Intrinsic value of Callaway Golf - ELY

Previous Close

$14.22

  Intrinsic Value

$115.27

stock screener

  Rating & Target

str. buy

+711%

  Value-price divergence*

+5000%

Previous close

$14.22

 
Intrinsic value

$115.27

 
Up/down potential

+711%

 
Rating

str. buy

 
Value-price divergence*

+5000%

*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 1.4

 

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
  24.00
  22.10
  20.39
  18.85
  17.47
  16.22
  15.10
  14.09
  13.18
  12.36
  11.62
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.10
  5.99
  5.89
Revenue, $m
  871
  1,080
  1,319
  1,588
  1,887
  2,216
  2,576
  2,965
  3,383
  3,828
  4,302
  4,802
  5,328
  5,880
  6,458
  7,062
  7,691
  8,347
  9,028
  9,737
  10,474
  11,240
  12,035
  12,862
  13,722
  14,616
  15,546
  16,514
  17,523
  18,573
  19,668
Variable operating expenses, $m
 
  400
  488
  587
  697
  818
  951
  1,094
  1,247
  1,411
  1,586
  1,767
  1,961
  2,164
  2,377
  2,599
  2,830
  3,072
  3,323
  3,583
  3,855
  4,136
  4,429
  4,734
  5,050
  5,379
  5,721
  6,078
  6,449
  6,835
  7,238
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
  930
  1,031
  1,144
  1,268
  1,403
  1,551
  1,709
  1,877
  2,057
  2,248
  2,445
  2,656
  2,877
  3,108
  3,348
  3,597
  3,859
  4,129
  4,410
  4,702
  5,004
  5,319
  5,646
  5,985
  6,337
  6,703
  7,085
  7,481
  7,893
  8,322
Operating income, $m
  44
  150
  288
  444
  619
  813
  1,026
  1,257
  1,505
  1,771
  2,054
  2,356
  2,672
  3,004
  3,351
  3,714
  4,093
  4,488
  4,899
  5,327
  5,772
  6,235
  6,716
  7,217
  7,737
  8,279
  8,843
  9,430
  10,042
  10,680
  11,345
EBITDA, $m
  61
  170
  312
  473
  653
  852
  1,071
  1,308
  1,564
  1,837
  2,128
  2,435
  2,760
  3,101
  3,458
  3,831
  4,220
  4,626
  5,048
  5,488
  5,945
  6,420
  6,915
  7,429
  7,963
  8,520
  9,099
  9,702
  10,331
  10,986
  11,670
Interest expense (income), $m
  2
  0
  7
  14
  23
  33
  43
  55
  68
  81
  96
  111
  127
  144
  162
  181
  200
  220
  242
  264
  286
  310
  335
  361
  387
  415
  444
  474
  505
  538
  572
Earnings before tax, $m
  58
  150
  281
  430
  596
  780
  982
  1,202
  1,438
  1,690
  1,959
  2,245
  2,545
  2,860
  3,189
  3,534
  3,893
  4,268
  4,658
  5,064
  5,486
  5,925
  6,381
  6,856
  7,350
  7,864
  8,399
  8,956
  9,537
  10,142
  10,774
Tax expense, $m
  -133
  41
  76
  116
  161
  211
  265
  324
  388
  456
  529
  606
  687
  772
  861
  954
  1,051
  1,152
  1,258
  1,367
  1,481
  1,600
  1,723
  1,851
  1,984
  2,123
  2,268
  2,418
  2,575
  2,738
  2,909
Net income, $m
  190
  110
  205
  314
  435
  570
  717
  877
  1,049
  1,234
  1,430
  1,639
  1,858
  2,087
  2,328
  2,580
  2,842
  3,116
  3,400
  3,697
  4,005
  4,325
  4,658
  5,005
  5,365
  5,740
  6,131
  6,538
  6,962
  7,404
  7,865

