|
Archived IPO reports: INWK, AYR, EVR, GNC, MTRO, QI, ACCI, BGHI, OSIR, SCA |
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========================================================================= |
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|
SEARCH BY COMPANY |
Use 'Edit, find on this page' to search for companies |
|||||
|
for analysis |
scheduled below |
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|
========================================================================= |
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|
VALUATION RATIOS |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
% offered |
|
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
|
|
Scheduled for August 14th week |
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|
InnerWorkings (INWK) |
$374 |
2.8 |
72 |
5.0 |
5.5 |
24% |
|
print procurement solutions (B-, 7) |
Post-IPO shrs:44mm |
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|
Scheduled for August 7th week |
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|
Aircastle Limited (AYR) |
$1,100 |
6.5 |
25 |
1.8 |
1.8 |
18% |
|
lessor of commercial jet aircraft (C+, 6) |
Post-IPO shrs:50mm |
|||||
|
Evercore Partners (EVR) |
$515 |
3.7 |
99 |
5.8 |
11.0 |
15% |
|
investment banking boutique (C+, 7) |
Post-IPO shrs:27mm |
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|
GNC Corporation (GNC) |
$1,020 |
0.7 |
19 |
3.6 |
-242.9 |
39% |
|
nutritional retailer, 5,800 store nutritional retailer (C+, 7) |
Post-IPO shrs:60mm |
|||||
|
InterMetro Comm MTRO |
$88 |
4.2 |
-8 |
4.9 |
5.5 |
22% |
|
voice-over Internet Protocol (VoIP), C, 5 |
Post-IPO shrs:10mm |
|||||
|
Qimonda AG (QI) |
$5,814 |
1297.8 |
-291 |
1.5 |
1.4 |
18% |
|
semiconductor memory spinoff from Infineon (C, 6) |
Post-IPO shrs:342mm |
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|
Scheduled for July 31 week |
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|
Asset Capital (ACCI) |
$188 |
8.5 |
-28 |
1.2 |
1.3 |
47% |
|
real estate developer ( C, 4) |
Post-IPO shrs:20mm |
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|
Buckeye GP L.P. (BGH) |
$566 |
not an operating co |
2.3 |
29.0 |
50% |
|
|
General Prnter of Buckeye (NYSE:BKL) (C+, 6) |
Post-IPO shrs: 28mm |
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|
Osiris Thera(OSIR) |
$324 |
72.3 |
-16 |
6.9 |
6.7 |
13% |
|
stem cell treatments ( C, 7) |
Post-IPO shrs:27mm |
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|
Security Capital (SCA) |
$1,410 |
4.0 |
12 |
1.1 |
1.1 |
35% |
|
insurance: credit enhancement/protection (B-, 7) |
Post-IPO shrs: 64mm |
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|
========================================================================= |
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|
SEARCH BY COMPANY |
Use 'Edit, find on this page' to search for companies |
|||||
|
for analysis |
scheduled below |
|||||
|
========================================================================= |
||||||
|
Summary ratios for the week of Aug 7 |
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|
(P/E ratios based on annualizing the June six months, unless otherwise noted) |
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|
VALUATION RATIOS |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
% offered |
|
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
|
|
InnerWorkings (INWK) |
$374 |
2.8 |
72 |
5.0 |
5.5 |
24% |
|
print procurement solutions (B-, 7) |
Post-IPO shrs:44mm |
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|
========================================================================= |
||||||
|
SEARCH BY COMPANY |
Use 'Edit, find on this page' to search for companies |
|||||
|
for analysis |
scheduled below |
|||||
|
========================================================================= |
||||||
|
Summary ratios for the week of Aug 14 |
||||||
|
(P/E ratios based on annualizing the June six months, unless otherwise noted) |
||||||
|
InnerWorkings (INWK) |
INWK, B-, 7 |
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|
print procurement solutions |
Post-IPO shrs:44mm |
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|
Chicago, IL |
2005 |
6mosJun30 |
IPO Mkt |
|||
|
Revenue ($mm) |
proforma |
$100.0 |
$68.0 |
Cap (mm) |
||
|
Gross Profit % |
18.6% |
19.1% |
$374 |
|||
|
Income ($mm) |
$3.0 |
$2.6 |
@$8.5 |
|||
|
Net income % |
3.0% |
3.8% |
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|
Enterprise clients, end of period (see below) |
71 |
81 |
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|
Transaction clients |
709 |
484 |
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|
Total clients |
780 |
565 |
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|
Print jobs |
13,558 |
8,075 |
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|
VALUATION RATIOS |
Price / |
Price / |
Price / |
% offered |
||
|
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
|
|
InnerWorkings (INWK) |
$374 |
2.8 |
72 |
5.0 |
5.5 |
24% |
|
SCORECARD |
Mgt |
Market |
Market Do- |
Proprie- |
Total |
|
|
1-5, 5 is high |
Growth |
mination |
tary |
rating |
||
|
20 is perfect |
3 |
1 |
2 |
1 |
7 |
|
|
Business |
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|
