ELY - Acushnet Holdings: Limited Upside Due To Minimal Growth Drivers

• Acushnet Holdings' Titleist brands are among the most valuable in the golf equipment industry.
• Significant increases in beginner golfers and total rounds played over the past two years bode well for GOLF and other golf equipment providers.
• GOLF has greater exposure to consumables such as golf balls and golf gloves, giving the company some financial stability in a seasonal industry for many of their geographical markets.
• Golf equipment market is slowly expanding at a CAGR rate of 2.2% through 2025, which limits top-line growth for GOLF in the future.
• GOLF is fairly-valued according to relative metrics and slightly undervalued under absolute metrics assuming analyst estimates for free cash flow in FY22 and FY23.

For further details see: