Boyar Research: TopGolf Callaway Brands (MODG)

A complimentary report to show you where our Opportunity Reports originate.

The most popular financial newsletters often attract subscribers by using one simple trick to create the illusion of genius: boast about their biggest winners. But far fewer newsletters focus on providing real value to their readers, preferring instead to conveniently overlook the picks that have performed poorly. 

Highlighting past successes makes for compelling marketing, but it doesn’t really help readers. At Boyar Research, however, we seek to add value to our subscribers. So, contrarians that we are, we’re going to buck convention and share with you a report on a company we profiled in our institutional research service back in February that is down ~22% since publication. 

Why? For two reasons, really: First, many of our Substack readers have never seen one of our institutional research reports, which serve as the foundation for our Opportunity Reports here on Substack. So it seems only fair to show you what’s behind the product. And if we can do that while profiling a company that has the potential to make you money, then all the better. 

Second, we’re on a never-ending quest for value. The stock we’re profiling offers an even better risk/reward scenario than when we published on the Company back in February, and we want to take the opportunity to present you with a bargain that we have conviction in. 

The stock we have in mind is a company called TopGolf Callaway Brands (MODG). Earlier this year we profiled MODG at $25.44 a share; now it is trading at $19.64. In our report we estimated that MODG’s intrinsic value was $44, and we stand by this number today (representing an upside of 124%). However, after we published our initial report, the Company released an earnings report that spooked short-term-oriented investors, sending the stock down ~23% in little more than a week. Their knee-jerk reaction has created a fantastic entry point (in our opinion) for patient long-term investors. Company insiders seem to agree as they took the opportunity to scoop up shares for themselves on the cheap during the selloff. 

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Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal. Important Information: Past performance does not guarantee future results.   

This information is not a recommendation, or an offer to sell, or a solicitation of any offer to buy, an interest in any security, including an interest in any investment vehicle managed or advised by affiliates of Boyar Research. Any information that may be considered advice concerning a federal tax issue is not intended to be used, and cannot be used, for the purposes of (i) avoiding penalties imposed under the United States Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter discussed herein. Clients of an affiliate of Boyar Research and employees of Boyar Research own shares in Top Golf Callaway Brands.