Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>TaylorMade is up for sale. TaylorMade is one of the most valuable, golf equipment brands globally.</li>
<li>We labeled this article as Bearish due to concerns about F&amp;F getting into this M&amp;A battle for TaylorMade in the first place which could result in overpaying for this deal.</li>
<li>We would rather have F&amp;F take the win and provide higher returns to its shareholders.</li>
</ul>


TaylorMade is up for sale. TaylorMade is one of the most valuable, golf equipment brands globally.
We labeled this article as Bearish due to concerns about F&amp;F getting into this M&amp;A battle for TaylorMade in the first place which could result in overpaying for this deal.
We would rather have F&amp;F take the win and provide higher returns to its shareholders.


Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

<ul><li>Warner Bros. Discovery (WBD) announced on June 9, 2025, its plan to split into two independent, publicly traded companies by mid-2026.</li><li>Global Networks will be the entity that is spun-off. It will consist of legacy cable TV and digital networks, such as: CNN, TBS, TNT (including TNT Sports)...</li><li>CFO Gunnar Wiedenfels will become CEO of this spun‑off entity.<figure class="editor-figure mceNonEditable"></figure></li></ul>

Warner Bros. Discovery (WBD) announced on June 9, 2025, its plan to split into two independent, publicly traded companies by mid-2026.Global Networks will be the entity that is spun-off. It will consist of legacy cable TV and digital networks, such as: CNN, TBS, TNT (including TNT Sports)...CFO Gunnar Wiedenfels will become CEO of this spun‑off entity.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Acushnet Holdings Corp. reported a stable financial performance for the second quarter of 2024, reflecting both sustained demand in key segments and challenges in specific markets.</li><li>The company reported a 1% year-over-year increase in net sales, bringing second-quarter sales to $684 million.</li><li>Adjusted EBITDA for the quarter was slightly down by $1.1 million, totaling $131 million.</li></ul>

Acushnet Holdings Corp. reported a stable financial performance for the second quarter of 2024, reflecting both sustained demand in key segments and challenges in specific markets.The company reported a 1% year-over-year increase in net sales, bringing second-quarter sales to $684 million.Adjusted EBITDA for the quarter was slightly down by $1.1 million, totaling $131 million.

Acushnet Holdings Corp.: The Story Of Strategic Market Positioning & Addressing Regional Challenges! - Major Drivers

<ul>
<li>Fila Holdings announced that its subsidiary Magnus Holdings plans to sell a 1.8% stake in Acushnet Holdings in a block deal sale worth about 98 billion won. </li>
<li>Our NAV valuation of Fila Holdings suggests an implied value per share of 49,192 won, representing 18.2% upside from current levels. Fila Holdings' 51.9% stake in Acushnet Holdings.</li>
<li>The block deal sale of Acushnet Holdings by Magnus Holdings is likely to have a positive impact on Fila Holdings as it could result in higher capital returns to shareholders.</li>
</ul>


Fila Holdings announced that its subsidiary Magnus Holdings plans to sell a 1.8% stake in Acushnet Holdings in a block deal sale worth about 98 billion won. 
Our NAV valuation of Fila Holdings suggests an implied value per share of 49,192 won, representing 18.2% upside from current levels. Fila Holdings' 51.9% stake in Acushnet Holdings.
The block deal sale of Acushnet Holdings by Magnus Holdings is likely to have a positive impact on Fila Holdings as it could result in higher capital returns to shareholders.


Block Deal Sale of About 98 Billion Won Worth of Acushnet Holdings by Fila Holdings

<ul><li>Acushnet Holdings Corp. reported a positive start to 2024, highlighted by notable growth across several of its product lines.</li><li>The first quarter results demonstrate resilience and continued demand in the golf equipment and apparel markets, despite varying global conditions.</li><li>For the quarter ending March 31, 2024, Acushnet reported a 4% increase in net sales on a constant currency basis, reaching $708 million.</li></ul>

Acushnet Holdings Corp. reported a positive start to 2024, highlighted by notable growth across several of its product lines.The first quarter results demonstrate resilience and continued demand in the golf equipment and apparel markets, despite varying global conditions.For the quarter ending March 31, 2024, Acushnet reported a 4% increase in net sales on a constant currency basis, reaching $708 million.

Acushnet Holdings Corp.: Product Innovation & Launch Strategy As A Pivotal Growth Catalyst! - Major Drivers

United States

Acushnet Holdings Corp. operates as a holding company. The Company, through its subsidiaries, designs, develops, manufactures, and distributes golf products. Acushnet Holdings sells its products primarily to on-course golf pro shops, selected off-course golf specialty and sporting goods stores, and other retailers worldwide.

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Acushnet Holdings (GOLF US)

M&A Battle for TaylorMade

We labeled this article as Bearish due to concerns about F&F getting into this M&A battle for TaylorMade in the first place which could result in...

Douglas Kim

Weekly Update (WBD, STRZ, MODG)

Warner Bros. Discovery (WBD) announced on June 9, 2025, its plan to split into two independent, publicly traded companies by mid-2026.

Richard Howe

Acushnet Holdings Corp.: The Story Of Strategic Market Positioning & Addressing Regional Challenges! - Major Drivers

Acushnet Holdings Corp. reported a stable financial performance for the second quarter of 2024, reflecting both sustained demand in key segments...

Baptista Research

Block Deal Sale of About 98 Billion Won Worth of Acushnet Holdings by Fila Holdings

The block deal sale of Acushnet Holdings by Magnus Holdings is likely to have a positive impact on Fila Holdings as it could result in higher...

Douglas Kim

Acushnet Holdings Corp.: Product Innovation & Launch Strategy As A Pivotal Growth Catalyst! - Major Drivers

Acushnet Holdings Corp. reported a positive start to 2024, highlighted by notable growth across several of its product lines. The first quarter...

Baptista Research

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