Sahm Adrangi
April 07, 2016
Chief Investment Officer, Kerrisdale Capital

ClubCorp Holdings, Inc. (MYCC): Valuation on the Fairway, Fundamentals in the Rough

  • ClubCorp’s golf clubs suffer from limited underlying growth, fierce competition, high capital intensity, weak returns, and bleak demographic trends
  • ClubCorp’s roll-up strategy has been a value-destroying failure
  • A billion dollars in debt and a large contingent liability put ClubCorp’s solvency in question

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