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  • IPO Preview: Markit Ltd.
    Jun. 19, 2014 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
    Jun. 18, 2014 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
    Jun. 18, 2014 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
    Jun. 18, 2014 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
    Jun. 18, 2014 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
    Jun. 18, 2014 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
    Jun. 18, 2014 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
    Jun. 12, 2014 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
    Jun. 12, 2014 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
    Jun. 12, 2014 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
    Jun. 12, 2014 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.
    Jun. 12, 2014 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
    Jun. 12, 2014 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
    Jun. 12, 2014 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
    Jun. 6, 2014 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
    May. 23, 2014 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
    May. 23, 2014 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
    May. 22, 2014 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
    May. 22, 2014 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
    May. 22, 2014 AGRX 1 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
    May. 22, 2014 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
    May. 21, 2014 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
    May. 15, 2014 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
    May. 15, 2014 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
    May. 15, 2014 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
    May. 13, 2014 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
    May. 9, 2014 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.
  • IPO Preview: Tuniu
    May. 9, 2014 TOUR 1 Comment

    Summary

    • Top-line revenue grew 75% in 2013 vs 2012 to $322 million.
    • Gross profits are 6.2% of revenue, and the loss rate on revenue is 4.1%. Gross profits are too low for TOUR to ever make much money.
    • CTRIP & QIHU indicated investment interest on the IPO. Ctrip has a $6.4 billion market cap. Qihoo 360 has a $22 billion market cap.
    • TOUR is a leading online leisure travel company in China.
  • IPO Preview: Alcentra Capital Corporation
    May. 9, 2014 ABDC Comment!

    Summary

    • Newly formed specialty finance company focused on lower level junk bonds.
    • Assuming Formation Transactions were consummated on April 22, 2014, ABDC would hold a portfolio of debt investments with a weighted average gross yield as of that date.
    • Most closed-end business development corporations trade down from their initial IPO price. The rating on ABDC is avoid.
  • IPO Preview: Cheetah Mobile
    May. 7, 2014 CMCM Comment!

    Summary

    • Diversified suite of mission critical applications optimizes internet and mobile system performance and provides real time protection against known and unknown security threats.
    • Pre-IPO Kingsoft Corporation Limited owns 54% of CMCM. Kingsoft has a market cap of $29 billion.
    • Income statement percent of revenue comparisons for the March '14 quarter vs. the March '13 quarter are not favorable for CMCM, except for revenue growth.
  • IPO Preview: K2M Group Holdings
    May. 7, 2014 KTWO Comment!

    Summary

    • Global medical device company focused on designing, developing and commercializing innovative and proprietary minimally invasive complex spine technologies and techniques.
    • Losses are increasing, and medical devices are notoriously difficult to introduce successfully.
    • Principal competitors include Medtronic Spine and Biologics, DePuy Synthes, Stryker, Globus Medical and NuVasive, which together represent a significant portion of the spine market.
  • IPO Preview: Alder Biopharmaceuticals
    May. 7, 2014 ALDR Comment!

    Summary

    • Clinical-stage biopharmaceutical company.
    • Major collaboration agreement with Bristol-Myers Squibb, which has a market cap of $82 billion.
    • BMY has indicated an interest in purchasing up to $20 million of the IPO, or 20%.