Boyar Research's Jonathan Boyar on how $MODG is growing an entire industry

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: boyarresearch.substack.com/p/...
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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[@ShotAmazing]

If the accounting is so hazy, why not use something more straightforward like cash flow multiples?

[@Attackz]

A lot of high margin revenue coming from both Top Tracer and franchising. I think we’ll see 10x returns over the next 10+ years with this one.

[@LZem3]

You have facilities that are expensive to build and there is zero debate about if it is appropriate to exclude depreciation and interest? Maybe if money goes free again.

[@cattusfattus6369]

Well in the short term this isn't looking like a winner

[@keyzersoze5958]

From a “consumer” perspective,acushnet has aesthetically “cooler” gear than callaway.