. Provider of print procurement solutions to corporate clients in the United States. |
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|
. Utilizes a proprietary technology and database, as well as extensive domain expertise, to create a |
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competitive bid process to procure, purchase and deliver printed products as part of a |
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|
comprehensive outsourced enterprise solution and in individual transactions. |
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|
Expects decreasing growth rate |
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|
. As INWKs revenue has grown since inception, growth rates have decreased. |
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|
. INWK expects that its revenue will continue to increase and that its growth rates will continue to |
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|
decrease. |
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|
Experienced management team |
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|
. The non-executive Chairman, John Walter, is the former Chairman and Chief Executive Officer |
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|
of R.R. Donnelley. |
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|
, CEO Steven Zuccarini, is the former president of the Catalog & Retail and the Global Solutions |
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|
business units of North Americas largest print company, R.R. Donnelley & Sons Company, |
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|
where he was responsible for providing enterprise solutions to its largest clients |
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|
Seasonal patterns |
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|
. The print industry has historically been subject to seasonal sales fluctuations because a |
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|
substantial number of print orders are placed for the year-end holiday season. |
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|
. INWK historically experienced seasonal client buying patterns with a higher percentage of |
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|
revenue being earned in third and fourth quarters. |
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|
. Revenue from the wholly-owned subsidiary, Insight World Group, LLC, is particularly subject to |
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these seasonal fluctuations because its primary products include toys, games and other items that |
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clients generally order in increased quantities in anticipation of the year-end holiday season. |
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|
Industry |
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|
. INWK business of providing print procurement solutions intersects two large and growing |
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|
industries, commercial printing and business process outsourcing, or BPO. |
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|
. Total shipments in the worldwide commercial print industry were projected to be approximately |
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|
$367 billion in 2005 and are expected to increase by an average of $8 billion per year through |
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|
2009, according to a 2005 Datamonitor global commercial printing industry profile. |
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|
. To become more competitive, many businesses seek to focus on core competencies and |
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|
outsource non-core business functions, such as print procurement. |
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|
. According to a 2005 IDC global BPO forecast, the worldwide market for BPO is estimated to |
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|
grow from $422 billion in 2005 to $641 billion in 2009, representing a compound annual growth |
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|
rate of 11%. |
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|
Excess print industry capacity |
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|
. In recent years, the print industry has been impacted by developments in technology, including |
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|
enhanced output capacity of printing presses and increased utilization of Internet-based |
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|
communications and digital printing. |
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|
. These developments have lowered barriers to entry, increased the number of print suppliers |
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|
available to clients and reduced the utilization of printing presses. |
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|
. As a result, the print industry has experienced, and is continuing to experience, significant excess |
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|
manufacturing capacity and the market for printed products has become increasingly |
