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  • IPO Preview: EndoStim
    Thu, Oct. 23 STIM Comment!

    Summary

    • A medical device company focused on the development and commercialization of a novel neurostimulation system for the treatment of severe gastroesophageal reflux disease.
    • 2.4 times book. Small rev, large losses.
    • No stockholder interest in the IPO.
  • IPO Preview: Fifth Street Asset Management
    Wed, Oct. 22 FSAM 3 Comments

    Summary

    • A leading alternative asset manager with more than $5.6 billion of assets under management.
    • Proceeds to founding shareholder. Per share dilution same as IPO price.
    • 4.8% yield on Class A stock. Dual stock structure, Class A has 3.8% of votes. P/E of 29, price-to-book of 35.
  • IPO Preview: Proteon Therapeutics
    Wed, Oct. 22 PRTO 2 Comments

    Summary

    • Targeting kidney failure, PRTO initiated the first of two Phase 3 trials for PRT-201 in radiocephalic AVFs, PRTO’s initial indication, in the third quarter of 2014 and expects to initiate the second Phase 3 trial in the first half of 2015.
    • Price-to-book 2.4. P/E -17, no revenue.
    • Stockholders may purchase $30.4mm of the IPO, or 50%.
  • IPO Preview: Anchor BanCorp Wisconsin
    Wed, Oct. 22 ABCW Comment!

    Summary

    • A bank, incorporated as a savings and loan holding company under the laws of the State of Delaware and headquartered in Madison, Wisconsin.
    • Rev -12%. Price-to-book of 1.1.
    • P/E of 27. Only selling 4% on the IPO.
  • IPO Preview: Zayo Group Holdings
    Fri, Oct. 17 ZAYO Comment!

    Summary

    • Provides fiber networks and datacenter facilities.
    • P/E -29; 62% by selling shareholders. Rev +12%, operating income -49%.
    • Operating income % of rev only 5%. Loss rate on rev -16%.
    • Per share dilution of -$26.42. -$332mm accumulated deficit.
  • IPO Preview: Xenon Pharmaceuticals
    Thu, Oct. 16 XENE Comment!

    Summary

    • Clinical-stage biopharmaceutical company discovering and developing a pipeline of differentiated therapeutics for orphan indications.
    • 2.2 times book. Profitable based on collaboration rev.
    • Collaboration partners include Teva (TEVA), a Genetech affiliate and Merck (MRK).
  • IPO Preview: Virobay
    Thu, Oct. 16 VBAY Comment!

    Summary

    • Clinical-stage pharmaceutical company utilizing its cysteine cathepsin platform for the development and commercialization of novel drugs.
    • Price to book of 3.3. Relatively low cash burn rate compared to mrkt cap.
    • Stockholders to purchase $11mm, 20%. Completed Phase 1 trials.
  • IPO Preview: Atara Biotherapeutics
    Thu, Oct. 16 ATRA Comment!

    Summary

    • Clinical-stage biopharmaceutical company focused on developing novel therapeutics for serious unmet medical needs, with an initial focus on muscle wasting conditions and oncology.
    • Enrolling a Phase 2 clinical trial. 2.4 times book. Tried to IPO last July.
    • Stockholders may buy $35mm, 47%.
  • IPO Preview: Dominion Midstream Partners, LP
    Wed, Oct. 15 DM 1 Comment

    Summary

    • Liquefied natural gas (“LNG”) import, storage, regasification and transportation assets.
    • 3.5% projected yield.
    • Yield expected to rise considerably in 2017.
  • IPO Preview: Forward Pharma A/S
    Wed, Oct. 15 FWP Comment!

    Summary

    • Initiating a Phase 3 clinical trial for multiple sclerosis.
    • Key competitor is Biogen. Biogen's Tecfidera® was approved by the FDA for the treatment of RRMS on March 27, 2013.
    • Tecfidera® generated global sales of $2.08 billion from launch in April 2013 through June 30, 2014.
  • IPO Preview: Great Western Bancorp
    Wed, Oct. 15 GWB 1 Comment

    Summary

    • Regional bank holding company focused on relationship-based business and agribusiness banking.
    • Net interest inc +32%. Net income +10%.
    • Price-tangible-book of 4.
  • IPO Preview: Dave & Buster's Entertainment
    Fri, Oct. 10 PLAY Comment!

    Summary

    • Leading owner and operator of high-volume venues in North America that combine dining and entertainment for both adults and families.
    • 16 P/E on adj earnings. Overall market for PLAY in a downtrend.
    • Relatively small new store potential.
  • IPO Preview: Diplomat Pharmacy
    Fri, Oct. 10 DPLO 2 Comments

    Summary

    • Nation's largest independent specialty pharmacy and is focused on improving lives of patients with complex chronic diseases.
    • Rev +49%, gross profit +65%. Operating income +100%, Net income +59%. 67 P/E.
    • Net income .5% of rev. Adj EBITDA +128%.
  • IPO Preview: HubSpot
    Wed, Oct. 8 HUBS Comment!

    Summary

    • Provides a cloud-based marketing and sales software platform that enables businesses to deliver an inbound experience.
    • Rev +46%; 92% subscriptions. Gross profit +62%, 35% loss on rev.
    • Deferred rev 63% of total.
  • IPO Preview: MOL Global
    Wed, Oct. 8 MOLG Comment!

    Summary

    • Largest e-payment enabler for online goods and services in Southeast Asia by payment volume.
    • Rev up +33%, operating profit +12%. Profit +78% but other income is 1/3 of total profit.
    • 61% to selling shareholders. Pays no taxes. 95 P/E.
  • IPO Preview: OM Asset Management Ltd
    Wed, Oct. 8 OMAM Comment!

