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Callaway Golf

$18.90

-0.19 (-1.00%)

06:08
11/30/18
11/30
06:08
11/30/18
06:08

Callaway Golf to acquire Jack Wolfskin for approximately $476M

Callaway Golf announced that it has entered into an agreement to acquire Jack Wolfskin for approximately $476M, subject to certain purchase price adjustments. Jack Wolfskin is an outdoor apparel, footwear and equipment brand. The company designs products targeted at the active outdoor and urban outdoor customer categories. Jack Wolfskin had net sales of $380M in FY18, based on preliminary unaudited results provided by Jack Wolfskin. Jack Wolfskin provides over 3,000 points of sale globally, including wholesale, company-owned retail and franchised retail stores. Post transaction, Jack Wolfskin will continue to operate out of its headquarters located in Idstein, Germany. The $476M purchase price values Jack Wolfskin at a multiple of approximately 12 times its FY18 adjusted EBITDA of $40M. FY19 net sales are estimated to be flat compared to prior year, but are expected to accelerate to mid-single digit growth over the mid- to long-term. FY19 adjusted EBITDA, excluding purchase accounting adjustments, is estimated to be approximately $33M, a decrease compared to the prior year as a result of incremental investments to build long-term sustainable growth as well as projected cost of living increases. The investments would include investments in design, marketing and infrastructure to allow for growth in Jack Wolfskin's core business as well as future expansion into new regions. Jack Wolfskin's EBITDA is estimated to reach $50M in 3-4 years, with long-term EBITDA margins forecasted to be accretive to Callaway's current EBITDA margins. Full year non-GAAP EPS is estimated to be 6c dilutive in year one and accretive in year two. Non-GAAP EPS excludes non-recurring transaction costs, amortization of financing fees, and incremental non-cash expense resulting from the purchase accounting adjustments. Full year GAAP EPS is expected to be 25c-35c dilutive in year one and approximately neutral in year two. The acquisition is expected to close in the first quarter of 2019, subject to regulatory approvals and other customary closing conditions. Callaway intends to finance the transaction with a $476M term loan facility.

ELY Callaway Golf
$18.90

-0.19 (-1.00%)

09/27/18
JPMS
09/27/18
NO CHANGE
Target $27
JPMS
Overweight
Callaway Golf price target raised to $27 from $25 at JPMorgan
JPMorgan analyst Steven Zaccone raised his price target for Callaway Golf to $27 after hosting investor meetings with management. The analyst left the meetings with increased conviction that Callaway's sales growth and margin expansion profile "is in the midst of a multi-year cycle with the improving industry backdrop providing more fuel for growth in the years ahead." Zaccone sees the current Street consensus for 4% earnings growth in fiscal 2019 as a beatable bar and reiterates an Overweight rating on Callaway Golf.
08/07/18
IMPC
08/07/18
NO CHANGE
Target $25
IMPC
Outperform
Callaway Golf price target raised to $25 from $21 at Imperial Capital
Imperial Capital analyst George Kelly raised his price target for Callaway Golf to $25 saying the company reported "another strong quarter" for Q2. The valuation is still not stretched and positive catalysts remain, Kelly tells investors in a research note. He believes the forward guidance leaves room for upside and keeps an Outperform rating on Callaway.
08/03/18
ROTH
08/03/18
NO CHANGE
Target $24
ROTH
Buy
Callaway Golf price target raised to $24 from $20 at Roth Capital
Roth Capital analyst Dave King raised his 2018 and 2019 EPS estimates for Callaway Golf after the company raised guidance to reflect Q2 upside, higher revenue, and "much stronger" bottom-line flow through. King, who notes strong industry growth and Callaway's market share gains, especially in balls, keeps a Buy rating on the shares and raised his price target to $24 from $20.
06/14/18
JPMS
06/14/18
NO CHANGE
Target $23
JPMS
Overweight
Callaway price target raised to $23 ahead of U.S. Open at JPMorgan
JPMorgan analyst Steven Zaccone raised his price target for Callaway Golf to $23 ahead of this week's U.S. Open at Shinnecock Hills Golf Club in Southampton, NY. The recent strength in the U.S. golf market, combined with the strong reception to Callaway's new product offerings, should drive upside to Street estimates, Zaccone tells investors in a research note. The analyst believes Callaway's fiscal 2018 guidance "conservatively embeds" first half market growth of 9%-10% decelerating to flat-to-low growth in the second half. He reiterates an Overweight rating on the shares.

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