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ELY

Callaway Golf

$11.27

-0.17 (-1.49%)

16:21
01/11/17
01/11
16:21
01/11/17
16:21

Callaway Golf acquires OGIO International for $75.5M in cash

Callaway Golf announced it has acquired OGIO International, Inc. for $75.5M in an all-cash transaction, subject to a working capital adjustment. The acquisition enhances Callaway's presence in golf while also providing a platform for future growth in the lifestyle category. Excluding non-recurring transaction and transition expenses, Callaway's management expects the acquisition to be immediately accretive to earnings. Callaway projects the acquired business will generate annual EBITDA of approximately $10M after the acquisition is integrated and the majority of operational synergies are realized. Callaway estimates that the majority of the operational synergies will be realized within two years. The purchase price values OGIO at a multiple of approximately 7.6x this projected EBITDA. Callaway also expects to realize significant value from potential tax benefits associated with the transaction. In 2017, OGIO is expected to contribute to Callaway approximately $45M in revenue. After absorbing non-recurring transaction and transition expenses of approximately $7M, OGIO is expected to be dilutive by approximately 2c to Callaway's 2017 earnings per share but is expected to be accretive thereafter.

ELY Callaway Golf
$11.27

-0.17 (-1.49%)

11/04/16
COMP
11/04/16
UPGRADE
COMP
Buy
Callaway Golf upgraded to Buy from Neutral at Compass Point
11/04/16
COMP
11/04/16
UPGRADE
Target $11.5
COMP
Buy
Callaway Golf upgraded to Buy at Compass Point
As previously reported, Compass Point analyst Casey Alexander upgraded Callaway Golf to Buy from Neutral after the company posted better than expected results and raised guidance. Noting that the stock has declined 16% since September, Alexander said he now sees the valuation as being favorable. He trimmed his price target on Callaway shares to $11.50 from $12.
11/14/16
COMP
11/14/16
DOWNGRADE
COMP
Neutral
Callaway Golf downgraded to Neutral from Buy at Compass Point
11/14/16
11/14/16
DOWNGRADE
Target $11.5

Neutral
Callaway Golf downgraded to Neutral on valuation at Compass Point
As previously reported, Compass Point downgraded Callaway Golf to Neutral from Buy. Analyst Casey Alexander reduced his rating citing valuation and and maintained its $11.50 price target.

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