Intrinsic value of ClubCorp Holdings - MYCC

Previous Close

$17.00

  Intrinsic Value

$6.36

stock screener

  Rating & Target

str. sell

-63%

  Value-price divergence*

-76%

Previous close

$17.00

 
Intrinsic value

$6.36

 
Up/down potential

-63%

 
Rating

str. sell

 
Value-price divergence*

-76%

*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 1.1

 

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
  2.80
  3.02
  3.22
  3.40
  3.56
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
Revenue, $m
  1,088
  1,118
  1,152
  1,189
  1,230
  1,273
  1,321
  1,371
  1,425
  1,483
  1,545
  1,610
  1,679
  1,753
  1,831
  1,913
  2,000
  2,092
  2,189
  2,291
  2,399
  2,512
  2,632
  2,758
  2,890
  3,030
  3,176
  3,331
  3,493
  3,664
  3,843
Variable operating expenses, $m
 
  211
  216
  222
  228
  235
  243
  251
  260
  269
  279
  258
  269
  281
  293
  307
  320
  335
  351
  367
  384
  403
  422
  442
  463
  485
  509
  534
  560
  587
  616
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
  1,048
  1,074
  1,102
  1,130
  1,159
  1,190
  1,222
  1,255
  1,289
  1,325
  1,330
  1,368
  1,407
  1,447
  1,490
  1,533
  1,578
  1,625
  1,673
  1,723
  1,775
  1,829
  1,884
  1,941
  2,000
  2,062
  2,125
  2,191
  2,259
  2,330
Operating income, $m
  92
  71
  78
  88
  100
  114
  130
  149
  170
  194
  220
  280
  311
  346
  383
  423
  467
  514
  564
  618
  676
  738
  804
  874
  949
  1,030
  1,115
  1,206
  1,302
  1,405
  1,513
EBITDA, $m
  199
  194
  204
  217
  232
  250
  270
  293
  319
  347
  378
  412
  449
  490
  533
  580
  631
  685
  744
  806
  873
  944
  1,020
  1,101
  1,187
  1,278
  1,376
  1,479
  1,589
  1,706
  1,829
Interest expense (income), $m
  57
  56
  56
  59
  62
  66
  70
  74
  79
  84
  89
  95
  101
  107
  114
  121
  128
  136
  145
  154
  163
  173
  183
  194
  206
  218
  231
  244
  258
  273
  289
Earnings before tax, $m
  5
  14
  22
  29
  37
  48
  60
  75
  91
  110
  131
  185
  211
  239
  269
  302
  338
  377
  419
  464
  513
  565
  620
  680
  744
  812
  884
  962
  1,044
  1,132
  1,225
Tax expense, $m
  1
  4
  6
  8
  10
  13
  16
  20
  25
  30
  35
  50
  57
  64
  73
  82
  91
  102
  113
  125
  138
  152
  167
  184
  201
  219
  239
  260
  282
  306
  331
Net income, $m
  4
  10
  16
  21
  27
  35
  44
  55
  67
  80
  96
  135
  154
  174
  197
  221
  247
  275
  306
  339
  374
  412
  453
  496
  543
  593
  646
  702
  762
  826
  894

