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  • 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.
  • IPO Preview: eHi Car Services Ltd
    Nov. 14, 2014 EHIC Comment!

    Summary

    • 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
    Nov. 14, 2014 LMRK Comment!

    Summary

    • 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.
  • IPO Preview: Navios Maritime Midstream Partners LP
    Nov. 13, 2014 NAP Comment!

    Summary

    • Growth oriented limited partnership formed to own, operate and acquire crude oil tankers under long-term employment contracts.
    • Expected yield of 8.25%.
    • Price-to-book of .8, price-to-tangible book of 1.8.
  • IPO Preview: PRA Health Sciences
    Nov. 13, 2014 PRAH Comment!

    Summary

    • One of the world's leading global contract research organizations by revenue.
    • P/E of -71, Per share dilution -$38, 77% higher than IPO price, Price-to-tangible bk of -1.3.
    • Pre-IPO debt/equity ratio is 1.3, means high interest payments.
  • IPO Preview: Axalta Coating Systems
    Nov. 12, 2014 AXTA Comment!

    Summary

    • Leading global manufacturer, marketer and distributor of high performance coatings systems.
    • Holds the #1 or #2 global market position.
    • Revenue +3%, gross profit +12%, P/E 38, price-to-sales 1.0.
    • All proceeds to shareholders.
  • IPO Preview: EndoStim
    Oct. 23, 2014 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
    Oct. 22, 2014 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
    Oct. 22, 2014 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
    Oct. 22, 2014 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
    Oct. 17, 2014 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
    Oct. 16, 2014 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
    Oct. 16, 2014 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
    Oct. 16, 2014 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
    Oct. 15, 2014 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
    Oct. 15, 2014 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
    Oct. 15, 2014 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
    Oct. 10, 2014 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
    Oct. 10, 2014 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
    Oct. 8, 2014 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
    Oct. 8, 2014 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
    Oct. 8, 2014 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
    Oct. 8, 2014 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
    Oct. 8, 2014 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.