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Strategies & Market Trends : Value Investing

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From: roystonroysworth	7/22/2011 2:55:58 PM
	of 78667

Callaway Golf Company (ELY), arguably the strongest brand in golf clubs (consistently ranks top of Golf Digests Hot list) and a market leader in other golfing accessories, trading at a substantial discount to net tangibles assets due to cyclical downturn in golf and worries about the market in Japan (17% of revenues). The company has turned in losses the past two years and may have lost market share due to its reduced marketing spending. Recently appointed new interim CEO to cut costs and protect market share. At current price there is little risk of further downside and promise of substantial upside if a return to profitability is seen or company becomes takeover target of one of the larger sports brand.

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