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|
commoditized. |
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|
Fragmented |
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|
. In addition, the U.S. print industry is highly fragmented, with an estimated 39,300 printing |
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|
plants. |
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|
. In 2005, the ten largest commercial print companies accounted for only approximately 16% of |
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|
the total domestic print market. |
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|
. The traditional process of designing, procuring and producing a print order requires extensive |
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|
collaboration by printers, designers, brokers and other middlemen and is often highly inefficient |
||||||
|
for the customer, who typically pays a mark-up at each intermediate stage of the supply chain. |
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|
Enterprise (recurring) clients versus transactional clients |
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|
. Contracts with enterprise clients generally have an open-ended term subject to termination by |
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|
either party upon prior notice of 90 to 180 days. Several of INWKs larger enterprise clients have |
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|
outsourced substantially all of their recurring print needs to INWK. |
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|
. INWK provides printed products to transactional clients on an order-by-order basis. |
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|
. As of December 31, 2005, had 69 enterprise clients and, from inception through December |
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|
31, 2005, served over 1,100 transactional clients. |
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|
. During 2005, enterprise clients accounted for 69% of revenue, while transactional clients |
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|
accounted for 31% of revenue. |
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|
Growth from enterprise clients |
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|
. During 2005, INWK entered into contracts with 23 enterprise clients, including 17 new clients |
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|
and six clients that INWK initially serviced on a transactional basis. |
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|
. 25 of 81 enterprise clients as of June 30, 2006 began as transactional accounts. |
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|
Gross & net profits |
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|
. Revenue from enterprise clients tends to generate lower gross profit margins than revenue from |
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|
transactional clients because the gross profit margins established in INWK contracts with large |
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|
enterprise clients are generally lower than the gross profit margins typically realized in the |
||||||
|
transactional business. |
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|
. Although enterprise revenue generates lower gross profit margins, INWK enterprise business |
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|
tends to be more profitable than its transactional business on an operating profit basis because the |
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|
commission expense associated with enterprise jobs is generally lower. |
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|
INWKs sofware & database |
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|
. INWKs proprietary software applications and database, PPM4™, create a fully-integrated |
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|
solution that stores, analyzes and tracks the production capabilities of INWKs supplier network, |
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|
as well as quote and price data for each bid receives and print jobs INWK executes. |
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|
. As a result, INWK believes PPM4™ contains one of the largest independent repositories of |
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|
equipment profiles and price data for print suppliers in the United States. |
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|
. INWK leverages its technology to match each print job with the supplier that is optimally suited |
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|
to meet the clients needs at a competitive price. INWK procurement managers use PPM4™ to |
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|
manage the print procurement process from end-to-end. |
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|
2,700 supplier network |
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|
Through INWKs network of over 2,700 suppliers, INWK offers a full range of print, fulfillment |
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|
