Intrinsic value of Acushnet Holdings - GOLF

Previous Close

$24.43

  Intrinsic Value

$12.46

stock screener

  Rating & Target

sell

-49%

Previous close

$24.43

 
Intrinsic value

$12.46

 
Up/down potential

-49%

 
Rating

sell

We calculate the intrinsic value of GOLF 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 0001), $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 1.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.70
  11.03
  10.43
  9.88
  9.40
  8.96
  8.56
  8.20
  7.88
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
Revenue, $m
  1,743
  1,935
  2,137
  2,348
  2,569
  2,799
  3,038
  3,288
  3,547
  3,816
  4,096
  4,387
  4,689
  5,004
  5,331
  5,671
  6,025
  6,393
  6,777
  7,177
  7,595
  8,030
  8,485
  8,959
  9,455
  9,973
  10,515
  11,082
  11,675
  12,295
Variable operating expenses, $m
  1,582
  1,749
  1,924
  2,108
  2,299
  2,499
  2,708
  2,924
  3,150
  3,384
  3,560
  3,813
  4,076
  4,349
  4,634
  4,929
  5,237
  5,557
  5,891
  6,239
  6,602
  6,980
  7,375
  7,788
  8,219
  8,669
  9,140
  9,633
  10,148
  10,688
Fixed operating expenses, $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
Total operating expenses, $m
  1,582
  1,749
  1,924
  2,108
  2,299
  2,499
  2,708
  2,924
  3,150
  3,384
  3,560
  3,813
  4,076
  4,349
  4,634
  4,929
  5,237
  5,557
  5,891
  6,239
  6,602
  6,980
  7,375
  7,788
  8,219
  8,669
  9,140
  9,633
  10,148
  10,688
Operating income, $m
  161
  186
  213
  240
  269
  299
  331
  363
  397
  432
  536
  574
  613
  654
  697
  742
  788
  836
  886
  939
  993
  1,050
  1,109
  1,172
  1,236
  1,304
  1,375
  1,449
  1,527
  1,608
EBITDA, $m
  257
  285
  315
  346
  378
  412
  447
  484
  522
  562
  603
  646
  690
  737
  785
  835
  887
  941
  998
  1,057
  1,118
  1,182
  1,249
  1,319
  1,392
  1,468
  1,548
  1,632
  1,719
  1,810
Interest expense (income), $m
  64
  25
  31
  37
  43
  50
  57
  64
  72
  80
  88
  96
  105
  114
  124
  134
  144
  155
  166
  178
  190
  202
  216
  229
  244
  259
  274
  291
  308
  326
  344
Earnings before tax, $m
  136
  156
  176
  197
  219
  242
  266
  291
  317
  345
  439
  469
  499
  530
  563
  597
  633
  670
  709
  749
  791
  834
  880
  928
  978
  1,030
  1,084
  1,141
  1,201
  1,263
Tax expense, $m
  37
  42
  47
  53
  59
  65
  72
  79
  86
  93
  119
  127
  135
  143
  152
  161
  171
  181
  191
  202
  213
  225
  238
  251
  264
  278
  293
  308
  324
  341
Net income, $m
  99
  114
  128
  144
  160
  177
  194
  213
  232
  251
  321
  342
  364
  387
  411
  436
  462
  489
  517
  547
  577
  609
  642
  677
  714
  752
  792
  833
  877
  922

