In Northlake’s yearend letter, we stated “Admittedly, we have been too patient with ClubCorp. However, with oil prices rebounding and golf rounds played rising for the first time in several years, we feel if the stock is going to work it should do so as we approach the 2017 golf season.” Lo and behold, it […]
ClubCorp (MYCC) reported 3Q16 results and 4Q16 guidance largely in line with expectations, with a slight miss on sales and a slight beat on earnings. The solid results reflect a resilient subscription business model despite continuous headwinds from unfavorable weather and some weakness in oil-dependent markets. Importantly, MYCC outlined their goal to reduce debt partly […]
ClubCorp (MYCC) reported another solid quarter further putting to bed the bear case that has led the stock to decline by more than 30% in 2016. The concerns have revolved around the Texas economy, membership trends, lack of margin expansion and return on recent acquisitions, high debt levels, and declining participation in golf. Each of […]
ClubCorp (MYCC) shares were cut in half in the first 8 weeks of 2016 as investors grew concerned about the company’s exposure to Texas. Approximately 30% of MYCC’s country clubs are in Texas with 8% in Houston. A second part of the problem was an extremely negative research report issued by a broker that emphasized […]
ClubCorp (MYCC) reported earnings largely in line with management forecasts although a bit below more optimistic analyst estimates. Revenues are tracking perfectly for 2015 but operating margins are a bit light as improved profitability at the large Sequoia golf acquisition is bit behind schedule. Nothing in the story has changed at all. MYCC is on […]
ClubCorp (MYCC) reported second quarter results that show our investment thesis is on track. MYCC reaffirmed their full year guidance. Same store sales and EBITDA continue to grow steadily as MYCC invests in club reinventions. Recent acquisitions are driving more dramatic growth on the top and bottom line, and cost synergies have met expectations. MYCC […]
ClubCorp (MYCC) reported another boring but efficient quarter. Headline results were boosted by the acquisition of Sequoia Golf last year but growth in same club revenue of 2.8% and same club EBITDA of 8.6% were at least as good as expected. Membership also continues its steady march higher with consistent 1% gains annually. Northlake was […]
ClubCorp Holdings (MYCC) is the largest owner-operator of private country clubs and business clubs in the United States. MYCC recently completed the acquisition of Sequoia Golf, the third largest owner-operator of country clubs, and now owns or operates over 200 clubs in more than 26 states. Clubs are somewhat clustered in warmer clients with Texas […]
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