DDM Analysis: GOLF

Valuation Snapshot

Stable Growth	$252.73 - $721.90	$676.53
Multi-Stage	$99.16 - $108.56	$103.77
Blended Fair Value	$390.15
Current Price	$78.49
Upside	397.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.54%	14.69%	0.89	0.86	0.85	0.80	0.75	0.71	0.64	0.58	0.00	0.22
YoY Growth	-	-	3.45%	0.46%	6.25%	6.73%	5.92%	11.35%	9.27%	0.00%	-100.00%	-0.28%
Dividend Yield	-	-	1.29%	1.28%	1.67%	1.99%	1.82%	2.76%	2.80%	2.53%	0.00%	1.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	222.33
(-) Cash Dividends Paid (M)	55.42
(=) Cash Retained (M)	166.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.47	27.79	16.67
Cash Retained (M)	166.91	166.91	166.91
(-) Cash Required (M)	-44.47	-27.79	-16.67
(=) Excess Retained (M)	122.45	139.12	150.24
(/) Shares Outstanding (M)	61.25	61.25	61.25
(=) Excess Retained per Share	2.00	2.27	2.45
LTM Dividend per Share	0.90	0.90	0.90
(+) Excess Retained per Share	2.00	2.27	2.45
(=) Adjusted Dividend	2.90	3.18	3.36
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$252.73	$676.53	$721.90
Upside / Downside	221.99%	761.93%	819.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	222.33	236.78	252.17	268.56	286.02	304.61	313.75
Payout Ratio	24.93%	37.94%	50.96%	63.97%	76.99%	90.00%	92.50%
Projected Dividends (M)	55.42	89.84	128.50	171.80	220.19	274.15	290.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	83.40	84.19	84.98
Year 2 PV (M)	110.73	112.84	114.97
Year 3 PV (M)	137.43	141.38	145.40
Year 4 PV (M)	163.52	169.80	176.27
Year 5 PV (M)	188.99	198.12	207.59
PV of Terminal Value (M)	5,389.29	5,649.60	5,919.86
Equity Value (M)	6,073.36	6,355.92	6,649.07
Shares Outstanding (M)	61.25	61.25	61.25
Fair Value	$99.16	$103.77	$108.56
Upside / Downside	26.33%	32.21%	38.31%

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Acushnet Holdings Corp. (GOLF)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener