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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