Callaway Investment Thesis and Business Transformation Overview
INVESTMENT THESIS
Callaway
UNIQUE ASSET
A unique new business,
strategically positioned at
the center of the growing
golf, entertainment and
lifestyle ecosystems
Competitive advantage in
golf consumer reach
Diversified portfolio with
synergistic fit
WELL-POSITIONED
Brands ideally situated for
the current and post-
pandemic environment
Brands have leadership
positions in attractive and
growing markets
Deep competitive moats
across the portfolio
STRONG TRACK
RECORD
138% 5-year total
shareholder return1
Proven ability to drive both
revenue and adjusted
EBITDA growth through
various operating
conditions
UNDERVALUED
We believe the stock is
undervalued at current levels
given the attractive near and
long-term embedded growth
opportunities and track record
of delivering strong results
Trading well below research
analysts' valuation targets and
average price target of $402
Callaway
៣
Jack*
Wolfskin
travis Mather
TOPGOLF
1. 5-year total shareholder return period from 12/31/2016 - 12/31/2021; assumes dividends reinvested in security.
2. Estimates as of March 4, 2022.
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