IPOdesktop's  Instablog

China based economy hotel chain
. Using Price-to-Earnings and Enterprise Value-to-Earnings, even annualizing the September quarter, SVN is priced at a premium compared with another public China economy chain Home Inns&Htls HMIN and also with Wyndham Worldwide (WYN)
. Using Enterprise Value-to-Book is priced at a discount
. To justify today’s price SVN’s has to quickly bring on line & rent the 7476 rooms under conversion, which would increase their capacity by 26% (7476/28,266)

See ‘compare & contrast financials’
http://bit.ly/3mJz4q

Archipelago Learning (ARCL), priced at $16.50, trading Friday, Nov 20
. Online subscription-based education company focused on K-12
. ARCL’s IPO price puts the same Enterprise Value to earnings as Grand Canyon (LOPE), with a discount to book value.  
. Also ARCL’s IPO price is at a discount to book values of Apollo Group (APOL) and Capella Education (CLPA)

See ‘compare & contrast financials’
http://bit.ly/4rwRMz

CLD priced under the $16-$18 filing range due to investor pushback. There has been some investor pushback on private equity/spinoff deals based on overall poor performance from mid-September to late October.

100% of the proceeds went to the parent.  Growth depends on the economy and assumes favorable conditions for the coal energy sector.

See updated ‘compare & contrast’ below with six other public coal producers.
http://bit.ly/20Q466

FTNT is the market leader in Unified Threat Management security market segment.  The closest publicly held comparable is Sonic Wall (SNWL)

At the IPO price of $12.50 FTNT’s P/E is a little under SNWL while it’s Enterprise Value/Earnings ratio is a little over SNWL’s. 

FTNT is priced at a premium regarding book value multiples.  See ‘financials’ at the bottom of the IPO report.

Includes ENTERPRISE VALUE metrics compared to SNWL

See ‘financials’ at the bottom of the IPO Report
http://bit.ly/cmNot

Semiconductor Equipment & Materials
Notice the Enterprise Value comparisons are closer than 'traditional' comparisons

especially for AMAT & KLAC -- for enterprise value divided by tangible book value

See the numbers
http://www.gaskinsco.com/linkto-ev-semi.shtml

Compare & contrast with Dollar General (DG) also scheduled to trade the same day.  RUE should do better than DG based on
. Higher gross margins
. Virtually no interest payments
. In an earlier stage of growth than DG
. RUE has a more consistent record of profitability.

Also, is Dollar General's 60% increase in operating earnings margin is sustainable? Probably not

IPO report
http://www.gaskinsco.com/linkto-rue.shtml