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  1,930
  2,143
  2,366
  2,600
  2,845
  3,099
  3,365
  3,641
  3,928
  4,226
  4,536
  4,858
  5,193
  5,541
  5,903
  6,280
  6,672
  7,080
  7,505
  7,948
  8,410
  8,893
  9,396
  9,922
  10,471
  11,045
  11,645
  12,272
  12,929
  13,616
Adjusted assets (=assets-cash), $m
  1,930
  2,143
  2,366
  2,600
  2,845
  3,099
  3,365
  3,641
  3,928
  4,226
  4,536
  4,858
  5,193
  5,541
  5,903
  6,280
  6,672
  7,080
  7,505
  7,948
  8,410
  8,893
  9,396
  9,922
  10,471
  11,045
  11,645
  12,272
  12,929
  13,616
Revenue / Adjusted assets
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
Average production assets, $m
  634
  704
  778
  855
  935
  1,019
  1,106
  1,197
  1,291
  1,389
  1,491
  1,597
  1,707
  1,821
  1,940
  2,064
  2,193
  2,327
  2,467
  2,613
  2,764
  2,923
  3,088
  3,261
  3,442
  3,630
  3,827
  4,034
  4,250
  4,475
Working capital, $m
  424
  470
  519
  571
  624
  680
  738
  799
  862
  927
  995
  1,066
  1,140
  1,216
  1,295
  1,378
  1,464
  1,554
  1,647
  1,744
  1,845
  1,951
  2,062
  2,177
  2,298
  2,423
  2,555
  2,693
  2,837
  2,988
Total debt, $m
  571
  683
  801
  924
  1,053
  1,188
  1,328
  1,474
  1,625
  1,783
  1,947
  2,117
  2,293
  2,477
  2,668
  2,867
  3,074
  3,290
  3,514
  3,748
  3,992
  4,247
  4,513
  4,790
  5,080
  5,383
  5,700
  6,031
  6,378
  6,741
Total liabilities, $m
  1,019
  1,131
  1,249
  1,373
  1,502
  1,636
  1,777
  1,922
  2,074
  2,231
  2,395
  2,565
  2,742
  2,926
  3,117
  3,316
  3,523
  3,738
  3,963
  4,197
  4,441
  4,695
  4,961
  5,239
  5,528
  5,832
  6,148
  6,480
  6,826
  7,189
Total equity, $m
  911
  1,011
  1,117
  1,227
  1,343
  1,463
  1,588
  1,718
  1,854
  1,995
  2,141
  2,293
  2,451
  2,615
  2,786
  2,964
  3,149
  3,342
  3,542
  3,752
  3,970
  4,197
  4,435
  4,683
  4,942
  5,213
  5,496
  5,792
  6,102
  6,427
Total liabilities and equity, $m
  1,930
  2,142
  2,366
  2,600
  2,845
  3,099
  3,365
  3,640
  3,928
  4,226
  4,536
  4,858
  5,193
  5,541
  5,903
  6,280
  6,672
  7,080
  7,505
  7,949
  8,411
  8,892
  9,396
  9,922
  10,470
  11,045
  11,644
  12,272
  12,928
  13,616
Debt-to-equity ratio
  0.630
  0.680
  0.720
  0.750
  0.780
  0.810
  0.840
  0.860
  0.880
  0.890
  0.910
  0.920
  0.940
  0.950
  0.960
  0.970
  0.980
  0.980
  0.990
  1.000
  1.010
  1.010
  1.020
  1.020
  1.030
  1.030
  1.040
  1.040
  1.050
  1.050
Adjusted equity ratio
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  99
  114
  128
  144
  160
  177
  194
  213
  232
  251
  321
  342
  364
  387
  411
  436
  462
  489
  517
  547
  577
  609
  642
  677
  714
  752
  792
  833
  877
  922
Depreciation, amort., depletion, $m
  95
  99
  102
  105
  109
  113
  117
  121
  125
  130
  67
  72
  77
  82
  88
  93
  99
  105
  112
  118
  125
  132
  140
  148
  156