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
  836
  1,021
  1,229
  1,460
  1,716
  1,994
  2,295
  2,618
  2,963
  3,329
  3,716
  4,124
  4,551
  4,999
  5,466
  5,953
  6,460
  6,988
  7,537
  8,107
  8,699
  9,315
  9,955
  10,621
  11,313
  12,033
  12,782
  13,562
  14,375
  15,223
Adjusted assets (=assets-cash), $m
  674
  836
  1,021
  1,229
  1,460
  1,716
  1,994
  2,295
  2,618
  2,963
  3,329
  3,716
  4,124
  4,551
  4,999
  5,466
  5,953
  6,460
  6,988
  7,537
  8,107
  8,699
  9,315
  9,955
  10,621
  11,313
  12,033
  12,782
  13,562
  14,375
  15,223
Revenue / Adjusted assets
  1.292
  1.292
  1.292
  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
  1.292
  1.292
Average production assets, $m
  144
  178
  218
  262
  311
  366
  425
  489
  558
  632
  710
  792
  879
  970
  1,066
  1,165
  1,269
  1,377
  1,490
  1,607
  1,728
  1,855
  1,986
  2,122
  2,264
  2,412
  2,565
  2,725
  2,891
  3,065
  3,245
Working capital, $m
  273
  195
  239
  287
  342
  401
  466
  537
  612
  693
  779
  869
  964
  1,064
  1,169
  1,278
  1,392
  1,511
  1,634
  1,762
  1,896
  2,034
  2,178
  2,328
  2,484
  2,646
  2,814
  2,989
  3,172
  3,362
  3,560
Total debt, $m
  12
  46
  98
  157
  222
  294
  372
  457
  548
  646
  749
  858
  973
  1,093
  1,220
  1,351
  1,489
  1,632
  1,781
  1,935
  2,096
  2,263
  2,437
  2,617
  2,805
  3,000
  3,203
  3,415
  3,635
  3,864
  4,103
Total liabilities, $m
  202
  236
  288
  347
  412
  484
  562
  647
  738
  836
  939
  1,048
  1,163
  1,283
  1,410
  1,541
  1,679
  1,822
  1,971
  2,125
  2,286
  2,453
  2,627
  2,807
  2,995
  3,190
  3,393
  3,605
  3,825
  4,054
  4,293
Total equity, $m
  599
  600
  733
  882
  1,049
  1,232
  1,432
  1,648
  1,880
  2,128
  2,390
  2,668
  2,961
  3,268
  3,589
  3,924
  4,274
  4,638
  5,017
  5,411
  5,821
  6,246
  6,688
  7,148
  7,626
  8,123
  8,640
  9,178
  9,738
  10,322
  10,930
Total liabilities and equity, $m
  801
  836
  1,021
  1,229
  1,461
  1,716
  1,994
  2,295
  2,618
  2,964
  3,329
  3,716
  4,124
  4,551
  4,999
  5,465
  5,953
  6,460
  6,988
  7,536
  8,107
  8,699
  9,315
  9,955
  10,621
  11,313
  12,033
  12,783
  13,563
  14,376
  15,223
Debt-to-equity ratio
  0.020
  0.080
  0.130
  0.180
  0.210
  0.240
  0.260
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.330
  0.340
  0.340
  0.350
  0.350
  0.350
  0.360
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  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
  110
  205
  314
  435
  570
  717
  877
  1,049
  1,234
  1,430
  1,639
  1,858
  2,087
  2,328
  2,580
  2,842
  3,116
  3,400
  3,697
  4,005
  4,325
  4,658
  5,005
  5,365
  5,740
  6,131
  6,538
  6,962
  7,404
  7,865
Depreciation, amort., depletion, $m
  17
  20
  24
  29
  34
  39
  45
  52
  58
  66
  74
  79
  88
  97
  107
  117
  127
  138
  149
  161
  173
  185
  199
  212
  226
  241
  257
  272
  289
  306
  325
Funds from operations, $m
  99
  130
  229
  342
  469
  609
  762
  929
  1,108
  1,299
  1,503
  1,718
  1,946
  2,185
  2,435
  2,696
  2,969
  3,253
  3,549
  3,857
  4,178
  4,511
  4,857
  5,217
  5,592
  5,982
  6,387
  6,810
  7,251
  7,710
  8,189
Change in working capital, $m
  21
  38
  43
  49
  54
  60
  65
  70
  76
  81
  86
  91
  95
  100
  105
  109
  114
  119
  123
  128
  133
  139
  144
  150
  156
  162
  168
  175
  182
  190
  198
Cash from operations, $m
  78
  92
  186
  294
  415
  549
  697
  858
  1,032
  1,219
  1,418
  1,628
  1,850
  2,085
  2,330
  2,587
  2,855
  3,135
  3,426
  3,729
  4,044
  4,372
  4,713
  5,067
  5,436
  5,820
  6,219
  6,635
  7,068
  7,520
  7,991
Maintenance CAPEX, $m
  0
  -14
  -18
  -22
  -26
  -31
  -37
  -43
  -49
  -56
  -63
  -71
  -79
  -88
  -97
  -107
  -117
  -127
  -138
  -149
  -161
  -173
  -185
  -199
  -212
  -226
  -241
  -257
  -272
  -289
  -306
New CAPEX, $m
  -16
  -34
  -39
  -44
  -49
  -54
  -59
  -64
  -69
  -74
  -78
  -83
  -87
  -91
  -95
  -100
  -104
  -108
  -112
  -117
  -122
  -126
  -131
  -136
  -142
  -148
  -153
  -160
  -166
  -173
  -181
Cash from investing activities, $m
  9
  -48
  -57
  -66
  -75
  -85
  -96
  -107
  -118
  -130
  -141
  -154
  -166
  -179
  -192
  -207
  -221
  -235
  -250
  -266
  -283
  -299
  -316
  -335
  -354
  -374
  -394
  -417
  -438
  -462
  -487
Free cash flow, $m
  87
  44
  129
  228
  339
  464
  601
  752
  914
  1,089
  1,276
  1,474
  1,684
  1,905
  2,138
  2,381
  2,635
  2,900
  3,176
  3,463
  3,762
  4,073
  4,396
  4,732
  5,082
  5,446
  5,824
  6,219
  6,629
  7,058
  7,504
Issuance/(repayment) of debt, $m
  -3
  46
  52
  59
  65
  72
  78
  85
  91
  97
  103
  109
  115
  121
  126
  132
  137
  143
  149
  155
  161
  167
  174
  180
  188
  195
  203
  211
  220
  229
  239
Issuance/(repurchase) of shares, $m
  -3
  7
  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
  53
  52
  59
  65
  72
  78
  85
  91
  97
  103
  109
  115
  121
  126
  132
  137
  143
  149
  155
  161
  167
  174
  180
  188
  195
  203
  211
  220
  229
  239
Total cash flow (excl. dividends), $m
  80
  96
  181
  286
  404
  536
  680
  836
  1,006
  1,187
  1,380
  1,583
  1,799
  2,026
  2,264
  2,512
  2,772
  3,043
  3,324
  3,618
  3,923
  4,240
  4,570
  4,913
  5,270
  5,641
  6,027
  6,430
  6,850
  7,287
  7,743
Retained Cash Flow (-), $m
  -186
  -116
  -133
  -149
  -166
  -183
  -200
  -216
  -232
  -248
  -263
  -278
  -293
  -307
  -321
  -335
  -350
  -364
  -379
  -394
  -409
  -425
  -442
  -460
  -478
  -497
  -517
  -538
  -560
  -584
  -608
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
 
