Acushnet Holdings Corp.
GOLF
Sporting & Athletic Goods, NEC
Mkt Cap
$3.951BPE
20.82Debt
$863.8MCash
$48.72MEV
$4.766BFCF
$277.8MP/E Ratio
20.82Debt
$863.8MCash
$48.72MEV
$4.766BFCF
$277.8MCharts data: {"Earnings":[{"time":"2014-12-30","value":3906000},{"time":"2015-12-30","value":-14751000},{"time":"2016-12-30","value":23189000},{"time":"2017-12-30","value":92114000},{"time":"2018-12-30","value":99872000},{"time":"2019-12-30","value":121070000},{"time":"2020-12-30","value":96006000},{"time":"2021-12-30","value":178873000},{"time":"2022-12-30","value":199278000},{"time":"2023-12-30","value":198429000}],"Sales":[{"time":"2014-12-30","value":1537610000},{"time":"2015-12-30","value":1502958000},{"time":"2016-12-30","value":1572275000},{"time":"2017-12-30","value":1560258000},{"time":"2018-12-30","value":1633721000},{"time":"2019-12-30","value":1681357000},{"time":"2020-12-30","value":1612169000},{"time":"2021-12-30","value":2147930000},{"time":"2022-12-30","value":2270336000},{"time":"2023-12-30","value":2381995000}],"Net Margins":[{"time":"2014-12-30","value":0.0025403060594038802},{"time":"2015-12-30","value":-0.00981464551903646},{"time":"2016-12-30","value":0.014748692181711215},{"time":"2017-12-30","value":0.059037671974763145},{"time":"2018-12-30","value":0.0611316130477603},{"time":"2019-12-30","value":0.07200731314051685},{"time":"2020-12-30","value":0.05955082872825367},{"time":"2021-12-30","value":0.08327692243229529},{"time":"2022-12-30","value":0.08777467299994363},{"time":"2023-12-30","value":0.0833037013091967}],"Assets":[{"time":"2015-12-30","value":1758973000},{"time":"2016-12-30","value":1736171000},{"time":"2017-12-30","value":1727324000},{"time":"2018-12-30","value":1691621000},{"time":"2019-12-30","value":1817049000},{"time":"2020-12-30","value":1866555000},{"time":"2021-12-30","value":2005836000},{"time":"2022-12-30","value":2193807000},{"time":"2023-12-30","value":2196677000}],"Stockholders Equity":[{"time":"2014-12-30","value":188920000},{"time":"2015-12-30","value":193506000},{"time":"2016-12-30","value":768823000},{"time":"2017-12-30","value":847392000},{"time":"2018-12-30","value":926984000},{"time":"2019-12-30","value":950826000},{"time":"2020-12-30","value":1017253000},{"time":"2021-12-30","value":1080267000},{"time":"2022-12-30","value":976703000},{"time":"2023-12-30","value":903087000}],"ROE":[{"time":"2014-12-30","value":0.02067541816641965},{"time":"2015-12-30","value":-0.07623019441257635},{"time":"2016-12-30","value":0.0301616887111858},{"time":"2017-12-30","value":0.10870293795551528},{"time":"2018-12-30","value":0.10773864489570478},{"time":"2019-12-30","value":0.1273313939669298},{"time":"2020-12-30","value":0.09437770151574879},{"time":"2021-12-30","value":0.16558221254560215},{"time":"2022-12-30","value":0.20403131760627335},{"time":"2023-12-30","value":0.2197230167193194}],"ROA":[{"time":"2015-12-30","value":0.09572745005182001},{"time":"2016-12-30","value":0.09511332697067282},{"time":"2017-12-30","value":0.0962807209301787},{"time":"2018-12-30","value":0.10187565654481708},{"time":"2019-12-30","value":0.10217280876850321},{"time":"2020-12-30","value":0.07792698313202664},{"time":"2021-12-30","value":0.1295280371874869},{"time":"2022-12-30","value":0.12833079664710706},{"time":"2023-12-30","value":0.1298802691519964}]}
Acushnet Holdings Corp. designs, develops, manufactures, and distributes golf products in the United States, Europe, the Middle East, Africa, Japan, Korea, and internationally. The company operates through four segments: Titleist Golf Balls, Titleist Golf Clubs, Titleist Golf Gear, and FootJoy Golf Wear. It offers golf balls under the Titleist brand; golf clubs, such as drivers, fairways, hybrids, and irons under the Titleist brand name; wedges under the Vokey Design brand; and putters under the Scotty Cameron brand. The company also provides golf bags, headwear, golf gloves, travel products, head covers, and other golf accessories, as well as offers customization and personalization of products in Titleist golf gear. In addition, it offers golf shoes, gloves, golf outerwear, and men's and women's golf apparels under the FootJoy brand; and ski, golf, and lifestyle apparels under the KJUS brand name. It sells its products through on course golf shops and golf specialty retailers, as well as through representatives, other retailers, and online. The company was formerly known as Alexandria Holdings Corp. and changed its name to Acushnet Holdings Corp. in March 2016. Acushnet Holdings Corp. was founded in 1910 and is headquartered in Fairhaven, Massachusetts.
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DCF
Discounted Cash Flow Valuation of Acushnet Holdings Corp.
Value
Growth
%
%
Discount
%
%
Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $277.8M | $314.9M | $354.1M | $394.9M | $436.7M | $478.9M | $520.7M | $561.2M | $599.7M | $635.3M | $667.1M | $6.671B |
| DCF | $273.9M | $267.8M | $259.7M | $249.7M | $238.1M | $225.1M | $211M | $196.1M | $180.6M | $164.9M | $1.649B | |
| Value | $3.916B | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 36%
Earnings Stability 32%
Competitiveness and MOAT
High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | -0.98% | 1.5% | 5.9% | 6.1% | 7.2% | 6% | 8.3% | 8.8% | 8.3% | 7.9% |
| ROA | 9.6% | 9.5% | 9.6% | 10% | 10% | 7.8% | 13% | 13% | 13% | 12% |
| ROE | -7.6% | 3% | 11% | 11% | 13% | 9.4% | 17% | 20% | 22% | 21% |
What is the average Net Margin?
The average Net Margin over the past 5 years is +7.45%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is +0.52%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +11.16%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is +0.77%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is +15.31%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is +2.46%.
Safety & Stabiliy
Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | 12.18 | 5.02 | -10.32 | 3.21 | 3.99 | 1.46 | 1.20 | -4.40 | 2.38 | 3.11 |
| Debt Equity | 4.32 | 0.56 | 0.56 | 0.45 | 0.43 | 0.34 | 0.31 | 0.58 | 0.78 | 0.94 |
| MIN | ||||||||||
| Graham Stability | - | - | 100% | 100% | 100% | 92% | 100% | 100% | 100% | 92% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is 3.11.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is -0.84.
What is the Graham’s Stability?
Graham’s Stability measure stands at 0.92.
Growth
Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.
| Years | 12-2016 | 12-2018 | 12-2020 | 12-2022 | Trend |
|---|---|---|---|---|---|
| Revenue | 6.1% | 7.8% | 14% | 4.9% | 1.5% |
| Net Income | 36% | 15% | 27% | -0.43% | -29% |
| Stockholders Equity | 2.3% | -0.52% | -3.9% | -7.5% | -16% |
| FCF | 19% | 18% | 7.3% | - | -6.8% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +7.83%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is +1.52%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is +14.72%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is -29.35%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is -0.52%.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is -16.18%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is +17.76%.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is -6.83%.