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IPO Preview: Box
- Subscription-based cloud-based, mobile-optimized Enterprise Content Collaboration platform.
- Attractive long-term financial model based on a combination of new customers and 30% expected compound annual growth from existing customers.
- Objective is 20%+ free cash flow on revenue.
- However, 4 financial red flags.
IPO Preview: Patriot National
- National provider of comprehensive outsourcing solutions within the workers’ compensation marketplace for insurance companies, employers, local governments and reinsurance captives.
- P/E of 22. Compare: AJG's P/E is 22.9; WSH's P/E is 21.1.
- Dilution more than the IPO price range midpoint.
- Sept 9 mos profit due to income from related party.
IPO Preview: County Bancorp
- Wholly-owned subsidiary Investors Community Bank, a Wisconsin-chartered bank, is headquartered in Manitowoc, Wisconsin.
- Top line rev down -5%, net income +1%.
- P/E ratio of 11.9. Price to book of .8.
- Consistently profitable. Small $20mm IPO.
IPO Preview: Juno Therapeutics
- Building a fully-integrated biopharmaceutical company focused on revolutionizing medicine by re-engaging the body’s immune system to treat cancer.
- Phase II trial 'before the end of 2015.'
- 3.4 times book, which is 'in range.' P/E of -18 indicating 'moderate' cash burn relative to market cap.
- CL Alaska, L.P. may purchase $25mm on the IPO, 16%.
IPO Preview: Medovex
- Intends to build a portfolio primarily by acquiring companies or technologies that MDVXU believes have promising commercial potential.
- Nothing in development. No pre-clinical trials scheduled.
- Needs strategic partners to move forward.
- 6.6 times book (this is high). Tiny IPO, $53mm market cap.
IPO Preview: Bellicum Pharmaceuticals
- Clinical stage biopharmaceutical company focused on discovering and developing novel cellular immunotherapies for various forms of cancer, including both hematological cancers and solid tumors.
- In Phase 1/2 clinical trials.
- Shareholders may purchase up to $40mm, 40% of the IPO. 2.8 price-to-book, lower end of 'usual' range.
- P/E of -31, indicating 'moderate' cash burn rate relative to market cap.
IPO Preview: OnDeck Capital
- Online platform for small business lending. ONDK is seeking to transform small business lending by making it efficient and convenient for small businesses to access capital.
- Different business model than LendingClub.
- LC is a platform that collects transaction fees but doesn't retain term loans. LC is not subject to credit risks. ONDK retains term loans, like a bank or finance company.
- Gross revenue +156%. Loan losses 44% of gross revenue. Funding costs 12% of gross revenue.
- Net revenue +193%. Operating loss -10% of net revenue. Adjusted loss -8% of net revenue. P/E of -222 means cash burn rate vs. market cap is relatively low.
IPO Preview: Rice Midstream Partners LP
- A fee-based, growth-oriented limited partnership formed by Rice Energy Inc. to own, operate, develop and acquire midstream assets in the Appalachian Basin.
- Expected to yield 3.75% at the price range mid-point of $20.
- Selling 43% on the IPO, higher than recent new MLP/LPs.
- Recent midstream IPOs off -16% in last 30 days. Parent RICE also off -16% in last 30 days. 3rd-party revenues projected to be 24%.
IPO Preview: New Relic
- Building a new category of enterprise software it calls Software Analytics.
- Revenue +83%; gross profit of 81%; Loss rate of -40%.
- 250,000 users, 10,590 paid accounts.
- Price-to-sales of 8.7; P/E of -22.5; Price-to-book of 4.4.
IPO Preview: Hortonworks
- Mission is to establish Hadoop as the foundational technology of the modern enterprise data architecture.
- Revenues +109%; 34% gross profit. Loss rate is -260%.
- Price-to-book of 3.4. Price-to-sales of 12.1.
IPO Preview: Workiva
- Cloud-based and mobile-enabled platform for enterprises to collaboratively collect, manage, report and analyze critical business data in real time.
- Revenue +34%; 71% gross profit. Into 60% of Fortune 100 and 500 companies.
- Loss rate of -34%; never made money. P/E of -14.6. Price-to-sales of 5. Price to book of 7.6.
IPO Preview: Connecture
- A leading web-based consumer shopping, enrollment and retention platform for health insurance distribution.
- Rev +70%, loss rate is -26%. Never been profitable.
- Per share dilution of -$15.72 is higher than IPO mid-range of $13. Accumulated deficit of -$130mm.
- P/E of -13.5. Price-to-tangible book is -4.8. Price-to-book is -20.
IPO Preview: Metaldyne Performance Group
- A leading provider of highly-engineered components for use in Powertrain and Safety-Critical Platforms for the global light, commercial and industrial vehicle markets.
- 100% to selling shareholder.
- Revenue +4%; 16% gross profit; 10.5 P/E; .4 price-to-sales; -1.1 price-to-tangible book.
- Net income +73% (preparing for IPO), growth can't be sustained. .46% dividend rate, too low to be meaningful.
IPO Preview: James River Group Holdings
- Bermuda-based insurance holding company that owns and operates a group of specialty insurance and reinsurance companies.
- 100% by selling shareholders; Goldman is selling most of its shares.
- Rev +8%. P/E of 13.7.
- Price-to-book of .8. Price-to-tangible book of 1.1.
IPO Preview: Avolon Holdings Limited
- A leading global aircraft leasing company focused on acquiring, managing and selling commercial aircraft.