  95
  48
  137
  238
  352
  480
  620
  773
  939
  1,117
  1,306
  1,507
  1,719
  1,943
  2,177
  2,422
  2,678
  2,946
  3,224
  3,513
  3,814
  4,128
  4,453
  4,792
  5,144
  5,511
  5,892
  6,289
  6,703
  7,134
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
 
  91
  44
  119
  196
  273
  348
  419
  483
  539
  585
  620
  643
  654
  652
  639
  616
  583
  542
  496
  446
  395
  342
  292
  244
  200
  161
  126
  97
  73
  54
Current shareholders' claim on cash, %
  100
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4

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
Price to Sales 1.5
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 17.2
Price to Free Cash Flow 21.6
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 24% 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 95.626 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 $1.4 billion.

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COMPANY NEWS

▶ 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]
▶ ETFs with exposure to Callaway Golf Co. : August 18, 2017   [Aug-18-17 04:52PM  Capital Cube]
▶ Callaway beats Street 2Q forecasts   [Aug-04-17 02:50AM  Associated Press]
▶ Adidas scores Major League Soccer deal worth $700M   [Aug-02-17 12:59PM  Yahoo Finance Video]
▶ Callaway Golf Declares Quarterly Dividend   [Jul-31-17 05:46PM  PR Newswire]
▶ ETFs with exposure to Callaway Golf Co. : July 24, 2017   [Jul-24-17 03:40PM  Capital Cube]
▶ 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]
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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