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  • IPO Preview: Kite Pharma
    Fri, Jun. 20 KITE 3 Comments

    Summary

    • KITE is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel cancer immunotherapy products.
    • As of March 13, 2014, the objective response rate of the 22 evaluable patients in the NCI (National Cancer Institute) Phase 1-2a clinical trial was 86%.
    • As of March 13, 2014, 16 of the 24 treated patients were in remission.
  • IPO Preview: Eclipse Resources
    Fri, Jun. 20 AR, ECR Comment!

    Summary

    • ECR is an independent exploration and production company engaged in the acquisition and development of oil and natural gas properties in the Appalachian Basin.
    • Focused on creating stockholder value by developing its substantial inventory of horizontal drilling locations, continuing to opportunistically add to its acreage position where ECR can acquire assets at attractive prices.
    • Currently operating 3 horizontal rigs, and expects to bring the total operated horizontal rig count to 6 by year-end 2014.
  • IPO Preview: Syndax Pharmaceuticals
    Thu, Jun. 19 SNDX 1 Comment

    Summary

    • SNDX is a late-stage biopharmaceutical company focused on the development and commercialization an epigenetic therapy for treatment-resistant cancers.
    • The lead product candidate, Entinostat, was recently granted Breakthrough Therapy designation by the U.S. Food and Drug Administration.
    • SNDX's price-to-book is 2.8, relatively low.
  • IPO Preview: Zafgen
    Thu, Jun. 19 ZFGN 2 Comments

    Summary

    • ZFGN is a biopharmaceutical company dedicated to significantly improving the health and well-being of patients affected by obesity.
    • In its Phase 2a clinical trials, ZFGN observed reductions in body weight, body mass and body fat content in patient populations and reductions in hyperphagia-related behaviors.
    • In January 2013, the U.S. Food and Drug Administration granted orphan designation for ZFGN’s application to treat PWS with beloranib.
  • IPO Preview: Ardelyx
    Thu, Jun. 19 AZN, SNY, ARDX Comment!

    Summary

    • ARDX is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of innovative, non-systemic, small molecule therapeutics that work exclusively in the gastrointestinal, or GI, tract.
    • ARDX has two strong corporate partners who are adding to top-line revenue, AstraZeneca and Sanofi.
    • To enhance its proprietary drug discovery and design platform, ARDX has developed a cell-culture system to simulate gut tissues.
  • IPO Preview: Markit Ltd.
    Thu, Jun. 19 MRKT 1 Comment

    Summary

    • MRKT is a leading global diversified provider of financial information services, founded in 2003.
    • MRKT has been consistently profitable, and Q1’ 14 revenue increased 14% to $259 million.
    • Annualizing Q1 ’14 earnings the P/E is 26.9, but the adjusted P/E is 14.7.
  • IPO Preview: ZS Pharma
    Wed, Jun. 18 RLYP, ZSPH Comment!

    Summary

    • ZSPH is a biopharmaceutical company focused on the development and commercialization of highly selective, non-absorbed drugs to treat renal, cardiovascular, liver and metabolic diseases.
    • ZSPH's initial focus is on the development of ZS-9, a product candidate in Phase III development for the treatment of elevated potassium levels.
    • One other company, Relypsa, is developing a potassium removal drug that is currently in Phase III clinical development.
  • IPO Preview: Foresight Energy Partners LP
    Wed, Jun. 18 FELP Comment!

    Summary

    • FELP believes it is the lowest cost and highest margin bituminous thermal coal producer in the United States.
    • FELP's initial expected payout rate is 6.8%.
    • FELP has sufficient reserves to support up to nine mines, up from four projected for the year ending June 2015.
  • IPO Preview: Viper Energy Partners LP
    Wed, Jun. 18 FANG, VNOM 1 Comment

    Summary

    • Limited partnership formed by Diamondback, which has a $4.5 billion market cap, to own, acquire and exploit oil and natural gas properties in North America.
    • Scheduled to pay out 100% of its project EBITDA for the 12 months ended June 15, 2015. The projected yield is 5.5% at the price range mid-point of $20.
    • FANG will own 93% of VNOM post IPO.
  • IPO Preview: Century Communities
    Wed, Jun. 18 CCS Comment!

    Summary

    • Engaged in all aspects of homebuilding.
    • Focused on the design, construction and sale of single-family detached and attached homes in major metropolitan markets.
    • One of the top 5 fastest growing homebuilders by total revenue.
  • IPO Preview: Parnell Pharmaceuticals Holdings
    Wed, Jun. 18 PARN Comment!

