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ELY

Callaway Golf

$14.86

0.16 (1.09%)

16:34
06/03/19
06/03
16:34
06/03/19
16:34

Callaway's Tokyo unit acquires remaining 48% stake in Callaway Apparel K.K.

Callaway Golf Company announced that its Tokyo-based subsidiary, Callaway Golf K.K., acquired the remaining 48% stake in Callaway Apparel K.K., an apparel joint venture between Callaway and its long-time partner, TSI Groove & Sports Co, Ltd. Effective June 1st, Callaway Golf K.K. owns 100% of Callaway Apparel K.K., which designs, manufactures and sells Callaway branded apparel, footwear, and headwear in Japan. Callaway Golf K.K. acquired the 48% minority interest for JPY2B, or approximately $18M based upon a 109 US Dollar to Yen exchange rate. This purchase price values Callaway Golf K.K. at approximately 9 times 2019 projected EBITDA. The joint venture began operations on July 1st, 2016 with its headquarters in Tokyo, Japan. Callaway owned 52% of the joint venture and TSI Groove & Sports Co, Ltd. owned 48%. TSI had previously partnered with Callaway as a licensee, helping to successfully launch and grow that business since 2002. Callaway Golf Company reported that this transaction would not affect the company's prior financial guidance for 2019.

  • 08

    Aug

  • 24

    Oct

ELY Callaway Golf
$14.86

0.16 (1.09%)

01/09/19
01/09/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. CarGurus (CARG) initiated with an Outperform at Oppenheimer. 2. Callaway Golf (ELY) and Acushnet Holdings (GOLF) were initiated with an Equal Weight at Stephens. 3. MVB Financial (MVBF) initiated with a Market Perform at Keefe Bruyette. 4. U.S. Steel (X) initiated with a Market Perform at Cowen. 5. Freeport McMoRan (FCX) initiated with a Neutral at Credit Suisse. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
02/07/19
IMPC
02/07/19
NO CHANGE
Target $22
IMPC
Outperform
Callaway Golf price target lowered to $22 from $25 at Imperial Capital
Imperial Capital analyst George Kelly lowered his price target for Callaway Golf to $22 following the company's "strong" Q4 and initial 2019 guidance. The analyst believes the guidance looks conservative and keeps an Outperform rating on the shares.
02/13/19
BREN
02/13/19
INITIATION
Target $24
BREN
Buy
Callaway Golf initiated with a Buy at Berenberg
Berenberg analyst Alex Maroccia initiated Callaway Golf with a Buy and $24 price target. .
02/13/19
JEFF
02/13/19
NO CHANGE
JEFF
Jefferies says buy Acushnet, Callaway after 600 person golf survey
After surveying over 600 respondents between the ages of 17 and 34 years old in metro statistical areas where there is a Topgolf location, Jefferies analyst Randal Konik recommends buying shares of both Acushnet Holdings (GOLF) and Callaway Golf (ELY). The analyst says the survey supports his thesis that off-course concepts, such as Topgolf, are driving new, and younger, entrants to the sport. The golf industry has undergone a significant transformation over the past decade, and stands to benefit from several key demographic and secular tailwinds, Konik tells investors in a research note. Only around half of Baby Boomers have retired and off-course concepts are growing rapidly and driving new entrants to the sport, Konik says. He views Acushnet as the best-positioned to benefit from an Improving industry backdrop. Further, Callaway's "innovation engine" should help it defend its market share while acquisitions support future growth, the analyst adds.

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