and logistics services that allows INWK to procure printed products on virtually any substrate. |
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|
Growth plan |
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|
. INWK believes the opportunity exists to expand its business into new geographic markets. |
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|
. Headquarters are located in Chicago, and approximately 66% of INWKs clients as of December |
||||||
|
31, 2005 were located in Illinois. |
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|
. INWKs objective is to increase sales in other major print markets in the United States, such as |
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|
Boston, Los Angeles, Minneapolis, New York and San Francisco. |
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|
. INWK intends to hire or acquire more account executives within close proximity to these large |
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|
markets, which accounted for, in aggregate, $18.4 billion of print expenditures in 2005, according |
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|
to PIA/GATF. |
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|
. In addition, given that the print industry is a global business, over time INWK intends to evaluate |
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|
opportunities to access attractive markets outside the United States. |
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|
. For example, in March 2006 we entered into a strategic agreement to grant SNP Corporation Ltd. |
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|
a non-exclusive, non-transferable license to use certain non-core applications of its software in |
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|
China, Singapore and Hong Kong. |
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|
Recent acquisition |
||||||
|
. INWK acquired Graphography Limited LLC on May 31, 2006. Graphography is a provider of |
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|
production management services, including print procurement and promotional services |
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|
. In 2005, Graphography generated revenue of $23.8 million, representing 23.6% of 2005 pro |
||||||
|
forma revenue. |
||||||
|
. Results of operations during the six months ended June 30, 2006 include Graphographys results |
||||||
|
of operations in June 2006. |
||||||
|
Acquisition price |
||||||
|
. The acquisition consideration for Graphography consisted of $4.525 million in cash paid on May |
||||||
|
31, 2006. In addition, the former owners of Graphography will receive: |
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|
$1 million if revenue generated from certain accounts exceeds $5 million by the second |
||||||
|
anniversary of the closing date, |
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|
$2 million if revenue generated from these accounts exceeds $7.5 million by the third |
||||||
|
anniversary of the closing date, minus any amount paid on the second anniversary of the closing date, and |
||||||
|
$3 million if revenue generated from these accounts exceeds $12 million by the fourth |
||||||
|
anniversary of the closing date, minus any amounts paid on the second and third anniversaries of |
||||||
|
the closing date. |
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|
Recent Developments |
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|
$200 market cap in January, 2006 transaction |
||||||
|
. In January 2006, INWK issued 10mm shares, or approximately 25% of equity interests on a |
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|
fully-diluted basis, to New Enterprise Associates 11, Limited Partnership, NEA Ventures 2005, |
||||||
|
Limited Partnership and Printworks Series E, LLC in exchange for $50 million in cash, or $4.92 |
||||||
|
per share |
||||||
|
. INWK retained $10 million of these proceeds for working capital and general corporate |
||||||
|
purposes, which means shareholders sold $40mm worth of stock |
||||||
|
. $200mm market cap at that time. |
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|
SNP Transaction |
||||||
|
. In March 2006, INWK entered into a strategic agreement pursuant to which it granted SNP |
||||||
|
Corporation Ltd., a leading, Singapore-Exchange listed printing group in the Asia Pacific region |
||||||
|
(SNP), a non-exclusive, non-transferable license to use certain non-core applications of INWKs |
||||||
|
software in China, Singapore and Hong Kong. |
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|
. Pursuant to the terms of the agreement, SNP is paying INWK $1.0 million in five monthly |
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|
installments of $200,000, which began in April 2006. |
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|
. The initial term of the agreement is one year and is automatically renewed for successive one |
||||||
|
year terms in the absence of a termination by either party. In the event the agreement is renewed |
||||||
|
. SNP will pay INWK 1% of the gross revenue for all transactions processed through the licensed |
||||||
|
software during the term of the agreement. |
||||||
