623
  677
  735
  797
  863
  933
  1,008
  1,088
  1,173
  1,262
  1,358
  1,459
  1,566
  1,680
  1,801
  1,928
  2,063
  2,207
Interest expense (income), $m
  57
  55
  53
  57
  61
  65
  70
  75
  81
  86
  92
  99
  105
  113
  120
  128
  136
  145
  154
  164
  174
  185
  196
  208
  220
  233
  247
  262
  277
  293
  310
Earnings before tax, $m
  5
  25
  45
  60
  77
  96
  117
  139
  164
  191
  220
  283
  317
  354
  394
  436
  482
  530
  583
  638
  698
  761
  829
  901
  977
  1,058
  1,145
  1,237
  1,334
  1,438
  1,548
Tax expense, $m
  1
  7
  12
  16
  21
  26
  31
  38
  44
  52
  59
  76
  86
  96
  106
  118
  130
  143
  157
  172
  188
  205
  224
  243
  264
  286
  309
  334
  360
  388
  418
Net income, $m
  4
  18
  33
  44
  56
  70
  85
  102
  120
  139
  161
  207
  232
  259
  287
  318
  352
  387
  425
  466
  509
  556
  605
  657
  713
  773
  836
  903
  974
  1,050
  1,130

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  85
  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
  2,129
  2,125
  2,210
  2,301
  2,397
  2,500
  2,609
  2,724
  2,846
  2,975
  3,111
  3,254
  3,406
  3,566
  3,734
  3,911
  4,098
  4,294
  4,501
  4,719
  4,948
  5,189
  5,442
  5,708
  5,988
  6,282
  6,591
  6,916
  7,257
  7,616
  7,993
Adjusted assets (=assets-cash), $m
  2,044
  2,125
  2,210
  2,301
  2,397
  2,500
  2,609
  2,724
  2,846
  2,975
  3,111
  3,254
  3,406
  3,566
  3,734
  3,911
  4,098
  4,294
  4,501
  4,719
  4,948
  5,189
  5,442
  5,708
  5,988
  6,282
  6,591
  6,916
  7,257
  7,616
  7,993
Revenue / Adjusted assets
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
Average production assets, $m
  1,574
  1,635
  1,700
  1,770
  1,844
  1,923
  2,007
  2,096
  2,189
  2,288
  2,393
  2,503
  2,620
  2,743
  2,872
  3,009
  3,152
  3,304
  3,463
  3,630
  3,806
  3,991
  4,186
  4,391
  4,606
  4,833
  5,070
  5,320
  5,583
  5,859
  6,149
Working capital, $m
  -159
  -234
  -243
  -253
  -264
  -275
  -287
  -300
  -313
  -328
  -343
  -358
  -375
  -393
  -411
  -431
  -451
  -473
  -496
  -520
  -545
  -571
  -599
  -629
  -659
  -692
  -726
  -762
  -799
  -839
  -880
Total debt, $m
  1,086
  1,011
  1,088
  1,170
  1,257
  1,349
  1,447
  1,551
  1,660
  1,776
  1,899
  2,028
  2,164
  2,308
  2,459
  2,619
  2,787
  2,964
  3,150
  3,346
  3,552
  3,769
  3,997
  4,236
  4,488
  4,753
  5,031
  5,323
  5,631
  5,953
  6,293
Total liabilities, $m
  1,986
  1,912
  1,989
  2,071
  2,158
  2,250
  2,348
  2,452
  2,561
  2,677
  2,800
  2,929
  3,065
  3,209
  3,360
  3,520
  3,688
  3,865
  4,051
  4,247
  4,453
  4,670
  4,898
  5,137
  5,389
  5,654
  5,932
  6,224
  6,532
  6,854
  7,194
Total equity, $m
  142
  212
  221
  230
  240
  250
  261
  272
  285
  297
  311
  325
  341
  357
  373
  391
  410
  429
  450
  472
  495
  519
  544
  571
  599
  628
  659
  692
  726
  762
  799
Total liabilities and equity, $m
  2,128
  2,124
  2,210
  2,301
  2,398
  2,500
  2,609
  2,724
  2,846
  2,974
  3,111
  3,254
  3,406
  3,566
  3,733
  3,911
  4,098
  4,294
  4,501
  4,719
  4,948
  5,189
  5,442
  5,708
  5,988
  6,282
  6,591
  6,916
  7,258
  7,616
  7,993
Debt-to-equity ratio
  7.648
  4.760
  4.920
  5.080
  5.240
  5.400
  5.550
  5.690
  5.830
  5.970
  6.100
  6.230
  6.350
  6.470
  6.590
  6.700
  6.800
  6.900
  7.000
  7.090
  7.180
  7.260
  7.340
  7.420
  7.500
  7.570
  7.630
  7.700
  7.760
  7.820
  7.870
Adjusted equity ratio
  0.028
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  18
  33
  44
  56
  70
  85
  102
  120
  139
  161
  207
  232
  259
  287
  318
  352
  387
  425
  466
  509
  556
  605
  657
  713
  773
  836
  903
  974
  1,050
  1,130
Depreciation, amort., depletion, $m
  107
  124
  128
  132
  136
  141
  145
  150
  156
  161
  167
  142
  149
  156
  163
  171
  179
  188
  197
  206
  216
  227
  238
  249
  262
  275
  288
  302
  317
  333
  349
Funds from operations, $m
  154
  142
  161
  176
  192
  211
  230
  252
  275
  301
  328
  349
  381
  414
  451
  489
  531
  575
  622
  672
  726
  782
  843
  907
  975
  1,047
  1,124
  1,205
  1,291
  1,382
  1,479
Change in working capital, $m
  -4
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
Cash from operations, $m
  158
  160
  170
  186
  203
  222
  242
  265
  289
  315
  343
  365
  397
  432
  469
  509
  551
  597
  645
  696
  751
  809
  871
  936
  1,006
  1,080
  1,158
  1,241
  1,329
  1,422
  1,521
Maintenance CAPEX, $m
  0
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -163
  -171
  -179
  -188
  -197
  -206
  -216
  -227
  -238
  -249
  -262
  -275
  -288
  -302
  -317
  -333
New CAPEX, $m
  -109
  -61
  -66
  -70
  -74
  -79
  -84
  -89
  -94
  -99
  -105
  -110
  -117
  -123
  -129
  -136
  -144
  -151
  -159
  -167
  -176
  -185
  -195
  -205
  -215
  -226
  -238
  -250
  -263
  -276
  -290
Cash from investing activities, $m
  -105
  -150
  -159
  -167
  -175
  -184
  -193
  -203
  -213
  -223
  -235
  -246
  -259
  -272
  -285
  -299
  -315
  -330
  -347
  -364
  -382
  -401
  -422
  -443
  -464
  -488
  -513
  -538
  -565
  -593
  -623
Free cash flow, $m
  53
  9
  12
  19
  28
  38
  49
  62
  76
  91
  108
  118
  138
  160
  184
  209
  237
  266
  298
  332
  368
  407
  449
  494
  541
  592
  646
  703
  764
  829
  898
Issuance/(repayment) of debt, $m
  -43
  -56
  77
  82
  87
  92
  98
  104
  110
  116
  122
  129
  136
  144
  151
  160
  168
  177
  186
  196
  206
  217
  228
  240
  252
  265
  278
  292
  307
  323
  339
Issuance/(repurchase) of shares, $m
  -2
  117
  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  
  -51
  61
  77
  82
  87
  92
  98
  104
  110
  116
  122
  129
  136
  144
  151
  160
  168
  177
  186
  196
  206
  217
  228
  240
  252
  265
  278
  292
  307
  323
  339
Total cash flow (excl. dividends), $m
  2
  -46
  88
  101
  115
  130
  147
  166
  186
  207
  231
  248
  275
  304
  335
  369
  405
  443
  484
  528
  574
  624
  677
  733
  793
  856
  924
  995
  1,071
  1,152
  1,237
Retained Cash Flow (-), $m
  26
  -136
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -38
Prev. year cash balance distribution, $m
 
