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David_Tepper

  • Karma: +0/-0
Way OT - Somebody Thinks There Is Value In A Golf Company!
« on: June 14, 2019, 09:50:34 AM »
« Last Edit: June 15, 2019, 12:06:12 PM by David_Tepper »
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Steve Lapper

  • Karma: +0/-0
Re: Way OT - Somebody Likes The Golf Business!
« Reply #1 on: June 14, 2019, 09:59:29 AM »
Your headline is deceptive.


No, Jana Partners (somebody) doesn't, per se, like the golf business. They like the break-up/strategic value of Callaway (ELY). As a long time investor in ELY, I agree with them that the Jack Wolfskin acquisition was both an unfocused, non-strategic move as well as a poor one for shareholders.


Callaway, like Achusnet(GOLF), was a pure play on the golf business with a significant stake in the very successful TopGolf business. Jana Partners simply wants to unlock that value...it is not a validation or bullish opinion on the business of golf.
« Last Edit: June 14, 2019, 12:10:14 PM by Steve Lapper »
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The conventional view serves to protect us from the painful job of thinking."--John Kenneth Galbraith

Ryan Taylor

  • Karma: +0/-0
Re: Way OT - Somebody Likes The Golf Business!
« Reply #2 on: June 14, 2019, 09:59:59 AM »
They've made some good decisions lately imo - investment in Top Golf, acquisition of Travis Matthews and sponsorship of No Laying Up, etc.  They're also incredibly easy to work with and have great customer service unlike some of their peers.
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"Bandon is like Chamonix for skiers or the North Shore of Oahu for surfers,” Rogers said. “It is where those who really care end up."

John Kavanaugh

  • Karma: +0/-0
Re: Way OT - Somebody Likes The Golf Business!
« Reply #3 on: June 14, 2019, 10:02:53 AM »
Quote from: Steve Lapper on June 14, 2019, 09:59:29 AM
Your headline is deceptive.


No, Jana Partners (somebody) doesn't, per se, like the golf business. They like the break-up/strategic value of Callaway (ELY). As a long time investor in ELY, I agree with them that the Jack Wolfskin acquisition was both an unfocused, non-strategically shrewd move as well as a poor one for shareholders.


Callaway, like Achusnet(GOLF), was a pure play on the golf business with a significant stake in the very successful TopGolf business. Jana Partners simply wants to unlock that value...it is not a validation or bullish opinion on the business of golf.


I love the Lap's stock takes.
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JMEvensky

  • Karma: +0/-0
Re: Way OT - Somebody Likes The Golf Business!
« Reply #4 on: June 14, 2019, 11:03:45 AM »
Quote from: John Kavanaugh on June 14, 2019, 10:02:53 AM


I love the Lap's stock takes.




Yep--SL is most likely a + handicap finance guy.
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John Kirk

  • Karma: +0/-0
Re: Way OT - Somebody Likes The Golf Business!
« Reply #5 on: June 14, 2019, 12:03:57 PM »
...and a catalyst for Jim Urbina's restoration of Paramount Country Club.  One of GCA's renaissance men.

Just piling on...
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Bruce Katona

  • Karma: +0/-0
Re: Way OT - Somebody Likes The Golf Business!
« Reply #6 on: June 15, 2019, 11:01:32 AM »
Just MHO, but if I was handicapping this match, SL would have to be giving most of us at least 3 a side when it comes to finance. 


He’s likely already gotten in 18 this morning and may be having a snack before he either sneaks in another 9 or is off with his family for the PM.
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Steve_ Shaffer

  • Karma: +0/-0
Re: Way OT - Somebody Likes The Golf Business!
« Reply #7 on: June 15, 2019, 11:33:28 AM »
I agree with Steve's analysis. Here's a recent interview with Chip Brewer, CEO of Callaway:


https://www.golfdigest.com/story/callaway-ceo-chip-brewer-on-record-q1-sales-the-future-of-innovation-and-a-lucky-break
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David_Tepper

  • Karma: +0/-0
Re: Way OT - Somebody Thinks There Is Value In A Golf Company!
« Reply #8 on: June 15, 2019, 12:06:49 PM »
Headline changed per insightful analysis. ;)
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