Seeking Alpha

IPOdesktop

 
View as an RSS Feed
View IPOdesktop's Articles BY TICKER:
AAC, AAOI, AAVL, ABCW, ABDC, ABHB, ABY, ACRE, ACTV, ADHD, ADMS, ADNC, ADPT, ADSI, AERI, AFMD, AGMX, AGRX, AGTC, AHH, AKAO, AKBA, AL, ALDR, ALDW, ALDX, ALLY, ALSN, AMBA, AMBR, AMBX, AMC, AMDA, AMH, AMID, AMPH, AMRE, AMTG, ANET, ANFI, ANGI, APAM, APO, AQ, AQXP, AR, ARBR, ARCO, ARCX, ARDX, ARES, ARGS, ARMK, ARPI, ARS, ASC, ASPN, ATEN, ATHL, ATHM, ATRA, ATTO, AURX, AVG, AVIV, AVOL, AWAY, AXTA, BABA, BATS, BCC, BCEI, BCOV, BCRH, BERY, BFAM, BIND, BIOA, BLCM, BLMN, BLOX, BLUE, BNFT, BNK, BNNY, BRDR, BRG, BRSE, BRSS, BRX, BSTM, BURL, BV, CAHS, CALA, CAPL, CAPN, CARA, CARB, CARH, CBF, CBIO, CCCR, CCFG, CCLP, CCS, CCXI, CDNA, CELP, CEMP, CERE, CERU, CFG, CFRX, CG, CGIX, CHEF, CHGG, CHKR, CHUY, CIO, CIVI, CJES, CK, CLDN, CLVS, CMCM, CMFN, CMLP, CNCE, CNNX, CNOB, CNV, CNXR, COMM, CONE, CORI, COTY, COUP, COVS, CQH, CRCM, CRSR, CRTO, CSLT, CSOD, CSTE, CSTM, CTLT, CTRL, CTT, CUDA, CVRR, CVT, CYBR, CYNI, CZR, DATA, DATE, DCIN, DDMGQ, DERM, DFRG, DKL, DLNG, DLPH, DM, DMD, DNKN, DOC, DOR, DPLO, DPRX, DRII, DRNA, DRTX, DSG, DSKY, DWRE, EAC, EARN, EARS, EBIO, ECOM, ECR, EDG, EGRX, EHIC, EIGI, ELLI, ELOQ, EMES, ENBL, ENPH, ENTA, ENVI, ENXP, EOPN, EPAM, EPE, EPZM, EQM, ESNT, ESRT, ET, EVDY, EVER, EVHC, EVOK, EXA, EYEG, EYES, FATE, FB, FCB, FELP, FENG, FET, FEYE, FFNT, FFWM, FGEN, FGL, FI, FIO, FIVE, FIVN, FLTX, FLXN, FMI, FMSA, FNDR, FOMX, FOXF, FPI, FPRX, FRAC, FRAN, FRSH, FSAM, FSL, FSTM, FUEL, FWP, FX, FXCM, GARS, GBIM, GCAP, GCTS, GDCT, GFIS, GIMO, GLMD, GLOB, GLOG, GLOP, GLYC, GMED, GNBC, GOGO, GOMO, GPRO, GRPN, GRUB, GSE, GWAY, GWB, GWGH, GWRE, HABT, HASI, HAWK, HCLP, HDP, HDS, HELI, HIIQ, HIVE, HLSS, HLT, HMHC, HMLP, HMST, HPTX, HQY, HRTG, HSGX, HUBS, HZNP, I, IBP, IBTX, ICC, ICD, ICPT, IMDZ, IMI, IMPR, IMPV, IMS, INGN, INNL, INSY, INVN, IPDN, IRT, JD, JGW, JIVE, JMEI, JMI, JPEP, JRVR, JUNO, KANG, KBIO, KIN, KING, KIOR, KITE, KMI, KNMD, KORS, KOS, KPTI, KTWO, KYAK, KYTH, LADR, LAEC, LAND, LC, LDRH, LEAF, LEJU, LGIH, LITB, LLGX, LMNS, LMRK, LNKD, LNTH, LOCK, LOCO, LOXO, LPDX, LPI, LPRI, LQ, LRE, LUCA, LXFR, MACK, MAPI, MBII, MBLY, MBUU, MC, MCEP, MCLB, MCUR, MDLY, MDVXU, MDWD, MEMP, MEP, MFRM, MGNX, MIK, MITT, MKTG, MKTO, MM, MMI, MN, MOBL, MODL, MODN, MOLG, MOMO, MONT, MPG, MPLX, MPO, MRC, MRCC, MRD, MRIN, MRKT, MRNS, MSBI, MTBC, MTDR, MTGE, MTLS, MTSI, MVNR, MYCC, NAP, NBCB, NBHC, NCFT, NCLH, NDLS, NDRM, NDRO, NEFF, NEOT, NEP, NERV, NEWR, NGL, NGVC, NLNK, NMBL, NMFC, NMIH, NORD, NOW, NQ, NRE, NRKM, NRX, NSE, NSIG, NSLP, NSM, NTI, NVGS, NWHM, NYLD, OAK, OAKS, OCIR, OCUL, OEC, OFS, OILT, OMAM, OMED, ONDK, OPB, OPHT, OPWR, ORC, ORPN, OTIC, OUT, OXFD, P, PAGP, PAHC, PANW, PARN, PAYC, PBF, PBFX, PCTY, PDH, PE, PEAK, PEER, PEGI, PER, PETX, PF, PFMT, PFNX, PFPT, PFSI, PGEM, PGRE, PIH, PINC, PLAY, PMCA, PRAH, PRLB, PRQR, PRSS, PRTO, PSMI, PSRT, PSXP, PTLA, Q, QEPM, QGOG, QIHU, QIWI, QLYS, QRE, QTNT, QTS, QTWO, QUNR, RARE, RATE, RBIO, RCAP, RCPT, RDUS, REGI, RENN, REPH, REXR, RGDO, RGLS, RH, RIBX, RICE, RIGP, RKUS, RLGY, RLJ, RLYP, RM, RMAX, RMP, RNA, RNDY, RNF, RNG, ROYT, RPAI, RPXC, RRMS, RSPP, RTGN, RUBI, RVNC, RWLK, RXN, RYI, SABR, SAGE, SALE, SAMG, SAVE, SBUX, SBY, SC, SCAI, SCM, SCRT, SCTY, SCYX, SDLP, SDR, SEAS, SEMI, SERV, SFBS, SFM, SFS, SFXE, SGLX, SGM, SGNL, SGNT, SIR, SIRI, SKIS, SKUL, SLCA, SMLP, SMLR, SMSMY, SMTH, SN, SNDX, SNOW, SNS, SPKE, SPLK, SPPP, SPWH, SQBK, SQNS, SRC, SRLP, SRVA, SSNI, SSTK, STAY, STCK, STIM, STIR, STML, STOR, STST, SUN, SUNS, SUPN, SXC, SXCP, SXE, SYF, SYNC, SZYM, TAG, TAM, TAOM, TBRA, TCPI, TCS, TEDU, TEP, TERP, THNX, THR, TKAI, TLMR, TLOG, TLYS, TMG, TMS, TMWE, TNDM, TNET, TNGO, TOUR, TOYS, TPH, TPRE, TPVG, TRIV, TRLA, TRMR, TRUE, TRUP, TRVN, TSC, TSE, TSLX, TSQ, TSRO, TTOO, TTPH, TUBE, TUDO, TUMI, TVPT, TWAV, TWOU, TWTR, TXTR, UAGR, UAN, UBNT, UCP, USAC, USDP, VA, VBAY, VBLT, VBTX, VCRA, VCYT, VEBM, VEEV, VEI, VHS, VIPS, VJET, VKTX, VLP, VLRS, VMEM, VNCE, VNET, VNOM, VNTV, VOC, VOYA, VRNS, VSAR, VSLR, VSTM, VTAE, VTL, VTTI, VWR, W, WAGE, WAIR, WB, WBAI, WGH, WGP, WHF, WHSM, WHZ, WIFI, WIX, WK, WLKP, WMC, WMS, WNRL, WPT, WSTC, WUBA, WWAV, XENE, XENT, XLRN, XNCR, XNET, XON, XONE, XOOM, YDLE, YELP, YNDX, YUME, YY, Z, ZAYO, ZEN, ZFC, ZFGN, ZLTQ, ZNGA, ZOES, ZPIN, ZSAN, ZSPH, ZTS, ZU, ZX
  • IPO Preview: NextEra Energy Partners, LP
    Fri, Jun. 27 NEP 6 Comments

