PV
Primavera Capital Acquisition Corporation
stock NYSE

Hi,
As a keen golfer, I've been following Acushnet ($GOLF) and Topgolf Callaway ($MODG) for a while. And by looking at publicly data, it's clear that golf as a whole is having a very strong summer in terms of participation/ spend, particularly in Europe and the US.
E.g., search interest for the keywords "Titleist" and "Footjoy" is up over 25% YoY in calendar Q2 across Europe, and over 10% in the US. You see the same for the other brands. And the number of downloads of GHIN and MyEG – the official apps in the US and UK for submitting scores through the World Handicap System – has also increased YoY by 29% and 20% respectively.
Based on this, and also accounting for the weaker trends we're seeing across Asia, I expect Acushnet to be able to sustain YoY sales growth of at least 5-6% in the medium term. And if you also assume, going foward, that the company's after-tax operating margin and marginal sales/ capital ratio remain at 10.5% and 2.5 \[1\] respectively, and also that its weighted-average cost of capital is 6.8% \[2\], then a fair value for the stock may be estimated at $86 per share.
I won't walk through the detail, but the tables below show my forecasts of NOPAT/ FCF for the next 10 years, and how I've arrived at $86 per share.
If you've any questions, let me know in the comments. And my full analysis is avaliable [here](https://jackdry.com/86-price-target-set-for-acushnet-golf).
|Year|Sales ($M)|NOPAT ($M)|Net Investment ($M)|FCF ($M)|
|:-|:-|:-|:-|:-|
|1|2600.1|273|59.8|213.2|
|2|2749.6|288.7|60.5|228.2|
|3|2900.8|304.6|60.9|243.7|
|4|3053.1|320.6|61.1|259.5|
|5|3205.8|336.6|56.4|280.2|
|6|3346.8|351.4|50.9|300.5|
|7|3474|364.8|44.5|320.3|
|8|3585.2|376.4|37.3|339.2|
|9|3678.4|386.2|29.4|356.8|
|10|3751.9|394|30|363.9|
| Item | Amount |
|--------------------------|------------|
| PV(FCFF Years 1-10) | $2180.7M |
| PV(Terminal Value) | $4203.9M |
| Value of Operations | $6195.6M |
| Debt | $1098.9M |
| Excess Cash | $3.8M |
| Noncontrolling Interests | $4.0M |
| Value of Equity | $5092.6M |
| Shares Outstanding | 59,444,080 |
| Value Per Share | $85.7 |
**Notes**
\[1\] This assumption determines the amount of re-investment the company will have to make going forward to grow its sales. 2.5 is equal to the Acushnet's marginal sales/ capital ratio computed from 2017 to 2024.
\[2\] Computed assuming the pre-tax costs of capital for the company's interest-bearing debt, operating lease liabilities and equity are 7.4%, 4.6% and 8.3% respectively.

keine Ahnung wen du mit "Boomer" meinst.
1992 (als meine Eltern ihr Haus gekauft haben) betrug das Durchschnittsentgelt 3900 DM. Lohnsteuer nach Tabelle 13.3% KV 6.4%, RV 8.9%, AV 3.2%, PV gab es noch nicht, gibt Nettogehalt 2660 DM, 31.8% Abgabenlast. 
Mit 1 DM=0.5113€, inflationsbereinigt auf 2023: netto 2422€.
2023 Durchschnittsentgelt 3728€, keine Kinder SK1 keine Kirche, Netto 2421€, Abgabelast 35.1%.
https://www.gesetze-im-internet.de/sgb_6/anlage_1.html
1992 durchschnittlicher quardatmeterbezogener Immobilienpreis ca. 2600 DM/m². Inflationsbereinigt 2366 €/m².
2023 2700€.
1992 Notar und Grundbuch 2% Steuer 2%. 2023 Notar und Grundbuch 2%, Steuer 6%.
160m² Haus in 1992 in 2023 Euros inkl. Nebenkosten: €394k
160m² Haus in 2023 inkl. Nebenkosten: €467k
20% Eigenanteil, 1992 €79k
20% Eigenanteil, 2023 €93k
Immobilienkredit 1992: 9%
Immobilienkredit 2023: 4%
1992 Bei 30% des Nettos als Sparrate bis Eigenanteil angespart wurde: 9.1 Jahre
2023 Bei 30% des Nettos als Sparrate bis Eigenanteil angespart wurde: 10.6 Jahre
Kreditsumme 1992: €315k, 130 Netto-Monatsgehälter
Kreditsumme 2023: €374k, 155 Netto-Monatsgehälter
Durch die Förderung nach §10e EStG (Eigenheimförderung) hätte sich nach dem Kauf das anzurechnende Einkommen auf die Lohnsteuer reduziert. Bin gerade zu faul es nachzuschlagen, lass uns großzügig sein und sagen wir für 8 Jahre auf 0 reduziert, dementsprechend wäre das Netto auf 3179 DM, inflationsbereinigt 2894€, gestiegen.
1992 Bei Annuitätendarlehen mit 1% anfänglicher Tilgung, monatliche Rate : 2625€, das 0.9-fache des Durchschnittsentgelts für 8 Jahre, danach das 1.1- fache
2023 Bei Annuitätendarlehen mit 1% anfänglicher Tilgung, monatliche Rate : 1558€, das 0.64-fache des Durchschnittsentgelts 

