Amer Sports Inc (AS) is slightly overvalued and Callaway Golf Co (CALY) is fairly valued.
Both trade above our estimate of their intrinsic value. CALY is the closer of the two: -2%, against -15% for AS.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 12.9% (average of 3 methods) values the shares at $24.00; the price of $27.65 is 15% above that value, and 66% of that value comes from beyond year five.
Leak Score 27/100 on 3 of 12 signals
Discounting its cash flows at 9.4% (average of 2 methods) values the shares at $14.52; the price of $14.81 is 2% above that value, and 74% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | AS | CALY |
|---|---|---|
| Verdict | Slightly overvalued | Fairly valued |
| Price | $27.65 | $14.81 |
| Intrinsic value | $24.00 | $14.52 |
| Margin of safety | -15% | -2% |
| Leak Score | 27/100 (3/12) | 0/100 (2/12) |
| Market cap | $16.1B | $2.6B |
| Revenue growth, 5 years | 21.8% | 5.3% |
| Operating margin | 12.9% | 8.6% |
| Net margin | 7.3% | -9.0% |
| Return on equity | 8.8% | 3.0% |
| Debt to equity | 0.16 | 0.13 |
| P/E | 28.9x | — |
| Forward P/E | 16.9x | 16.5x |
| P/B | 2.3x | 1.2x |