    Summary

    • NEP is a wind/solar 'carve-out' from NextEra Energy (NEE). NEE is an electric power company with a $43.6 billion market cap.
    • For the year ending June '15 NEP is projecting a 3.75% yield at the price range mid-point of $20. The parent's yield is 2.9%.
    • The projected annual pay-out growth is 12-15% over the next three years.
  • IPO Preview: The Michaels Companies
    Fri, Jun. 27 MIK 2 Comments

    Summary

    • MIK is a large arts and crafts specialty retailer, the largest in North America based on store count.
    • Based on balance sheet analysis, MIK looks like a private-equity sponsored train wreck, but it's not because top-line revenue is growing, up 5.9% for Q1 '14 vs Q1 '13.
    • The P/E for the year ended January '14 is 15 and the corresponding price-to- sales ratio is .8.
  • IPO Preview: GlobeImmune
    Fri, Jun. 27 GBIM Comment!

    Summary

    • GBIM is a biopharmaceutical company established in 1995 focused on developing products for the treatment of cancer and infectious diseases based on its proprietary Tarmogen® platform.
    • Shareholders have indicated an interest in purchasing an aggregate of up to $10 million (40%) of the IPO at the initial public offering price.
    • GBIM's accumulated deficit of -$217 million, which is very large and indicates the company's earlier business plans did not succeed.
  • IPO Preview: Taggares Agriculture
    Fri, Jun. 27 TAG 1 Comment

    Summary

    • TAG was formed in January 2014 to leverage the well-established Taggares family name and farming expertise to acquire, re-develop and operate profitable farmland.
    • TAG will be selling 86% of the company, with the proceeds going to acquire apple and grape farmland.
    • Based on the year ended November 2013 the P/E is 6.7, but it's a stable farmland business where growth can only come from acquisitions.
  • IPO Preview: GoPro
    Thu, Jun. 26 GPRO 7 Comments

    Summary

    • GPRO enables people to capture compelling, immersive photo and video content of themselves participating in their favorite activities.
    • Q1 '14 was down vs Q1 '13 because revenue and units shipped for the three months ended March 31, 2013 were impacted by production delays.
    • The P/E based on 2013 results is 46.
    • GPRO does not expect to sustain or increase its revenue growth rates.
  • IPO Preview: ServiceMaster Global Holdings
    Thu, Jun. 26 SERV 1 Comment

    Summary

    • SERV is a stable consumer services-oriented business with top line revenue growth around 3.5% annually.
    • Q1 '14 showed a loss because of cold weather but revenue was up 3.7% for Q1 '14 vs Q1 '13.
    • The P/E of 61 based on 2013 year results seems high for a business with no obvious growth drivers.
  • IPO Preview: TCP International Holdings Ltd.
    Thu, Jun. 26 TCPI Comment!

