Podcast: Dominick D’Angelo on TopGolf Callaway (MODG)

During this episode of SSOI podcast, I spoke with Dominick D’Angelo, Head of Research, of O’Keefe Stevens Advisory. Dominick shared his TopGolf Callaway (MODG) investment case.

Here’s what we discussed:
1:55 Dom shares his background
4:35 O’Keefe Stevens Advisory’s approach to managing client assets
6:35 How O’Keefe Stevens Advisory constructs client portfolios
8:15 Topgolf Callaway high level overview
15:30 Why the partial sale of Topgolf will unlock value
20:10 Expected capital return after Topgolf sale closes
23:25 Overview of Calloway RemainCo
26:20 Growing interest in golf should be a tailwind for Calloway RemainCo
30:15 Dom shares his fair value estimate for Calloway RemainCo
36:35 How Dom gets to over $1/share of earnings for RemainCo in 2027
40:35 The biggest risks to MODG
43:35 Why Dom is comfortable that management won’t make another bad acquisition
46:15 Two potential positive right tail events
48:15 How to get in touch with Dom and learn about O’Keefe Stevens Advisory

You can watch the episode on YouTube or listen on Spotify or Apple.

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