Jonathan Boyar, President of Boyar Research, returns to the podcast for the fourth(!!) time to discuss his thesis on Topgolf Callaway Brands (NASDAQ: MODG) and how it is growing an entire industry.
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$MODG write-up: https://boyarresearch.substack.com/p/a-company-thats-growing-its-entire
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[1:42] Topgolf Callaway Brands $MODG and why its interesting
[3:57] Why $MODG is clearly a "Topgolf" story? And, what is Topgolf
[12:05] Land grab for opening new "Topgolf" or competitive stores
[15:00] What Jon thinks people are so worried about Topgolf
[18:06] Topgolf pushback: financing new stores
[22:17] Would it be better to separate Topgolf and Callaway?
[24:42] Topgolf advertising revenue stream and what is the company referring to when they say they are "maximizing economics" of the business (PEI system)
[29:30] KPIs the company tracks
[33:50] $MODG valuation
[39:04] "Toptracer" part of the business
[41:22] Pressure on $MODG stock; what keeps Jon up at night about the idea and various upside scenarios
[46:36] Final thoughts
Today's episode is sponsored by: Alphasense
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