  164
  173
  183
  192
  203
Funds from operations, $m
  195
  212
  230
  249
  269
  290
  311
  334
  357
  381
  388
  414
  441
  470
  499
  530
  561
  594
  629
  665
  702
  741
  782
  825
  869
  916
  965
  1,016
  1,069
  1,125
Change in working capital, $m
  44
  47
  49
  51
  54
  56
  58
  61
  63
  65
  68
  71
  73
  76
  79
  83
  86
  90
  93
  97
  101
  106
  110
  115
  120
  126
  132
  138
  144
  151
Cash from operations, $m
  150
  165
  181
  198
  215
  234
  253
  273
  294
  316
  320
  344
  368
  393
  420
  447
  475
  505
  536
  568
  601
  636
  672
  710
  749
  790
  833
  878
  925
  974
Maintenance CAPEX, $m
  -26
  -29
  -32
  -35
  -39
  -42
  -46
  -50
  -54
  -58
  -63
  -67
  -72
  -77
  -82
  -88
  -93
  -99
  -105
  -112
  -118
  -125
  -132
  -140
  -148
  -156
  -164
  -173
  -183
  -192
New CAPEX, $m
  -66
  -70
  -73
  -77
  -80
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -140
  -146
  -152
  -158
  -165
  -173
  -180
  -189
  -197
  -206
  -216
  -226
Cash from investing activities, $m
  -92
  -99
  -105
  -112
  -119
  -126
  -133
  -141
  -148
  -156
  -165
  -173
  -182
  -191
  -201
  -212
  -222
  -233
  -245
  -258
  -270
  -283
  -297
  -313
  -328
  -345
  -361
  -379
  -399
  -418
Free cash flow, $m
  59
  67
  76
  86
  96
  108
  120
  132
  145
  159
  155
  170
  186
  202
  218
  235
  253
  271
  290
  310
  331
  352
  374
  397
  421
  446
  472
  498
  527
  556
Issuance/(repayment) of debt, $m
  106
  112
  118
  123
  129
  135
  140
  146
  152
  158
  164
  170
  177
  184
  191
  199
  207
  215
  225
  234
  244
  255
  266
  278
  290
  303
  317
  331
  347
  363
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  106
  112
  118
  123
  129
  135
  140
  146
  152
  158
  164
  170
  177
  184
  191
  199
  207
  215
  225
  234
  244
  255
  266
  278
  290
  303
  317
  331
  347
  363
Total cash flow (excl. dividends), $m
  165
  179
  194
  209
  225
  242
  260
  278
  297
  317
  319
  340
  362
  385
  409
  434
  460
  487
  515
  544
  575
  607
  640
  675
  711
  749
  788
  830
  873
  919
Retained Cash Flow (-), $m
  -96
  -100
  -105
  -110
  -115
  -120
  -125
  -130
  -135
  -141
  -146
  -152
  -158
  -164
  -171
  -178
  -185
  -193
  -201
  -209
  -218
  -228
  -238
  -248
  -259
  -271
  -283
  -296
  -310
  -324
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
  69
  79
  88
  99
  110
  122
  135
  148
  161
  176
  173
  188
  204
  221
  238
  256
  275
  294
  314
  335
  357
  379
  402
  426
  452
  478
  505
  534
  563
  594
Discount rate, %
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
  64
  67
  69
  70
  70
  69
  67
  64
  60
  55
  46
  41
  36
  32
  27
  23
  18
  15
  12
  9
  7
  5
  3
  2
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  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