    Summary

    • Pharmaceutical company focused on developing, manufacturing and commercializing innovative animal health solutions.
    • Markets five products for companion animals and production animals in 14 countries.
    • Competitors include Zoetis, Merck, Merial and Bayer in dairy, and Zoetis, Merck, Merial, Novartis, Boehringer Ingelheim GmbH and Ceva in companion animal products.
  • IPO Preview: Microlin Bio
    Wed, Jun. 18 MCLB Comment!

    Summary

    • A development stage emerging therapeutic and diagnostic company focusing on microRNA and its role in oncology.
    • Entered into agreements with an affiliate of the Ohio State University (OSU), to exclusively license a portfolio of approximately 100 pending patent applications.
    • Has not yet initiated any clinical trials or validated its candidate diagnostic tests.
  • IPO Preview: Abengoa Yield Plc
    Thu, Jun. 12 ABGB, ABY Comment!

    Summary

    • Will own, manage and acquire renewable energy, conventional power and electric transmission lines and other contracted revenue-generating assets.
    • Initially focused on North America (the United States and Mexico) and South America (Peru, Chile, Uruguay and Brazil), as well as Europe (Spain).
    • Initial yield at the price range mid-point of $26 is 4% projected for the 12 months ended June 2015, and expected to grow to 6.5% for the next 12 months.
  • IPO Preview: Memorial Resource Development
    Thu, Jun. 12 MRD 2 Comments

    Summary

    • An independent natural gas and oil company focused on the exploitation, development, and acquisition of natural gas, NGL and oil properties.
    • With a majority of its activity in the Terryville Complex of North Louisiana.
    • 2014 drilling budget of $312 million is expected to be financed primarily from internal cash flow.
  • IPO Preview: Aspen Aerogels
    Thu, Jun. 12 ASPN 1 Comment

    Summary

    • An energy technology company that designs, develops and manufactures innovative, high-performance aerogel insulation used in large-scale energy infrastructure facilities.
    • 30%-plus rate of revenue growth.
    • Improving operating income (loss) percent of revenue.
  • IPO Preview: Zhaopin Ltd
    Thu, Jun. 12 ZPIN 1 Comment

    Summary

    • The most popular career-focused website in China, based on daily unique visitors.
    • Also the second largest online recruitment services provider as measured by revenues in 2013.
    • Priced at the price range mid-point at a P/E of 24, annualizing results for the nine months ended March '14.
  • IPO Preview: Trinseo S.A.
    Thu, Jun. 12 TSE Comment!

    Summary

    • A leading global materials company engaged in the manufacture and marketing of emulsion polymers and plastics, including various specialty and technologically differentiated products.
    • TSE is in a low gross margin (6% - 7%) commodity business. Sales declined 12% for 2012 vs 2011, and declined an additional 3% for 2013 vs 2012.
    • 2014 started out with a 2% decline in sales for Q1 '14 vs Q1 '13. But TSE did show a profit for Q1 '14 of $17 million.
  • IPO Preview: MobileIron
    Thu, Jun. 12 MOBL 3 Comments

    Summary

    • Invented a purpose-built mobile IT platform for enterprises to secure and manage mobile applications, content and devices while providing its employees with device choice, privacy and a native user experience.
    • Sales increased 158% to $106 million in 2013 vs 2012, with a 31% loss rate in 2013. However, sales increased only 9% to $28 million for Q1 '14.
    • MOBL does have very high market penetration by sector, see 'customers' below.
  • IPO Preview: Signal Genetics
    Thu, Jun. 12 SGNL Comment!

    Summary

    • An emerging commercial stage, molecular diagnostic company focused on providing innovative diagnostic services for multiple myeloma.
    • One major customer, from whom the intellectual property is licensed.
    • Revenue declined 4% for 2013 vs 2012 and also declined 2% for Q1' 14 vs Q1 '13.
  • IPO Preview: Arista Networks
    Fri, Jun. 6 ANET Comment!

    Summary

    • ANET is a leading supplier of cloud networking solutions that uses software innovations to address the needs of large-scale Internet companies, cloud service providers and next-generation data centers for enterprises,.
    • ANET has a history of profitability and actually has $53 million in retained earnings, a definite rarity for high revenue growth IPOs.
    • Top line revenue for 2013 vs. 2012 grew 87% to $367 million while profits increased 99% to $42 million.
    • Q1 '14 revenue vs. Q1 '13 revenue increased 91% to $117 million while profits grew 86% to $12 million.
  • IPO Preview: Parsley Energy
    Fri, May. 23 PE 1 Comment

    Summary

    • Oil and natural gas company focused on the acquisition, development and exploitation of unconventional oil and natural gas reserves in the Permian Basin.
    • As of December 31, 2013, PE's total estimated proved reserves were approximately 54.8 MMBoe, of which approximately 43% were classified as proved developed reserves.
    • At 428 times annualized earnings for Q1 '14, PE seems expensive, except 43% of reserves are 'proved developed reserves'.
  • IPO Preview: Heritage Insurance Holdings
    Fri, May. 23 HRTG Comment!