At an estimated discount rate of .07, the PV of the 120k/year(compounded yearly for simplicity) is 1.71mil, about 1.8ish is my guess if compounded monthly. So it depends on taxes. If there are taxes on the 2mil but not on the cash flow take the cash flow. But if there’s no taxes on the 2mil and the 120k/year take the 2mil. I would say in most cases you take the 2 mil anyway since chances of you beating a basic rate are quite high if you do stock market or business investment.

Wenn du in die GKV oder PV einzahlst zahlst du doch auch bei mehr Gehalt mehr für die gleiche Leistung?

Ich zahle über1000€ im Monat für KV/PV um damit arme Haushalte mit zu finanzieren und die Kassen wollen immer mehr.
Soll ich künftig 2000€ bezahlen, damit ich exakt dieselbe Leistung bekomme wie jmd., der 150€ einzahlt? Das ist ne verdammte Versicherung.

Start with long term investing if you absolutely have to go into the markets and have no patience (but patience is an extraordinarily important skill).
I would honestly just buy and hold a few good stocks, they'll pay off way better than you could ever trade, but I doubt you'll listen to that advice so onto your question:
\-From a broad perspective there are three major studies of day trading/swing trading/short term investing:
1) Accounting/Value investing/entering only great companies that are worth more than they cost/finally leading to entries at a great Price to Earnings ratio (P/E Ratio).
2) Technical analysis/indicators (ie lagging MACD, Bollinger bands, support/resistence, momentum indicators, theres 100s here and they give tons of false positives and negatives).
3) Finance and catalysts working together. Getting a feel for a well rounded company (good product, large investors that will sell the product, and contracts from big clients) with a product that will hit the market and transcend into higher stock prices at high "Present value" (PV).
Its an absolutely massive field, and we haven't touched on options, forex, futures, etc.
Take a few courses in accounting, maybe one from finance, then pick some books on the 3 topics I left you, and go from there.

You're all over complicating this. Figure out the present value of the annuity, and compare that to the lump sum. Apple to Apple, not apple to lawn gnome.
This does require assigning values to two variables, the rate of return, and the length of the annuity. I chose a 50 year length, assuming I'll live to 90. Based on that assumption, it would take roughly a 5.6% annual return for the PV of the annuity to equal the $2 million lump sum.
So, based on my assumed 50 year annuity period, if I think I can achieve better than a 5.6% return, I take the lump sum. Lower than 5.6? Take the annuity.

Aber nur wenn der PV Speicher voll ist und man noch keine Einspeisevergütung erhält!

Er hat mir nichts angedeihen lassen.
Er hat mir aber geholfen mit meiner PV Anwartschaft wo mein AG verkackt hat.

Hi, I am you from the future. I decided on a hunting property and the lake house I passed on would have been a better investment but it turned out to be a very popular lake too. Just depends on your location.
Definitely get the dock. You own that, you won’t own your PV calc.
Make sure your financial house is really really in order. You’ll eventually feel the cash flow impact when something else comes up and you don’t want to be forced to sell. I have over a year of emergency fund etc etc because these types of investments have terrible liquidity. And hopefully you will enjoy it because like all investments it’s possible it will disappoint as an investment. But generally a good investment if it’s a good location.