  66
  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
 
  0
  80
  92
  105
  120
  136
  154
  174
  195
  217
  233
  260
  288
  318
  351
  386
  424
  463
  506
  552
  600
  652
  707
  765
  827
  893
  963
  1,037
  1,116
  1,199
Discount rate, %
 
  11.50
  12.08
  12.68
  13.31
  13.98
  14.68
  15.41
  16.18
  16.99
  17.84
  18.73
  19.67
  20.65
  21.68
  22.77
  23.91
  25.10
  26.36
  27.68
  29.06
  30.51
  32.04
  33.64
  35.32
  37.09
  38.94
  40.89
  42.93
  45.08
  47.34
PV of cash for distribution, $m
 
  0
  64
  64
  64
  63
  60
  57
  52
  47
  42
  35
  30
  25
  20
  16
  13
  9
  7
  5
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4

ClubCorp Holdings, Inc., a membership-based leisure company, owns and operates private golf, country, business, sports, and alumni clubs in North America. It operates in two segments, Golf and Country Clubs; and Business, Sport, and Alumni Clubs. The Golf and Country Clubs segment operates private country clubs that offer a 18-hole golf course and various other recreational amenities for members and their guests; golf clubs, which provides private and public golf play, and other recreational amenities; and public golf facilities. The Business, Sport, and Alumni Clubs segment operates business clubs that offer a setting for dining, business, or social entertainment for business executives, professionals, and entrepreneurs; sports clubs, including fitness and racquet facilities, and business/sports clubs; and alumni clubs, which associate with universities to provide a connection between the university, and its alumni and faculty. As of February 22, 2017, the company owned and operated a portfolio of approximately 200 golf and country clubs, business clubs, sports clubs, and alumni clubs in 27 states, the District of Columbia, and 2 international countries that serve approximately 430,000 members. ClubCorp Holdings, Inc. was founded in 1957 and is based in Dallas, Texas.