    Summary

    • Provides personal residential insurance for single-family homeowners and condominium owners in Florida.
    • Wrote its first policy in November 2012 and, as a newly formed insurance company, has no legacy issues.
    • In December 2012, HRTG began selectively assuming policies from Citizens through participation in a legislatively established depopulation program, designed to reduce the state’s risk exposure.
    • That means HRTG policies are in the higher risk category.
  • IPO Preview: JD.com
    Thu, May. 22 JD 2 Comments

    Summary

    • China-based specialty online retailer, focusing on electronics and home appliances products, which account for 82% of top-line revenue.
    • For the 2013 year revenue grew 68% to $11.5 billion and JD nearly broke even.
    • JD's gross margins are not high enough to provide significant bottom-line profits.
    • For example, JD has a gross profit of 10%; Amazon has a gross profit of 26%; Alibaba has an after-tax margin of 44%.
  • IPO Preview: SunEdison Semiconductor
    Thu, May. 22 SEMI Comment!

    Summary

    • Global leader in the development, manufacture and sale of silicon wafers to the semiconductor industry.
    • Top-line revenue has declined the last three years, and the decline continued into Q1 '14.
    • At the price range mid-point SEMI is priced at .7 times book value.
  • IPO Preview: Agile Therapeutics
    Thu, May. 22 AGRX Comment!

    Summary

    • Women's health specialty pharmaceutical company focused on the development and commercialization of new prescription contraceptive 'patch' products.
    • In clinical trials AGRX is having an issue with non-compliance, which they say drives the pregnancy rate higher than alternatives.
    • Lost $117 million to-date and has no strategic partners.
  • IPO Preview: First Foundation
    Thu, May. 22 FFWM Comment!

    Summary

    • California-based financial services company that provides a comprehensive platform of personalized financial services to high net-worth individuals.
    • 2/3 of revenue is from lending and business banking. 1/3 of revenue is from asset management and other services.
    • Annualizing Q1 '14 earnings, the P/E is 40, which seems too high for a company with 2/3 of revenue from lending and business banking.
  • IPO Preview: 21st Century Oncology Holdings
    Wed, May. 21 ICC 1 Comment

    Summary

    • Operates the largest integrated network of cancer treatment centers and affiliated physicians in the world, money losing acquisition vehicle roll-up.
    • Accumulated deficit of -$718 million, never has made any money.
    • Per share dilution to new investors on the IPO of -$32.24, from an IPO price of $15 (mid-range).
    • Selling 45% of itself on the IPO. Healthy, viable companies do not sell such a large percentage.
    • Conclusion: priced way too high.
  • IPO Preview: Jumei International Holding Ltd
    Thu, May. 15 JMEI 6 Comments

    Summary

    • China’s No. 1 online retailer of beauty products as measured by gross merchandise volume, with a market share of 22.1% in 2013.
    • 2013 top line revenue grew 107% to $483 million. Profits grew to $25 million from $8 million.
    • 89% of 2013 orders came from repeat customers.
  • IPO Preview: TrueCar
    Thu, May. 15 TRUE 2 Comments

    Summary

    • Provides market-based pricing data on new and used cars, and enables users to connect with TRUE's network of TrueCar Certified Dealers.
    • Revenues for Q1 '14 vs Q1 '13 revenues 75% to $44 million, losses increased to -$9.9 million from -$9 million. Revenues for Q1 '14 vs Q1 '13 revenues 75% to.
    • Sequential quarterly top line revenue growth for Q3 and Q4 2013 moderated to 7% and 9% respectively.
    • For the 12 months ended March '14 revenue was $152 million and losses were -$26 million.
  • IPO Preview: Zendesk
    Thu, May. 15 ZEN Comment!

    Summary

    • ZEN's platform also helps people find answers on their own through knowledge bases and communities.
    • For the 12 months ended March '14 revenue was $83 million and losses were -27 million.
    • The gross profit percentage of revenue is declining, marginally.
  • IPO Preview: ServisFirst Bancshares
    Tue, May. 13 SFBS Comment!

    Summary

    • A well-run regional/community bank, selling only 7% of its business for the IPO.
    • P/E of 16.3 based on 2013 earnings.
    • Stock will be very thinly traded (not much volume).
  • IPO Preview: PBF Logistics
    Fri, May. 9 PBF, PBFX 4 Comments

    Summary

    • New fee-based, MLP oil logistics company recently formed by PBF Energy (PBF), $3.1 billion market cap.
    • Projected payout for PBFX is 6% for the year ended June '15, with a 15% overage.
    • Blackstone owns 25% pre-IPO.