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
  2,189
  2,255
  2,327
  2,406
  2,492
  2,584
  2,683
  2,789
  2,902
  3,023
  3,151
  3,286
  3,430
  3,583
  3,744
  3,914
  4,094
  4,283
  4,483
  4,694
  4,916
  5,150
  5,397
  5,656
  5,929
  6,216
  6,518
  6,835
  7,169
  7,520
Adjusted assets (=assets-cash), $m
  2,044
  2,189
  2,255
  2,327
  2,406
  2,492
  2,584
  2,683
  2,789
  2,902
  3,023
  3,151
  3,286
  3,430
  3,583
  3,744
  3,914
  4,094
  4,283
  4,483
  4,694
  4,916
  5,150
  5,397
  5,656
  5,929
  6,216
  6,518
  6,835
  7,169
  7,520
Revenue / Adjusted assets
  0.532
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
Average production assets, $m
  1,574
  1,617
  1,666
  1,720
  1,778
  1,841
  1,910
  1,983
  2,061
  2,145
  2,233
  2,328
  2,428
  2,535
  2,647
  2,766
  2,892
  3,025
  3,165
  3,313
  3,469
  3,633
  3,806
  3,988
  4,179
  4,381
  4,593
  4,816
  5,051
  5,298
  5,557
Working capital, $m
  -159
  -112
  -115
  -119
  -123
  -127
  -132
  -137
  -143
  -148
  -154
  -161
  -168
  -175
  -183
  -191
  -200
  -209
  -219
  -229
  -240
  -251
  -263
  -276
  -289
  -303
  -318
  -333
  -349
  -366
  -384
Total debt, $m
  1,086
  1,069
  1,128
  1,194
  1,265
  1,342
  1,425
  1,514
  1,609
  1,711
  1,819
  1,935
  2,057
  2,186
  2,323
  2,468
  2,622
  2,783
  2,954
  3,134
  3,324
  3,524
  3,734
  3,956
  4,189
  4,435
  4,693
  4,965
  5,251
  5,551
  5,867
Total liabilities, $m
  1,986
  1,970
  2,029
  2,095
  2,166
  2,243
  2,326
  2,415
  2,510
  2,612
  2,720
  2,836
  2,958
  3,087
  3,224
  3,369
  3,523
  3,684
  3,855
  4,035
  4,225
  4,425
  4,635
  4,857
  5,090
  5,336
  5,594
  5,866
  6,152
  6,452
  6,768
Total equity, $m
  142
  219
  225
  233
  241
  249
  258
  268
  279
  290
  302
  315
  329
  343
  358
  374
  391
  409
  428
  448
  469
  492
  515
  540
  566
  593
  622
  652
  684
  717
  752
Total liabilities and equity, $m
  2,128
  2,189
  2,254
  2,328
  2,407
  2,492
  2,584
  2,683
  2,789
  2,902
  3,022
  3,151
  3,287
  3,430
  3,582
  3,743
  3,914
  4,093
  4,283
  4,483
  4,694
  4,917
  5,150
  5,397
  5,656
  5,929
  6,216
  6,518
  6,836
  7,169
  7,520
Debt-to-equity ratio
  7.648
  4.880
  5.000
  5.130
  5.260
  5.380
  5.510
  5.640
  5.770
  5.900
  6.020
  6.140
  6.260
  6.370
  6.490
  6.590
  6.700
  6.800
  6.900
  6.990
  7.080
  7.170
  7.250
  7.330
  7.410
  7.480
  7.550
  7.620
  7.680
  7.740
  7.800
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
  10
  16
  21
  27
  35
  44
  55
  67
  80
  96
  135
  154
  174
  197
  221
  247
  275
  306
  339
  374
  412
  453
  496
  543
  593
  646
  702
  762
  826
  894
Depreciation, amort., depletion, $m
  107
  123
  126
  129
  132
  136
  140
  144
  148
  153
  158
  132
  138
  144
  150
  157
  164
  172
  180
  188
  197
  206
  216
  227
  237
  249
  261
  274
  287
  301
  316
Funds from operations, $m
  154
  133
  142
  150
  160
  171
  184
  199
  215
  234
  254
  268
  292
  318
  347
  378
  411
  447
  486
  527
  571
  619
  669
  723
  780
  841
  906
  976
  1,049
  1,127
  1,210
Change in working capital, $m
  -4
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
Cash from operations, $m
  158
  136
  146
  154
  164
  175
  189
  204
  221
  239
  260
  274
  299
  326
  355
  386
  420
  456
  495
  537
  582
  630
  681
  736
  794
  855
  921
  991
  1,065
  1,144
  1,228
Maintenance CAPEX, $m
  0
  -89
  -92
  -95
  -98
  -101
  -105
  -108
  -113
  -117
  -122
  -127
  -132
  -138
  -144
  -150
  -157
  -164
  -172
  -180
  -188
  -197
  -206
  -216
  -227
  -237
  -249
  -261
  -274
  -287
  -301
New CAPEX, $m
  -109
  -44
  -49
  -54
  -58
  -63
  -68
  -73
  -78
  -84
  -89
  -95
  -100
  -106
  -113
  -119
  -126
  -133
  -140
  -148
  -156
  -164
  -173
  -182
  -192
  -202
  -212
  -223
  -235
  -247
  -259
Cash from investing activities, $m
  -105
  -133
  -141
  -149
  -156
  -164
  -173
  -181
  -191
  -201
  -211
  -222
  -232
  -244
  -257
  -269
  -283
  -297
  -312
  -328
  -344
  -361
  -379
  -398
  -419
  -439
  -461
  -484
  -509
  -534
  -560
Free cash flow, $m
  53
  3
  5
  6
  8
  11
  16
  22
  30
  39
  49
  53
  66
  81
  98
  117
  137
  159
  183
  210
  238
  269
  302
  337
  375
  416
  460
  507
  557
  610
  667
Issuance/(repayment) of debt, $m
  -43
  -17
  59
  65
  71
  77
  83
  89
  95
  102
  108
  115
  122
  130
  137
  145
  153
  162
  171
  180
  190
  200
  211
  222
  233
  246
  258
  272
  286
  301
  316
Issuance/(repurchase) of shares, $m
  -2
  67
  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
  50
  59
  65
  71
  77
  83
  89
  95
  102
  108
  115
  122
  130
  137
  145
  153
  162
  171
  180
  190
  200
  211
  222
  233
  246
  258
  272
  286
  301
  316
Total cash flow (excl. dividends), $m
  2
  53
  64
  71
  79
  88
  99
  111
  125
  140
  158
  168
  188
  211
  235
  262
  290
  321
  354
  390
  428
  469
  512
  559
  609
  662
  718
  779
  843
  911
  983
Retained Cash Flow (-), $m
  26
  -77
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
Prev. year cash balance distribution, $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 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
 
  -24
  58
  64
  71
  80
  90
  101
  114
  129
  145
  155
  175
  197
  220
  246
  273
  303
  335
  370
  407
  446
  489
  534
  583
  635
  690
  749
  811
  878
  948
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
 
  -22
  46
  44
  43
  41
  39
  37
  34
  31
  28
  23
  20
  17
  14
  11
  9
  7
  5
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4

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 277.6
Price to Sales 1
Price to Book 7.8
Price to Tangible Book
Price to Cash Flow 7
Price to Free Cash Flow 22.7
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 2.8% 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 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 -10%. 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 $1.1 billion.

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COMPANY NEWS

▶ ClubCorp misses Street 2Q forecasts   [12:53AM  Associated Press]
▶ ClubCorp going private in $1.1B deal   [Jul-13-17 05:15PM  American City Business Journals]
▶ Why Apollo Global Is Buying ClubCorp for $1.1 Billion   [Jul-12-17 09:00PM  Motley Fool]
▶ Company News for July 11, 2017   [10:19AM  Zacks]
▶ Story Stocks from Briefing.com   [09:48AM  Briefing.com]
▶ Apollo Global Picks up ClubCorp Holdings   [09:36AM  Barrons.com]
▶ 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]
Stock chart of MYCC Financial statements 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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