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  • IPO Preview: GoDaddy
    Today, 2:14 AM GDDY 1 Comment

    Summary

    • Global market leader in domain name registration.
    • Big, dominant brand, 23% top line revenue increase, recurring revenue, 63% gross margin, appears to be moving towards breakeven.
    • Per share dilution -$48.54 vs. IPO mid-range of $18 (private equity sucked out as much cash as possible). Price-to-tangible book -.6, one of the lowest we've seen (low is worse).
  • IPO Preview: Jernigan Capital
    Fri, Mar. 27 JCAP 2 Comments

    Summary

    • Funding of incoming self-storage mortgages with equity kickers depends on a successful IPO.
    • No rev. or earnings, dividend not specified. Pre-IPO JCAP has capital of $1000.
    • Selling 95% on the IPO.
  • IPO Preview: SolarEdge Technologies
    Thu, Mar. 26 SEDG 2 Comments

    Summary

    • A leading provider of intelligent inverter solutions that are changing the way power is harvested and managed in solar PV systems.
    • Rev. +141%. SolarCity accounted for 19.1% of rev. in '14.
    • Market expected to grow 46%, compound annual growth rate.
    • Annualized (tax sheltered by losses) P/E of 40; annualized price-to-sales of 1.7. 21% gross profit, up from 12%, as top line rev. grows.
    • Net income 4% of rev., up from a 23% loss. Price-to-book of 4.
  • IPO Preview: ViewRay
    Thu, Mar. 26 VRAY 1 Comment

    Summary

    • Designs, manufactures and markets MRIdian, the first and only MRI-guided radiation therapy system to image and treat cancer patients simultaneously.
    • If 50% of backlog converted to sales, '15 sales will be up 430%. Rev +103%, '14 vs '13.
    • -43% gross margin, -528% loss for '14.
    • P/E of -5.5, indicates high cash burn rate relative to market cap.
  • IPO Preview: Valeritas
    Fri, Mar. 20 VLRX Comment!

    Summary

    • A commercial-stage medical technology company focused on developing innovative technologies to improve the health and quality of life of people with Type 2 diabetes.
    • P/E of -3.2, indicating very heavy cash burn relative to market cap.
    • Revenue +219%. Price-to-sales of 18. Price-to-book of 4.5, relatively high.
  • IPO Preview: SteadyMed
    Fri, Mar. 20 STDY Comment!

    Summary

    • A specialty pharmaceutical company focused on the development and commercialization of therapeutic product candidates that address the limitations of market-leading products in certain orphan and other well-defined, high-margin specialty markets.
    • No revenue. P/E of -8.4, indicating moderately heavy cash outflow relative to market cap.
    • Price-to-book of 2.4. No clinical trials.
  • IPO Preview: National Commerce
    Thu, Mar. 19 NCOM Comment!

    Summary

    • Bank holding company headquartered in Birmingham, Alabama.
    • P/E of 30 seems high; rev 38%+; income 48%+.
    • Price to-book of 1.1; price-to-tangible book of 1.3.
  • IPO Preview: Goldman Sachs BDC
    Wed, Mar. 18 GBDC 4 Comments

    Summary

    • Mid-market junk bonds.
    • Merrill is the lead underwriter, so we know it is a retail deal. Just another BDC. Goldman only owns 20% pre-IPO.
    • Its price-to-book of 1.05 is higher than those of AINV and PSEC, but lower than GBDC - see "compare" below.
    • Closed-end funds often trade at a discount to net asset value. Yield of 8.9%, lower than those of AINV and PSEC.
  • IPO Preview: Summit Materials
    Thu, Mar. 12 SUM Comment!

    Summary

    • SUM is one of the fastest-growing construction materials companies, by acquisition, in the United States.
    • Institutions own competitors: VMC, 90%; MLM, 100%.
    • Price-to-sales: SUM, 1.4; VMC, 3.7; MLM, 3.2. Price-to-bk: SUM, 2.8; VMC, 2.7; MLM, 2.2.
    • P/E: SUM, 615; VMC, 55; MLM, 62.
  • IPO Preview: MaxPoint Interactive
    Fri, Mar. 6 MXPT Comment!

    Summary

    • Provides a leading business intelligence and marketing automation software service, which MXPT refers to as its solution, that enables national brands to drive local, in-store sales.
    • Traffic acq cost + sales & mkt = 78% of rev.
    • Rev +61%, 56% gross profit, -12% loss on rev.
    • Price-to-sales, 2.8; P/E -23, Price-to-book 4.4.
  • IPO Preview: Wowo Ltd
    Wed, Feb. 25 WOWO Comment!