|
. In connection with the agreement, INWK sold 254,065 shares of common stock to SNP at a |
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|
price of $4.92 per share for a total purchase price of $1.25 million. |
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|
Competition |
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|
Print-related industries, including paper and pulp, graphics art and pre-press and fulfillment and |
||||||
|
logistics. |
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|
Printers |
||||||
|
. Primary competitors are printers that employ traditional methods of marketing and selling their |
||||||
|
printed materials. |
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|
. Many of these printers, such as Banta, Quad/Graphics, Quebecor and R.R. Donnelley have larger |
||||||
|
client bases and significantly more resources than we INWK. |
||||||
|
. Print buyers may prefer to utilize the traditional services offered by the printers with whom |
||||||
|
INWK competes. |
||||||
|
. Alternatively, some of these printers may elect to offer outsourced print procurement services or |
||||||
|
enterprise software applications, and their well-established client relationships, industry |
||||||
|
knowledge, brand recognition, financial and marketing capabilities, technical resources and |
||||||
|
pricing flexibility may provide them with a competitive advantage over INWK |
||||||
|
Print distributors and brokers |
||||||
|
. These competitors generally do not own or operate printing equipment, and typically work with a |
||||||
|
limited number of suppliers and have minimal financial investment in the quality of the products |
||||||
|
produced for their clients. |
||||||
|
. INWKs industry experience indicates that several of these competitors, such as Cirqit, |
||||||
|
Workflow/Relizon and Newline/Noosh, offer print procurement services or enterprise software |
||||||
|
applications for the print industry. |
||||||
|
Use of $54mm in IPO proceeds from sale of 7mm shares |
||||||
|
(shareholders intend to offer 3.5mm shares) |
||||||
|
To expand sales force, acquire or make strategic investments in complementary businesses and for |
||||||
|
working capital and other general corporate purposes |
||||||
|
Recapitalization |
||||||
|
Prior to the completion of this offering, INWK intends to recapitalize all outstanding shares of |
||||||
|
common and preferred stock into shares of common stock on a one-for-one basis. |
||||||
|
. In connection with the recapitalization and the closing of this offering, intends to make |
||||||
|
$7.0 million of required preference and accrued dividend payments to the holders of Series B, |
||||||
|
D and E preferred shares (which doesnt include shares purchased in the IPO). |
||||||
|
========================================================================= |
||||||
|
SEARCH BY COMPANY |
Use 'Edit, find on this page' to search for companies |
|||||
|
for analysis |
scheduled below |
|||||
|
========================================================================= |
||||||
|
Summary ratios for the week of Aug 7 |
||||||
|
(P/E ratios based on annualizing the March quarter, unless otherwise noted) |
||||||
|
VALUATION RATIOS |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
% offered |
|
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
|
|
Aircastle Limited (AYR) |
$1,100 |
6.5 |
25 |
1.8 |
1.8 |
18% |
|
lessor of commercial jet aircraft (C+, 6) |
Post-IPO shrs:50mm |
|||||
|
Evercore Partners (EVR) |
$515 |
3.7 |
99 |
5.8 |
11.0 |
15% |
|
investment banking boutique (C+, 7) |
Post-IPO shrs:27mm |
|||||
|
GNC Corporation (GNC) |
$1,020 |
0.7 |
19 |
3.6 |
-242.9 |
39% |
|
nutritional retailer, 5,800 store nutritional retailer (C+, 7) |
Post-IPO shrs:60mm |
|||||
|
InterMetro Comm MTRO |
$88 |
4.2 |
-8 |
4.9 |
5.5 |
22% |
|
voice-over Internet Protocol (VoIP), C, 5 |
Post-IPO shrs:10mm |
|||||
|
Qimonda AG (QI) |
$5,814 |
1297.8 |
-291 |
1.5 |
1.4 |
18% |
|
semiconductor memory spinoff from Infineon (C, 6) |
Post-IPO shrs:342mm |
|||||
|
========================================================================= |
||||||
|
SEARCH BY COMPANY |
Use 'Edit, find on this page' to search for companies |
|||||
|
for analysis |
scheduled below |
|||||
|
========================================================================= |
||||||
|
Summary ratios for the week of Aug 7 |
||||||
|
(P/E ratios based on annualizing the March quarter, unless otherwise noted) |
||||||
|
Aircastle Limited |
AYR, C+, 6 |
|||||
|
lessor of commercial jet aircraft |
Post-IPO shrs:50mm |
|||||
|
Stamford, Connecticut |
2005 |
3mos Mar |
3mos June |
IPO Mkt |
||
|
Rev ($mm) |
$36.0 |
$33.0 |
$42.1 |
Cap (mm) |
||
|
Pre-tax income ($mm) |
0.2 |
11.2 |
5.0 |
$1,100 |
||
|
EBITDA ($mm) |
$23.0 |
$26.3 |
$30.0 |
@$22 |
||
|
Pre-tax income % |
0.6% |
33.9% |
11.9% |
|||
|
Note: June three month numbers includes $6.1 in write-offs, not include in P/E ratio |
||||||
|
VALUATION RATIOS |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
% offered |
|
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
|
|
Aircastle Limited (AYR) |
$1,100 |
6.5 |
25 |
1.8 |
1.8 |
18% |
|
SCORECARD |
Mgt |
Market |
Market Do- |
Proprie- |
