Golf courses have several characteristics that must be analyzed in the evaluations, such as: frequency of players, average age of players, course conditions, course management, infrastructure, security, course design, vegetation, environment, legal protection, etc… .
The main factors that influence business revenues are the number of players, average per capita income, GDP, number of golf courses in the region, course image, brand, history, members, books and complementary activities such as: resort, hotel, restaurants, events, etc… .
The valuation can be carried out by the main methods, the DCF – Discounted Cash Flow being the most used with reliable data of projections, terms and discount rate.