    Summary

    • One of China's leading third-party e-commerce platforms, focusing on local entertainment and lifestyle services such as restaurants, movie theaters and beauty salons.
    • Rev change -25%, Gross profit change -34%, Loss is -157% of rev, 73% gross margin.
    • Significant cash drain relative to market cap for an e-commerce co, P/E is -9.9.
    • Dilution more than price range mid-point.
  • IPO Preview: Great Ajax
    Fri, Feb. 13 AJX Comment!

    Summary

    • Acquiring and managing a portfolio of re-performing and non-performing mortgage loans secured by single-family residences and, to a lesser extent, single-family properties.
    • No indication of yield.
    • 25% of proceeds going to selling shareholders (money should be going to the company instead).
  • IPO Preview: Bellerophon Therapeutics
    Fri, Feb. 13 BLPH Comment!

    Summary

    • Innovative products at the intersection of drugs and devices that address significant unmet medical needs in the treatment of cardiopulmonary and cardiac diseases.
    • P/E of -2.9, indicating very heavy cash burn relative to market cap.
    • Phase 3 clinical trial planned for 2nd half of 2015.
    • Price-to-Book 2.0. No revenue.
  • IPO Preview: Inovalon Holdings
    Thu, Feb. 12 INOV 6 Comments

    Summary

    • Platform drives high-value impact, improving quality and economics for health plans, hospitals, physicians, patients, pharmaceutical companies, and researchers.
    • Revenues +22% to $360mm, after -1% decline last year. Net income +66% compared to -40% last year.
    • P/E of 49.6. Earnings history is spotty. Price-to-sales 9. Price-to-tangible book 8.8.
    • Gross profit of 69%, for Sept. 9 months.
  • IPO Preview: Invitae
    Thu, Feb. 12 NVTA Comment!

    Summary

    • Goal is to aggregate most of the world's genetic tests into a single service with higher quality, faster turnaround time and lower price than many single gene tests today.
    • Rev +12x to $0.7mm. Loss doubled to -$32mm. Price-to-book 2.1.
    • P/E ratio -9.8, indicating fairly heavy cash burn relative to market cap.
  • IPO Premium: AutoGenomics
    Wed, Feb. 11 AGMX Comment!

    Summary

    • Commercial stage molecular diagnostics company offering an innovative and proprietary technology platform to clinical reference laboratories, specialty clinics and hospital laboratories.
    • Rev +41%, gross profit +62%. Gross margin 65%.
    • Marginally profitable if loss on debt extinguishment disregarded.
  • IPO Preview: Avenue Financial Holdings
    Tue, Feb. 10 AVNU Comment!

    Summary

    • Headquartered in Nashville, Tennessee. AVNU was formed as a single-bank holding company in October 2006 and operates primarily through its subsidiary, Avenue Bank.
    • Rev +25%. Net income +37%. Price-to-book 1.4.
    • P/E 21.4. 53% to selling shareholders.
  • IPO Preview: Carbylan Therapeutics
    Fri, Feb. 6 CBYL Comment!

    Summary

    • Initial focus is on the development of Hydros-TA, its proprietary, potentially best-in-class intra-articular, or IA, injectable product candidate to treat pain associated with osteoarthritis.
    • Top line Phase 3 results expected end of '15 and '16.
    • Insiders not purchasing on the IPO.
  • IPO Preview: Columbia Pipeline Partners LP
    Fri, Feb. 6 CPPL Comment!

    Summary

    • Fee-based, growth-oriented Delaware limited partnership formed by NiSource ($13.4 billion market cap) to own, operate and develop a portfolio of natural gas pipelines, storage and related midstream assets.
    • CPPL yields 3.35%; parent ($13bb market cap NI) yields 2.37%.
    • Competitors in SEC filing yield: EQM, 2.67%; D, 3.04%.
    • Price-to-bk discount from parent & competitors.
  • IPO Preview: Easterly Government Properties
    Fri, Feb. 6 DEA Comment!

    Summary

    • REIT, focused primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions.
    • Growth plan depends on building/acquiring more properties for US gov.
    • Compare office REIT yields: CIO, 7.3%; LXP, 5.9%; DEA, 5.5%; BXP, 1.8%.
    • Price-to-book discount from others, ratio is .9.
  • IPO Preview: Nexvet Biopharma Plc
    Thu, Feb. 5 NVET Comment!

    Summary

    • Focused on transforming the therapeutic market for companion animals by developing and commercializing novel, species-specific biologics based on human biologics.
    • Safety & efficacy data expected end of '15 and '16.
    • Insiders may purchase $12mm, 20.6%.
  • IPO Preview: Advanced Accelerator Applications S.A.
    Thu, Feb. 5 AAAP Comment!