- Priced in same range as AerCap. Discount to Air Lease.
- Rev +33%; net income +12%.
- 12.9 P/E; price-to-sales of 3.1. Price-to-book of 1.3. 3% tax rate.
IPO Preview: Lending Club
- World’s largest online marketplace connecting borrowers and investors.
- Rev +122%. Operating income +176%.
- Price-to-sales of 21, definitely in the high range. Price-to-book of 6.1.
IPO Preview: Momo
- Mobile-based social networking platform. MOMO enables users to establish and expand social relationships based on location and interests.
- Rev +60%. Loss -87% of rev.
- Price-to-sales of 73 (too high).
- Per share dilution -$-11.30 vs IPO mid-range of $13.5.
IPO Preview: Polar Star Realty Trust
- REIT that acquires, owns, leases, manages and redevelops office and industrial properties located primarily in Norway, Sweden and Denmark.
- Expected yield of 6%.
- Price-to-book of 1.8. Price-to-tangible book of 1.2. Apparent accounting inconsistency because priced to tangible book should always be equal to or greater than price-to-book.
IPO Preview: Histogenics
- Egenerative medicine company focused on developing and commercializing products in the musculoskeletal segment of the marketplace.
- The first product candidate, NeoCart, is being investigated in a Phase 3 clinical trial: regenerates cartilage.
- Caveat: High cash burn rate relative to market cap: P/E of -5.1. Price to book: 2.8.
IPO Preview: Neff Corporation
- A leading regional equipment rental company in the United States, focused on the fast-growing Sunbelt states.
- Per share dilution is 226% of mid-range price.
- Proforma Interest expense is 72% of operating income. NEFF proforma Sept 9 mos P/E of 84, too high.
- NEFF P/E of 44 based on proforma 2013. URI & HEES have P/Es of around 25.
- Only NEFF has a negative book value, compared to URI & HEES.
IPO Preview: Peak Resorts
- Currently operates 13 ski resorts primarily located in the Northeast and Midwest, 12 of which SKIS owns.
- Selling 71% on IPO, a weaknesss.
- Results depend on erratic snowfalls. P/E of 93 for April '14 fiscal.
IPO Preview: Habit Restaurants
- High-growth, fast casual restaurant concept that specializes in preparing fresh, made-to-order char-grilled burgers and sandwiches.
- Market potential 2000 units, currently 99 units. P/E of 73, price-to-sales of 2.3.
- Rev +49%, Adj net income +50%, total restaurants +36%.
IPO Preview: Cnova N.V.
- One of the largest global eCommerce companies, with operations in Europe, Latin America, Asia and Africa.
- Per share dilution about the same as IPO mid-point. Adjusted operating profit a minuscule .04%.
- -81 P/E, price-to-tangible book of 95, 1.5 price to sales (this is attractive to institutions).
IPO Preview: Neothetics
- Seeking approval of lead product candidate, LIPO-202, for the reduction of central abdominal bulging due to subcutaneous fat in non-obese patients, an indication for which there is no FDA-approved drug.
- Stockholders & others may purchase up to $27mm, 45%.
- Price-to-book of 2.9. P/E of -17.5 indicating moderate cash burn relative to market cap.
- No collaborators. Targeting an aesthetic market. Top line Phase 3 results expected end of '15.
IPO Preview: Paramount Group
- Vertically-integrated real estate companies REIT focused on owning, operating and managing high-quality, Class A office properties.
- Expected to yield 2.17% at price range mid-point.
- Compared to BXP and BPO, 'in the range', see 'valuation' below.
- Selling 54% on the IPO.
IPO Preview: Second Sight Medical Products
- Medical device company that develops, manufactures and markets implantable visual prosthetics to restore some functional vision to blind patients.
- Implanted about 90 units of current product.
- Laying foundation for major sales growth.
- Sept. 9 mos rev +88%. Gross margin improved to -14% from -306%. Operating loss is -851% of rev.
IPO Preview: STORE Capital Corporation
- REIT, that is a leader in the acquisition, investment and management of Single Tenant Operational Real Estate.
- Discount to Realty Income (O), see 'valuation' below.
- Expected yield is 5.6% at price range mid-point.
IPO Preview: FibroGen
- Research-based, biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutic agents to treat serious unmet medical needs.
- Rev +35%, 87% of rev from licenses/milestone payments. Almost breakeven. Price-to-book of 4.
- AstraZeneca, collaboration partner, to buy $20mm private placement on closing.
- One product in Phase 3, one in Phase 2.
IPO Preview: NeuroDerm
- Clinical-stage pharmaceutical company developing next-generation treatments for central nervous system.
- No revenue, products based on reformulations.
- Shareholders may buy $14 million 3.8 times book.
IPO Preview: Virgin America
- Premium-branded, low-cost airline based in California that provides scheduled air travel in the continental United States and Mexico.
- Price-to-book 2.1, Operating income +51%.
- Aircraft fuel -1%, lower oil prices expected to be a plus.
IPO Preview: eHi Car Services Ltd
- No. 1 car services provider and No. 2 car rentals provider in China in terms of market share by revenues in 2013.
- 6x sales, still losing money, P/E of -112.
- Revenue +48%. Price-to-book is 1.8.
IPO Preview: Landmark Infrastructure Partners LP
- Growth-oriented master limited partnership formed by Landmark to acquire, own and manage a portfolio of real property interests that it leases to companies in the wireless, billboard & wind industries.
- 5.75% yield.
- Price-to-book 1.5. Per share dilution of -28.40.