    Summary

    • Global, diversified, multi-boutique asset management company with approximately $214.9 billion of assets under management.
    • 14.3 P/E, 100% to selling shareholders.
    • 1.8% potential annualized dividend.
  • IPO Preview: USD Partners LP
    Wed, Oct. 8 USDP 4 Comments

    Summary

    • Fee-based, growth-oriented master limited partnership formed to acquire, develop and operate energy-related rail terminals and other high-quality and complementary midstream infrastructure assets and businesses.
    • Projected 5.75% payout.
    • Terminalling contracted to capacity, growth plan not clear.
  • IPO Preview: NeuroSigma
    Wed, Oct. 8 NSIG Comment!

    Summary

    • Develops bioelectronic products with the potential to transform the lives of patients suffering from major neurological and neuropsychiatric disorders such as epilepsy and depression.
    • 4.6 times book.
    • No revenue.
  • IPO Premium: Veritex Holdings
    Wed, Oct. 8 VBTX Comment!

    Summary

    • Bank holding company headquartered in Dallas, Texas.
    • Net interest income +18%. Net income +26%.
    • Price-to-book 1.1.
  • IPO Preview: EyeGate Pharmaceuticals
    Fri, Oct. 3 EYEG 1 Comment

    Summary

    • Clinical-stage specialty pharmaceutical company that is focused on developing and commercializing therapeutics and drug delivery systems for treating diseases of the eye.
    • High cash burn rate: P/E ratio of -7.6.
    • No collaborations. 1st pivotal Phase 3 trial completed.
  • IPO Preview: FMSA Holdings
    Fri, Oct. 3 FMSA 2 Comments

    Summary

    • One of the world’s largest providers of sand-based proppant solutions.
    • P/E of 17, price-to-tangible bk of -13.
    • 100% to shareholders.
  • IPO Preview: Yodlee
    Fri, Oct. 3 YDLE Comment!

    Summary

    • A leading technology and applications platform powering dynamic innovation for digital financial services in the cloud.
    • 85% recurring revenue.
    • 6 mos rev +29%; paid users +17%; almost breakeven.
  • IPO Preview: Dermira
    Fri, Oct. 3 DERM Comment!

    Summary

    • Specialty biopharmaceutical company focused on differentiated medical dermatology products.
    • Developing the lead product, Cimzia, in collaboration with UCB Pharma S.A., for the treatment of moderate-to-severe plaque psoriasis.
    • Phase 2 clinical trials, 2.7 times tangible book.
    • Relatively high cash drain, P/E of -7.6.
  • IPO Preview: Calithera Biosciences
    Thu, Oct. 2 CALA Comment!

    Summary

    • Currently conducting three Phase 1 clinical trials of CB-839 in the United States in patients with solid tumors, leukemias, lymphomas and multiple myeloma.
    • Shareholders may buy $15mm.
    • Price-to-book of 1.9 (relatively low).
  • IPO Preview: Wayfair
    Thu, Oct. 2 W Comment!

    Summary

    • E -commerce business model targeting 35 to 65 year old women with annual household incomes of $60,000 to $175,000.
    • Top line rev +50% (buyng customers), 23% gross profit.
    • -$22.52 per share dilution, 9% loss on rev, P/E of -30.
  • IPO Preview: Atento S.A.
    Thu, Oct. 2 ATTO Comment!

    Summary

    • Largest provider of customer relationship management and business process outsourcing services in Latin America and Spain.
    • Revenue, operating income, earnings, EBITDA all down.
    • -$21 per share dilution, 32 times tangible book value.
    • Operating income only 2.8% of rev, P/E of -31.
  • IPO Preview: AAC Holdings
    Thu, Oct. 2 AAC Comment!

    Summary

    • Leading provider of inpatient substance abuse treatment services for individuals with drug and alcohol addiction.
    • Difficult to grow, very competitive market.
    • May be a roll-up acquisition vehicle in a fragmented market.
    • P/E ratio of 122, Price-to-sales of 2.3.
  • IPO Preview: JP Energy Partners LP
    Thu, Oct. 2 JPEP 1 Comment

    Summary

    • Growth-oriented limited partnership formed in May 2010 to own, operate, develop and acquire a diversified portfolio of midstream energy assets.
    • Yields 6.5% at midpoint.
    • From drop-down asset acquisitions (problematical).
  • IPO Preview: VWR Corp.
    Thu, Oct. 2 VWR 2 Comments

    Summary

    • Leading, independent provider of laboratory products, services and solutions to the global life science, general research and applied markets.
    • Top line rev +4%, operating margin 6.2%. P/E of 29, -$40 per share dilution.
    • Proforma income up only because of debt repayment.
  • IPO Preview: Vivint Solar
    Wed, Oct. 1 VSLR Comment!

    Summary

    • Second largest installer of solar energy systems to the U.S. residential market with approximately 8% market share in 2013 and 9% in the first quarter of 2014 up from 1%.
    • Offers distributed solar energy — electricity generated by a solar energy system installed at or near customers’ locations — to residential customers based on 20-year contracts at prices below their current utility rates.
    • 6 months loss tripled to -$64 million from $-21 million.
  • IPO Preview: CONE Midstream Partners LP
    Thu, Sep. 25 CNNX Comment!

    Summary

    • 4.2% payout.
    • Substantial sponsors need the mid-stream assets.
    • New master limited partnership.
  • IPO Preview: Travelport Worldwide
    Thu, Sep. 25 TVPT Comment!

    Summary

    • A leading travel commerce platform providing distribution, technology, payment and other solutions for the $7 trillion global travel and tourism industry.
    • Price-to-tangible book ratio is -1.2 (private equity has sucked out as much cash as possible).
    • Consistent record of losing money.