    Summary

    • Molecular nuclear medicine diagnostic and therapeutic products.
    • 29% top line rev. growth to $59mm for Sept. 9 mos.
    • Therapeutic candidate is in a pivotal Phase 3 trial.
    • Shareholder may purchase $10mm on the IPO. TIP-Pre IPO S.p.A may purchase $5mm of registered shares.
  • IPO Preview: Inotek Pharmaceuticals
    Thu, Feb. 5 ITEK Comment!

    Summary

    • A clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies for glaucoma.
    • Phase 3 trials expected mid-'15. Top line data by end of '16, or early '17.
    • Insiders may purchase $10mm, 15.6%. Concurrent debt offering of $30mm.
  • IPO Preview: Asante Solutions
    Thu, Feb. 5 PUMP 2 Comments

    Summary

    • A medical device company with the mission of improving and simplifying the management of diabetes patients and healthcare practitioners.
    • Insulin pump with pre-filled insulin cartridges. Rev. just starting.
    • P/E of -5.4 indicates heavy cash burn rate relative to market cap.
    • Insiders expected to purchase $17mm in a current private placement.
  • IPO Preview: Infraredx
    Wed, Feb. 4 REDX Comment!

    Summary

    • Cardiovascular imaging company advancing the diagnosis and treatment of coronary artery disease.
    • Rev. +99%. Price-to-sales 40.
    • High cash burn rate relative to market cap: P/E -6.1. Price-to-book of 3.6.
  • IPO Preview: AltheaDx
    Wed, Feb. 4 IDGX Comment!

    Summary

    • Commercial-stage molecular diagnostics company specializing in the field of personalized medicine.
    • Total rev. +221%. Diagnostic testing % of rev. 67%, up from 3%.
    • Loss -43% of rev. P/E -20.5, indicating moderate cash burn relative to market cap.
  • IPO Report: Tracon Pharmaceuticals
    Fri, Jan. 30 TCON 1 Comment

    Summary

    • Therapeutics for cancer, age-related macular degeneration and fibrotic diseases.
    • Collaborators include National Cancer Institute. Top line data for Phase 2 trials expected end of '15 and mid '16.
    • Relatively low price-to-book of 2.4. Relatively low cash burn rate: P/E ratio of -27. Insiders may purchase $8.2mm, 17.4%.
  • IPO Preview: Spark Therapeutics
    Fri, Jan. 30 ONCE 3 Comments

    Summary

    • Leader in the field of gene therapy, seeking to transform the lives of patients suffering from debilitating genetic diseases by developing one-time, life-altering treatments.
    • 1st product candidate targets rare blinding conditions. Phase 3 results 2nd half of '15.
    • Pfizer collaboration for hemophilia B.
  • IPO Preview: Shake Shack
    Fri, Jan. 30 SHAK 2 Comments

    Summary

    • Modern day "roadside" burger stand serving a classic American menu of premium burgers, hot dogs, crinkle-cut fries, shakes, frozen custard, beer and wine.
    • Rev +41%, P/E 114, price-to-sales of 3.2, low tax rate of 9%. Net income -20%, mostly due to new store opening exp.
    • Same store sales growth down to 3% from 5.5%. 31 domestic Shacks, domestic potential is 450.
  • IPO Preview: InfraREIT
    Fri, Jan. 30 HIFR 1 Comment

    Summary

    • Externally-managed REIT that owns transmission and distribution) T&D assets in Texas.
    • 4.5% expected payout at $20. Payout expected to grow 10-15% per year for 3 years.
    • Hunt Consolidated owns 23.4% pre-IPO and a division is the external manager.
  • IPO Preview: Avinger
    Fri, Jan. 30 AVGR Comment!

    Summary

    • Medical device company that designs, manufactures and sells image-guided, catheter-based systems that are used by physicians to treat patients with peripheral arterial disease.
    • Rev -15%. Gross profit 39%.
    • Very high cash burn rate relative to market cap: P/E -4. Price-to-book of 3.6.
    • No insider indications to purchase on the IPO.
  • IPO Preview: Flex Pharma
    Thu, Jan. 29 FLKS 1 Comment

    Summary

    • A biotechnology company developing innovative and proprietary treatments for nocturnal leg cramps and spasms associated with severe neuromuscular conditions.
    • Proof-of-concept study planned for Q2 '15.
    • Relatively low cash burn rate: P/E of -26. Price-to-book of 2.5. Insiders may purchase $24mm, 40%.