Total |
|
|
1-5, 5 is high |
Growth |
mination |
tary |
rating |
||
|
20 is perfect |
2 |
2 |
1 |
1 |
6 |
|
|
Business |
||||||
|
.Global company that acquires and leases high-utility commercial jet aircraft to passenger and |
||||||
|
cargo airlines throughout the world. |
||||||
|
. High-utility aircraft are generally modern, operationally efficient jets with a large operator base |
||||||
|
and long useful lives. |
||||||
|
. As of March 31, 2006, AYR's aircraft portfolio consisted of 42 aircraft that were leased to 24 |
||||||
|
lessees located in 16 countries and managed through offices in the United States, Ireland and |
||||||
|
Singapore. |
||||||
|
Net operating leases |
||||||
|
. All of AYR's aircraft are subject to net operating leases whereby the lessee is generally |
||||||
|
responsible for maintaining the aircraft and paying operational and insurance costs although, in a |
||||||
|
majority of cases, AYR is obligated to pay a portion of specified maintenance or modification |
||||||
|
costs. |
||||||
|
Other aviation assets |
||||||
|
. AYR also makes investments in other aviation assets, including debt securities secured by |
||||||
|
commercial jet aircraft. |
||||||
|
. As of July 18, 2006, had acquired and committed to acquire aviation assets having an aggregate |
||||||
|
purchase price equal to $1.3 billion and $305.3 million, respectively, for a total of $1.6 billion. |
||||||
|
. In addition, as of July 18, 2006, had entered into non-binding letters of intent to acquire an |
||||||
|
additional 8 aircraft subject to lease. These letters of intent will not become binding commitments |
||||||
|
for us or the seller until internal approvals, due diligence and certain other steps are completed. |
||||||
|
We expect to benefit from the size and growth of the commercial aircraft market and to increase |
||||||
|
our revenues and earnings by acquiring additional aviation assets. |
||||||
|
Worldwide market |
||||||
|
. Of comercial aircraft fleet consists of more than 17,000 aircraft with an aggregate estimated |
||||||
|
value in excess of $330 billion and is expected to grow at a compound annual growth rate of 6.1% |
||||||
|
through 2015. |
||||||
|
. The market is highly fragmented, with over 1,800 owners. |
||||||
|
. Operating lessors, including AYR, owns 30.1% of the global fleet. |
||||||
|
. The continued growth in air traffic, driven in large part by emerging markets with strong |
||||||
|
economic growth and rising levels of per capita air travel, has increased the demand, and lease |
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|
rates, for certain high-utility aircraft types. |
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|
Fortress, 98% owner pre-IPO |
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|
Fortress is a leading global alternative investment management firm founded in 1998 with over |
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|
$21 billion of equity capital currently under management. Fortress is headquartered in New York |
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|
City and has affiliates with offices in Dallas, Frankfurt, Geneva, Hong Kong, London, Rome, San |
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|
Diego, Sydney and Toronto. Fortress manages capital for a diverse group of investors, including |
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|
pension funds, university endowments and foundations, financial institutions, funds-of-funds and |
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|
Recent, pre-IPO dividends |
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|
. On July 20, 2006, declared a $14.4 million dividend, for the three months ended June 30, 2006, |
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|
payable on July 31, 2006. |
||||||
|
. In addition, declared a $7.2 million, to shareholders of record as of August 1, 2006 |
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|
Future dividend policy |
||||||
|
. Intends to continue to pay regular quarterly dividends |
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|
. Plans to grow dividends through the acquisition of additional aviation assets. |
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|
Use of $183mm in IPO proceeds |
||||||
|
. Repay approximately $143.2 million of a $750 million senior secured revolving credit facility |
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|
. General corporate purposes |
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|
======================================================== |
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|
Evercore Partners |
EVR, C+, 7 |
|||||
|
investment banking boutique |
Post-IPO shrs:27mm |
|||||
|
New York, NY |
2005 |
3mos Mar31 |
IPO Mkt |
|||
|
Advisory Rev ($mm) |
proforma |
$127.0 |
$35.0 |
Cap (mm) |
||
|
Inv mgt rev ($mm) |
$18.4 |
$8.8 |
$515 |
|||
|
Total Rev ($mm) |
$146.0 |
$44.0 |
@$19 |
|||
|
Income ($mm) |
$3.5 |
$1.3 |
||||
|
Net income % |
2.8% |
3.7% |
||||
|
VALUATION RATIOS |
Price / |
Price / |
Price / |
% offered |
||
|
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
|
|
Evercore Partners (EVR) |
$515 |
3.7 |
99 |
5.8 |
11.0 |
15% |
|
SCORECARD |
Mgt |
|||||