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  • IPO Preview: Presbia PLC
    Thu, Jan. 29 LENS Comment!

    Summary

    • Developed and is currently marketing a proprietary optical lens implant for treating presbyopia, the age-related loss of the ability to focus on near objects.
    • Implanted over 600 of microlenses outside of the United States.
    • Currently authorized to sell throughout the European Economic Area. Seeking FDA marketing approval, could take over 2 1/2 years.
  • IPO Preview: Ascendis Pharma A/S
    Wed, Jan. 28 ASND Comment!

    Summary

    • Developing its lead product candidate, TransCon human growth hormone, or TransCon hGH, for once-weekly administration to treat growth hormone deficiency.
    • Competed Phase 2 study for Growth Hormone Deficiency.
    • Low cash burn rate relative to market cap: P/E -49.
    • Price-to-book 2.7. Insiders may purchase $22mm, 26%.
    • Collaborations with Sanofi in the field of diabetes & with Genentech in the field of ophthalmology.
  • IPO Preview: Box
    Fri, Jan. 23 BOX 5 Comments

    Summary

    • 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
    Fri, Jan. 16 PN 1 Comment

    Summary

    • 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
    Fri, Jan. 16 ICBK Comment!

    Summary

    • 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
    Dec. 19, 2014 JUNO 3 Comments

    Summary

    • 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
    Dec. 19, 2014 MDVX 1 Comment

    Summary

    • 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
    Dec. 18, 2014 BLCM Comment!

    Summary

    • 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
    Dec. 17, 2014 ONDK Comment!

    Summary

    • 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
    Dec. 17, 2014 RMP Comment!

    Summary

    • 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
    Dec. 12, 2014 NEWR Comment!

    Summary

    • 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
    Dec. 12, 2014 HDP Comment!

    Summary

    • 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
    Dec. 12, 2014 WK Comment!

    Summary

    • 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
    Dec. 12, 2014 CNXR Comment!

    Summary

    • 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
    Dec. 12, 2014 MPG Comment!

    Summary

    • 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
    Dec. 12, 2014 JRVR 1 Comment

    Summary

    • 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
    Dec. 12, 2014 AVOL Comment!

    Summary

    • 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
    Dec. 11, 2014 LC 2 Comments

    Summary

    • 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
    Dec. 11, 2014 MOMO Comment!

    Summary

    • 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
    Dec. 11, 2014 PSRT 1 Comment

    Summary

    • 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
    Dec. 3, 2014 HSGX 2 Comments

    Summary

    • 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
    Nov. 21, 2014 NEFF 2 Comments

    Summary

    • 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
    Nov. 21, 2014 SKIS 1 Comment

    Summary

    • 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
    Nov. 20, 2014 HABT 5 Comments

    Summary

    • 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.
    Nov. 20, 2014 CNV Comment!

    Summary

    • 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
    Nov. 20, 2014 NEOT 1 Comment

    Summary

    • 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
    Nov. 19, 2014 PGRE 5 Comments

    Summary

    • 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
    Nov. 19, 2014 EYES 3 Comments

    Summary

    • 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
    Nov. 18, 2014 STOR Comment!

    Summary

    • 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
    Nov. 14, 2014 FGEN Comment!

    Summary

    • 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
    Nov. 14, 2014 NDRM Comment!

    Summary

    • 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
    Nov. 14, 2014 VA Comment!

    Summary

    • 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.