Acushnet Holdings Corp. is engaged in the design, development, manufacture and distribution of golf products. The Company is engaged in various product categories, such as golf clubs, wedges, putters, golf gloves, golf gear and golf wear. The Company operates in four segments: Titleist Golf Balls, Titleist Golf Clubs, Titleist Golf Gear and FootJoy Golf Wear. The company's Titleist golf ball segment is engaged in designing and manufacturing a golf ball. It sells Titleist Pro V1. The Company also designs, manufactures and sells other golf balls under the Titleist brand, such as NXT Tour, Velocity and DT TruSoft, as well as under the Pinnacle brand. The Company designs, assembles and sells golf clubs (drivers, fairways, hybrids and irons) under the Titleist brand, wedges under the Vokey Design brand, and putters under the Scotty Cameron brand. Titleist golf clubs, Vokey Design wedges and Scotty Cameron putters are used by the players.

FINANCIAL RATIOS  of  Acushnet Holdings (GOLF)

Valuation Ratios
P/E Ratio 40.2
Price to Sales 1.2
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 17.2
Price to Free Cash Flow 21
Growth Rates
Sales Growth Rate 4.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -17.4%
Cap. Spend. - 3 Yr. Gr. Rate -16.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 47.4%
Total Debt to Equity 55.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 8.8%
Return On Equity - 3 Yr. Avg. 7.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 50.8%
Gross Margin - 3 Yr. Avg. 50.6%
EBITDA Margin 12.3%
EBITDA Margin - 3 Yr. Avg. 10%
Operating Margin 9.1%
Oper. Margin - 3 Yr. Avg. 7.9%
Pre-Tax Margin 5.7%
Pre-Tax Margin - 3 Yr. Avg. 3.5%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 1.4%
Effective Tax Rate 43.8%
Eff/ Tax Rate - 3 Yr. Avg. 57.3%
Payout Ratio 0%

GOLF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GOLF stock intrinsic value calculation we used $1560.258 million for the last fiscal year's total revenue generated by Acushnet Holdings. The default revenue input number comes from 0001 income statement of Acushnet 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 GOLF stock valuation model: a) initial revenue growth rate of 11.7% 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 7.9%, whose default value for GOLF is calculated based on our internal credit rating of Acushnet 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 Acushnet 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 GOLF stock the variable cost ratio is equal to 91.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GOLF 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 5.4% for Acushnet Holdings.

Corporate tax rate of 27% is the nominal tax rate for Acushnet 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 GOLF 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 GOLF are equal to 36.4%.

Life of production assets of 22.1 years is the average useful life of capital assets used in Acushnet 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 GOLF is equal to 24.3%. 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 - $814.728 million for Acushnet 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 74.759 million for Acushnet 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 Acushnet Holdings at the current share price and the inputted number of shares is $1.8 billion.

COMPANY NEWS

▶ Acushnet: 3Q Earnings Snapshot   [Nov-02-18 06:33AM  Associated Press]
▶ Acushnet Holdings Corp (NYSE:GOLF) Has A ROE Of 12%   [Oct-08-18 08:12AM  Simply Wall St.]
▶ How Tiger Woods And New Products Are Helping Callaway Find The Green   [Sep-13-18 01:24PM  Investor's Business Daily]
▶ Callaway Golf Is Ready to Ride Golfs Revival   [Aug-06-18 01:36PM  InvestorPlace]
▶ Acushnet (GOLF) Q2 Earnings Lag Estimates   [Aug-03-18 09:25AM  Zacks]
▶ Acushnet: 2Q Earnings Snapshot   [05:40AM  Associated Press]
▶ What Is Justin Thomas' Net Worth?   [Jul-25-18 10:47AM  TheStreet.com]
▶ Acushnet: 1Q Earnings Snapshot   [May-03-18 07:24AM  Associated Press]
▶ Golf stocks could be a 'burgeoning bull market'   [Apr-09-18 07:23PM  CNBC Videos]
▶ Acushnet misses 4Q profit forecasts   [Mar-08-18 05:01AM  Associated Press]
▶ The 3 Stocks on the MFM Team's Radar This Week   [Mar-07-18 07:42AM  Motley Fool]
▶ Acushnet Sees RS Rating Rise To 73   [Jan-16-18 03:00AM  Investor's Business Daily]
▶ Acushnet beats Street 3Q forecasts   [Nov-08-17 07:29PM  Associated Press]
▶ Wally Uihlein to retire after 41 years at Acushnet   [Sep-25-17 12:09PM  Associated Press]
▶ [$$] CEO Switch at Maker of Titleist Golf Balls   [11:12AM  The Wall Street Journal]
▶ Acushnet misses Street 2Q forecasts   [Aug-11-17 08:57PM  Associated Press]
▶ 3 Dividend Stocks for Sharp Investors   [May-18-17 11:25AM  Motley Fool]
▶ Adidas Finally Sells Golf Business For $425 Million   [May-10-17 02:19PM  Benzinga]
▶ Why Costco Is Teeing Off on Titleist   [Mar-21-17 10:00AM  24/7 Wall St.]

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