    Summary

    • TCPI believes that the market for LED lighting solutions is at an inflection point that will drive increased adoption.
    • However, it's not necessarily growing the market, it appears to be cannibalizing the CFL (compact fluorescent lamplighting) market from itself.
    • There was a $4 million foreign exchange swing in TCPI's favor for Q1 '14 vs. Q1 '13, resulting in a 3.9% Q1 '14 profit vs. a 1% Q1 '13 profit.
  • IPO Preview: Minerva Neurosciences
    Thu, Jun. 26 NERV 2 Comments

    Summary

    • NERV is a clinical-stage biopharmaceutical company focused on the development and commercialization of a portfolio of central nervous system product candidates.
    • NERV has completed Phase 1 clinical trials.
    • The price-to-book is 2, which is very low for a biopharma.
  • IPO Preview: Materialise NV
    Wed, Jun. 25 MTLS 1 Comment

    Summary

    • MTLS is a leading provider of additive manufacturing software and of sophisticated 3D printing services.
    • MTLS is a service bureau, a company which provides business services for a fee.
    • MTLS barely broke even in Q1 '14 and the P/E for the 2013 year is 130, which is high for what is essentially a 3D printing service bureau.
  • IPO Preview: Imprivata
    Wed, Jun. 25 IMPR Comment!

    Summary

    • IMPR is a leading provider of authentication and access management technology solutions for the healthcare industry.
    • As of March 31, 2014, its Imprivata OneSign solution had over 2.8 million licensed users in over 950 healthcare organizations in 20 countries.
    • Q1 '14's loss increased to -$7 million from -$1.5 million, in large part to increased sales and marketing expenses.
  • IPO Preview: Adeptus Health
    Wed, Jun. 25 ADPT 2 Comments

    Summary

    • ADPT owns and operates First Choice Emergency Rooms, the largest network of independent freestanding emergency rooms in the United States.
    • ADPT has been showing losses and the per share dilution on the IPO is almost as much as the IPO price.
    • By the end of 2014, ADPT expects to be operating 53 facilities in its target markets. ADPT currently plans to open a full-service general hospital in Arizona in 2015.
  • IPO Preview: Ambrx
    Wed, Jun. 25 AMBX Comment!

    Summary

    • To date, AMBX’s collaborations have provided it with over $200 million in non-dilutive funding and have the potential to provide over $1.5 billion in potential milestone payments, plus royalties on.
    • However, to-date AMBX has only completed Phase 1 clinical trials.
    • AMBX does have the potential to receive $1.5 billion in milestone payments.
  • IPO Preview: Amphastar Pharmaceuticals
    Wed, Jun. 25 AMPH Comment!

    Summary

    • AMPH is a specialty pharmaceutical company that focuses primarily on developing, manufacturing, marketing and selling technically-challenging generic and proprietary injectable and inhalation products.
    • Swung from a P/E of 40x for the 2013 year to a loss for Q1 '14.
    • AMPH currently manufactures and sells 15 products in the U.S. and is developing a portfolio of 13 generic and seven proprietary injectable and inhalation product candidates.
  • IPO Preview: KineMed
    Wed, Jun. 25 KNMD Comment!

    Summary

    • KNMD has a number of collaborations but no clinical trials to-date.
    • KNMD is a revenue-generating health technology company that has developed a proprietary biomarker platform technology with numerous applications in drug development and medical diagnostics.
    • Research agreements with pharmaceutical and biotechnology companies include Glaxo Group Limited, or GSK, Pfizer, and Bristol Myers Squibb.
  • IPO Preview: Xunlei
    Tue, Jun. 24 XNET 1 Comment

    Summary

    • XNET is one of the top 10 largest Chinese internet companies, as measured by user base.
    • Comparing Q1 '14 with Q1 '13, the income statement metrics declined.
    • But the price-to-book of 1.7 is low for a China-based Internet company with a large market share.
  • IPO Preview: Kite Pharma
    Fri, Jun. 20 KITE 4 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 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 3 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 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 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 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 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.