ELY - Callaway Golf Company

NYSE - NYSE Delayed Price. Currency in USD
18.73
-0.53 (-2.75%)
At close: 4:02PM EDT
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Previous Close19.26
Open19.29
Bid18.75 x 1300
Ask18.76 x 1200
Day's Range18.68 - 19.53
52 Week Range14.44 - 24.67
Volume923,114
Avg. Volume1,175,371
Market Cap1.762B
Beta (3Y Monthly)1.31
PE Ratio (TTM)30.86
EPS (TTM)0.61
Earnings DateOct 24, 2019
Forward Dividend & Yield0.04 (0.21%)
Ex-Dividend Date2019-08-12
1y Target Est22.90
Trade prices are not sourced from all markets
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    Callaway Golf upgraded as stake in TopGolf could prove to be a growth engine

    Callaway Golf Co. was upgraded to outperform from market perform at Raymond James on analyst optimism about the company's ability to drive growth from its stake in TopGolf, a golf-themed restaurant chain. Analysts have a $21 price target on Callaway Golf shares. While Raymond James admits its difficult to value Callaway Golf's 14% stake in TopGolf, which is privately held, a late 2017 funding round valued the company at $2.1 billion, putting Callaway's stake at $290.0 million. The chain now has more than 50 locations, analysts say, and there are plans to add seven to 10 annually in the U.S. to reach the 130 goal. There's also TopGolf's "Swing Suites," a luxury option, which opens the door internationally. "If we assume TopGolf's value has increased by about half the rate of location growth, or 25%, since late 2017, this implies a current value of $2.6 billion, which then translates into a value to Callaway Golf of $362 million, or $3.85 per share," Raymond James wrote. In addition, analysts led by Joseph Altobello think Callaway Golf is being "overly penalized" for the acquisition of the outdoor clothing brand Jack Wolfskin. In its most recent earnings release, Callaway Golf revised its 2019 outlook based on negative impact from the acquisition. "The greatest risks to our more bullish stance on the shares include the possibility that the Jack acquisition may not achieve or even approach the targets Callaway has laid out, and at the same time causes management to lose focus on its other businesses," analysts wrote. Callaway stock has gained 19.5% for the year to date while the S&P 500 index is up almost 19% for the period.

  • TheStreet.com

    Shares of Callaway Swing Higher After Analyst Upgrade

    Analysts at Raymond James cite both the strength of the company's core golf equipment business as well as the rising value of Callaway's stake in privately held TopGolf, a fast-growing restaurant sporting a golf theme.

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  • Callaway May Sell Its TopGolf Stake Sooner Than Expected
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    Callaway May Sell Its TopGolf Stake Sooner Than Expected

    (Bloomberg) -- Callaway Golf Co. may be selling its stake in TopGolf sooner than expected after omitting words about the franchised party venue’s long-term value in a slide deck published ahead of this week’s anticipated investor road show, according to Stephens.Shares jumped as much as 2.3% on Wednesday as analyst Daniel Imbro said the missing language indicated a faster-than-expected “monetization effort,” in a report.“Previously, management’s commentary suggested that TopGolf was complementary to the long-term business and additional investment could be a use of strengthening [free cash flow]. Commentary in the current slides removed that wording,”Imbro wrote.A sale of its stake in the venue, which aims to make the sport more accessible, was always a part of the narrative. However, Imbro said the slides marked a shift in tone.Callaway Golf has a roughly 14% stake in TopGolf. Imbro’s sum-of-the-parts analysis suggests that TopGolf could be worth about $3 per share, based on a $290 million valuation gleaned from a December 2017 funding round. But that wouldn’t account for its expanded footprint. Adding in the new locations at a value of 70% per unit, TopGolf could be worth just under $4 per Callaway share, Stephens said.Imbro maintains an overweight rating on the stock and price target of $21.50.To contact the reporter on this story: Crystal Kim in New York at ckim426@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Jennifer Bissell-Linsk, Scott SchnipperFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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  • Thomson Reuters StreetEvents

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    Q2 2019 Callaway Golf Co Earnings Call

  • Callaway Golf (ELY) Catches Eye: Stock Jumps 7.4%
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