FINANCIAL RATIOS  of  ClubCorp Holdings (MYCC)

Valuation Ratios
P/E Ratio 222.9
Price to Sales 0.8
Price to Book 6.3
Price to Tangible Book
Price to Cash Flow 5.6
Price to Free Cash Flow 18.2
Growth Rates
Sales Growth Rate 3.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.8%
Cap. Spend. - 3 Yr. Gr. Rate 12.7%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 751.4%
Total Debt to Equity 764.8%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 0.3%
Ret/ On T. Cap. - 3 Yr. Avg. 0.3%
Return On Equity 2.6%
Return On Equity - 3 Yr. Avg. 1.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 26.8%
Gross Margin - 3 Yr. Avg. 26.5%
EBITDA Margin 15.5%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 8.4%
Oper. Margin - 3 Yr. Avg. 5.9%
Pre-Tax Margin 0.5%
Pre-Tax Margin - 3 Yr. Avg. -1.2%
Net Profit Margin 0.4%
Net Profit Margin - 3 Yr. Avg. 0.3%
Effective Tax Rate 20%
Eff/ Tax Rate - 3 Yr. Avg. 47.1%
Payout Ratio 850%

MYCC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MYCC stock intrinsic value calculation we used $1088 million for the last fiscal year's total revenue generated by ClubCorp Holdings. The default revenue input number comes from 2016 income statement of ClubCorp Holdings. 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 MYCC stock valuation model: a) initial revenue growth rate of 3.9% 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 11.5%, whose default value for MYCC is calculated based on our internal credit rating of ClubCorp Holdings, 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 ClubCorp Holdings.
    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 MYCC stock the variable cost ratio is equal to 18.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $817 million in the base year in the intrinsic value calculation for MYCC 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 5.2% for ClubCorp Holdings.

Corporate tax rate of 27% is the nominal tax rate for ClubCorp Holdings. 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 MYCC 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 MYCC are equal to 144.6%.

Life of production assets of 17.6 years is the average useful life of capital assets used in ClubCorp Holdings 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 MYCC is equal to -20.7%. 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 - $142 million for ClubCorp Holdings - 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 65.487 million for ClubCorp Holdings 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 ClubCorp Holdings at the current share price and the inputted number of shares is $0.9 billion.


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COMPANY NEWS

▶ ClubCorp brings interactive golf experience with Topgolf partnership   [Jun-21-17 12:45PM  American City Business Journals]
▶ Houston City Club discloses job cuts due to closure   [Apr-24-17 02:25PM  American City Business Journals]
▶ ClubCorp CEO to retire as company says it won't sell   [05:05PM  American City Business Journals]
▶ ClubCorp reports 1Q loss   [07:12AM  Associated Press]
▶ ClubCorp CEO Eric Affeldt to Retire   [06:55AM  GlobeNewswire]
▶ Can Yoga Save the Golf Club?   [12:17AM  The Wall Street Journal]
▶ Can Yoga Save the Golf Club?   [12:17AM  at The Wall Street Journal]
▶ ClubCorp tops Street 4Q forecasts   [07:37AM  Associated Press]
▶ ClubCorp Charity Classic Raises Record-Breaking $3,053,312   [Feb-15-17 05:13PM  GlobeNewswire]
▶ ClubCorp Announces Quarterly Dividend of $0.13   [Feb-09-17 04:15PM  GlobeNewswire]
▶ ClubCorp Acquires Eagles Nest Country Club   [Feb-08-17 07:00AM  GlobeNewswire]
▶ Centre Club Tampa parent considers sale   [09:21AM  at bizjournals.com]
▶ Why ClubCorp Holdings Inc. Stock Popped Today   [Jan-12-17 05:43PM  at Motley Fool]
▶ ClubCorp Reviewing Strategic Alternatives   [01:23PM  GlobeNewswire]
▶ ClubCorp Announces Quarterly Dividend of $0.13   [Dec-07-16 04:30PM  Marketwired]
▶ Do Hedge Funds Love ClubCorp Holdings Inc (MYCC)?   [02:36AM  at Insider Monkey]
▶ ClubCorp Announces Quarterly Dividend of $0.13   [Sep-29-16 05:00PM  Marketwired]
Stock chart of MYCC Financial statements of MYCC Annual reports of MYCC
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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